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There are few things in life which deliver pure joy and added thrill. And one of those things is cruising down the road on your own bike. Sure, the element of danger persists (if one is not careful), but the sense of excitement that it offers cannot be matched up to.
However, while buying their beloved bike, people fail to understand the importance of insurance and often end up buying the wrong one. Moreover, the need to own a comprehensive bike insurance policy is realised once it’s too late; when the motorbike meets an accident or when it is stolen. For this purpose, many insurers offer comprehensive covers for your bike to guard you against sudden untowards events on the road. But before buying one, you must know certain things in order to buy the best motorcycle insurance online:
1 Network of Garages
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While purchasing the insurance for your dream bike, ensure that the network of garages covered under the policy is large enough. This will provide you with many options when it comes to repairing your bike and in turn, will quicken the settlement of the claim.
2 Claim Settlement Ratio
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While choosing the bike insurance, it is important to comprehend the claim settlement ratio of the insurer. Why? Because it helps in understanding the reliability of the insurance company and also gives an estimate of how quickly the claim will be settled.
3 Types of Two-wheeler Insurance Covers
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According to law, getting a third-party liability cover is mandatory for two-wheelers in India. However, a comprehensive cover is always beneficial as it provides financial assistance in case your bike gets damaged or destroyed in an accident.
4 Premium Amount
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Considering the fact that insuring the bike is a necessity in India, you must buy an insurance cover which suits your pocket and covers all your requirements. Moreover, the price of the bike does not solely drive the premium amount; there are other factors like location, vehicle’s age, and the driver’s skills which also determine the premium.
5 Customer Service
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No one knows when an unfortunate event may arise, hence its beneficial to choose an insurer who is available round the clock to assist you in need. Moreover, the customer service must be prudent in their work and assist in any critical situations related to your bike.
6 Tenure of The Policy
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Generally, two-wheeler insurance comes for 1 year, and you must renew it every year to continue your policy. However, if you want a hassle-free process, there are few long-term policies which come with the duration of 2-3 years. The benefit of such policies is that you do not have to worry about the yearly hike in the premium. Additionally, you may also receive various discounts.
7 Add-On Features
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Many insurance companies provide personal accident insurance cover with their two-wheeler insurance policies. So, if you do not have an accidental insurance policy or life cover or if this add-on does not put any financial strain on you, you can buy the same.
8 Exclusions
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Different insurance company have different sets of policies which include various things and exclude certain aspects or conditions as well. You need to understand both very well. If you are claiming money for something which is not included, then your claim will be rejected.
For example, if your motorbike insurance policy does not include coverage against the damage caused due to any natural calamity, you cannot file the claim if your bike is damaged in an earthquake or flood.
9 No Claim Bonus (NCB)
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If you are renewing your insurance every year without any claim from the previous year, you are entitled to receive a discount for no claim. It is regarded as ‘No claim bonus’. Moreover, you get a certain amount of discount on next year premium, and it increases with every no claim year. Before buying a bike insurance policy, learn about the NCB and make the best decision should the need for a claim arise in a year
10 Renewal
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Often people buy insurance while purchasing a new bike but fail to renew it each year. By doing this, they put themselves in a false position because if the insurance is not valid/not renewed you are not entitled to receive any benefits at the time of claim.
So, whether you are a motorcycle enthusiast, or you use your bike for regular travelling, you must insure it with a comprehensive motorcycle insurance policy to ensure no financial loss in any untoward event.