Like with most kinds of insurance plans, two-wheeler insurance too can seem confusing, especially if you haven’t done your homework well. There are multiple factors that need to be considered when buying your two-wheeler insurance and most of these factors will be keeping in mind a long-term objective of protecting your bike over the next 5-10 years at least.
Any error in judgment can cost you thousands of your hard-earned money, which can go up to lacs if your bike is a sports bike or a top end cruiser. While insurance agents try their best to convince you of their preferred insurance company, you should always have your research ready before you look for advice. As, otherwise, you might end up paying for your two-wheeler insurance and still fork out a nice sum when your bike does sustain some damage.
So, here are a few tips on renewing your existing policy and things to look out for when buying a new policy.
The best advice for Two-wheeler Insurance
While purchasing your first bike insurance can be a tedious process, here are a few tips that can help you manage the entire process more seamlessly as they embody the basics of buying insurance.
1. Understand how premium is calculated
Obviously premium is one of the main factors when choosing your insurance company. But, it’s also essential to understand how the premium is calculated. It’s based on a number of factors including the age of the bike, manufacturer’s listed price, geographical location of purchase, the experience of the driver, and the kind of covers you take in. As a result, an expensive bike will have a higher premium than a medium range bike, while more add-ons will also add to the price.
2. Compare quotes
The key for buying two-wheeler insurance in 2018 is comparing quotes from different insurance companies. Today, there is a wide range of insurance companies vying for customers. With the advent of a digital age, there are sites which offer a comprehensive overview of policies that suit you best, along with a comparison of their premium quotes. To start off, you can try Coverfox.com by filling in your requirements and then compare the quotes and features from various bike insurance companies.
3. Set reminders for your renewal
One of the first things to do once you have your insurance is setting a reminder on your phone for when your coverage expires. This saves you from an unnecessary headache later on when your policy is due for renewal and you can’t remember the due date.
How important is your Two-wheeler Insurance to you?
For a first-time bike owner, purchasing two-wheeler insurance in 2018 might get a bit confusing with the wide range of options available nowadays and the lack of specific clarity in what they offer and which one might suit you best. But, you should take extreme care when selecting your insurance plan since it will dictate how financially protected you are with regards to your bike.
Here are a few reasons why your bike insurance should be important to you.
1. Third party liability
In India, bike owners are mandated by law to have bike insurance with third-party coverage. As a result, you’ll be required to take at least a liability cover whenever you buy a bike. But, while a liability cover only safeguards the risk faced by a third party from a possible accident, it does not ensure you, your pillion rider, or even the cost of repair for your bike. In such cases, you would need to opt for a comprehensive package which provides more features. Without a proper insurance policy, you run the risk of financially damaging other people in case of an accident.
2. Zero depreciation cover
If and when your bike suffers any damage, the cost is likely to be borne by the insurer, after adjusting for depreciation on the parts. As a result, with time, you’ll need to fork out more and more money for repairs as the value of the bike depreciates. In order to save yourself from a future headache, it’s always advisable to take on zero depreciation cover which mandates companies to pay the full amount.
3. Personal accident cover
As mentioned before, a liability package does not cover you or your vehicle and only protects your third-party liability. Well, in that case, what happens when you get injured? In order to protect yourself financially in case of any injury relating to an accident on your bike, you need to opt for a personal accident cover. This cover helps you remain financially secure and protects you against contingent costs of treatment.
Now, with these tips, you can always have your peace of mind when buying new insurance or renewing your old policy. A short word of advice, don’t forget to compare quotes online to get the best two-wheeler insurance quotes for your new bike.