Why You Should Look Beyond Premium While Buying Bike Insurance

Owning a bike also means being responsible for the bike and one’s own riding behaviour. One must follow traffic rules, wear a helmet, take precautionary methods, and also own insurance. While buying insurance can be expensive, one must remember that they need a policy that provides more than just an affordable premium. There are factors beyond premium prices that one must consider while buying bike insurance. Read further to understand these vital aspects:

The Type of Insurance

The first and foremost aspect that one must focus on is the type of insurance policy they would want for their bike. Third-Party insurance is mandatory in India, and it only takes care of third-party liabilities. One requires comprehensive insurance to protect their own vehicle. Before buying insurance, one must first consider their need and select the type of policy they want

Ease of Buying Insurance

With several insurance companies and an array of insurance policies to choose from, the insurance process can be quite tiresome. Earlier, one would have to do a lot of paperwork and submit several documents before they could acquire an insurance policy. These days insurance companies have made buying insurance very simple. Without the requirement of any paperwork or submission of any physical documents, insurance companies allow purchasing policies online. All one would have to do is visit the official website of the insurance company, provide a few details that are required, and instantly buy the insurance used secure payment methods.

IDV of the Policy

Insured Declared Value refers to the current market value of the bike. This value determines what one will receive in case the bike undergoes total loss or is stolen. The IDV must be decided when the policy is bought, and one must remember that the IDV plays a major role in the claim amount. If one chooses a high IDV, they might have to pay a high premium but, will receive a high claim amount. Whereas, if one chooses a low IDV, they might have to only pay a low premium but, will only receive a low claim amount which may not be adequate in time of need

Claim Process

Apart from premium prices, one must pay attention to the claim process offered by the insurance company. These days insurance companies have simplified the claim process by eliminating paperwork. The cashless claim feature is a convenient claim process where the insurer directly settles the claim with the network garage. While buying insurance considering the ease of claim process is essential

Additional Riders

If one is concerned about the premium price, they may not go in for additional covers. Including additional covers enhances the insurance policy but, one would have to pay an extra premium to enjoy this feature. It is important to note that while additional riders cost extra, they are beneficial. If there is a requirement one must consider buying additional riders that provide the desired benefits.

Transparency

Purchasing insurance online has become a very easy process. Initially, people were a bit wary about buying insurance policies due to the need to deal with any middlemen who were in turn keen on making money. The jargon, complicated features, and various components made it challenging to understand insurance. To avoid this confusion, insurance companies have everything available online and also ensure sufficient information is there to educate policy holders. One can read and understand these terms easily. This encourages transparency and furthermore, the availability of 24×7 customer care permits one to clear any queries instantly. One must make sure that they understand the policy, the inclusions, and exclusions before buying a policy

While the cost of insurance is an important factor, it is important to consider the above factors while buying a bike insurance policy. To know more about bike insurance policies, click here!

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