Having a bike insurance policy is of high importance and there is no doubt about it.
A third-party insurance policy can provide you with a cover but the same is only beneficial to cover third party expenses in case of an accident. This can be surpassed with the help of a comprehensive bike insurance policy.
The government authorities have now made it mandatory to purchase a year-long policy for a new bike. With this type of emphasis on buying a bike insurance policy, it is evident that it is a matter not to be taken lightly and requires good planning.
It is recommended to buy a bike insurance policy online and not depend completely on a policy dealer. Having awareness of different types of policies will allow you to compare two wheeler insurance and make the process of buying a bike insurance policy easy for you.
Details to Look for While Buying a Two-Wheeler Insurance
If you are a regular visitor to our Coverfox, we know that you are highly aware and take judicious actions before taking a bike insurance policy. However, we would still like to mention a few points that must be considered before buying two-wheeler insurance:
Type of Policy
Bike Insurance policy comes in two formats. First, third-Party liability cover compensates for any damages caused to the third party and their vehicle in case of an accident. Second, Comprehensive bike insurance which covers you and your vehicle along with the third party in case of an accident. You must assess your requirement and buy the insurance policy suitable to you. However, you must know that a comprehensive bike insurance policy is highly recommended by experts.
Value of Your Bike
The rate of premium for your comprehensive bike insurance coverage is determined by the bike's current market value. In the insurance industry, this figure is referred to as the Insured Declared Value (IDV). Knowing the projected current market value of your motorcycle might assist you in determining your IDV. Compare the IDV offered by various two-wheeler insurance companies. A bike with the high-end model or ranging in the high cubic capacity engine will have higher IDV.
Coverage
As you are aware, the amount of coverage is the most critical aspect of your bike insurance policy. It will be easier for you to make a claim if you understand the coverage provided by your insurer. A comprehensive bike insurance policy provides coverage against theft, fire, man-made and natural calamities, accidents, third party liability and damages.
Exclusions
Along with all the details mentioned above, one should be conscious of the exclusions in the bike insurance policy. A list of exclusions is commonly mentioned in the policy documents, which must be checked. A comprehensive insurance policy usually excludes- Mechanical or electric faults, wear and tear, accidents caused due to intoxicated driving, damages due to nuclear reactions or damages occurring outside geographical limits.
The credibility of Insurance Company
Last but never least, the reputation of the insurance company can tell you a lot about what you can expect from their insurance policy. It is vital to ensure your two-wheeler with a trustworthy insurance company. This will be useful if you ever need to file a claim. As a result, if the return time, services, or product features aren't up to grade, you'll be left disappointed. As a result, choose your insurance provider wisely. You must use the power of social media to assess the quality of an insurance company.
More on Comprehensive Bike Insurance
Despite the fact that comprehensive insurance is more expensive, it provides hassle-free, all-around coverage for your car no matter what happens. Insurance that covers everything. As a result, it is almost always recommended.
These one-year valid insurance policies have now been changed to a multi-year scheme, which provides longer coverage and lower the insurance cost. Followings things must be considered while availing of a comprehensive insurance policy:
Length of Ownership
A comprehensive insurance policy is useful if you wish to keep the bike for the long term. However, in case of a plan to sell your bike within three years, the policy shall not be that useful as you will have to transfer the policy to the new bike owner. And if you purchase a new bike, you will have to buy a new policy as well.
Premium Hike
There is a usual hike in insurance costs every year. However, if you are in a multi-year insurance policy, you can continue to pay a similar amount of premium and save yourself from such insurance cost hikes in the market.
Add Ons/Riders
A comprehensive policy also comes with add ons which provide additional benefits in return for an extra premium amount. Since there is extra cost involved, add-ons should be relevant to you throughout the life of the policy, not just at the start. A passenger add-on insurance policy that only covers your co-insured insured's changing city soon can render your policy ineffective. Engine Protection Cover, Zero Depreciation, Return to Invoice, and Consumables Cover are other very popular add-ons.
Insurer’s Services
As mentioned above, the credibility of your insurer can make your life easy or more troublesome. Check the claim settlement ratio, customer review and market reputation of the insurance company before buying a policy. It is advisable to compare two-wheeler insurance companies online before making a choice.
Additional Features
As more insurers go online, they save money on administrative costs and can offer clients new perks. For some insurers, a complimentary pick-up and drop-off service from the accident scene to the garage and back home is now included in the regular insurance, when it was previously an add-on. Therefore, before selecting an insurance policy, be on the lookout for additional perks given by various insurers.
Benefits of Long Term Comprehensive Two-Wheeler Insurance
- You can save yourself from yearly documentation and renewal and be sorted for a three year period at least
- You enjoy longer coverage and lower insurance costs. Hence, you can relax for a longer period.
- If you are not satisfied with your insurance, you can port to another insurance provider.
- You can enjoy add-ons to provide further security to your bike.
- You can be more at ease. Just buy a multi-year comprehensive insurance policy and focus on other important tasks.
Conclusion
Long-term comprehensive insurance is a need of the hour that can make your life easier. If you are looking for insurance for your new bike, you are at the right place. With Coverfox, you can easily compare two-wheeler insurance online and make the best choice for yourself. With Coverfox’s 24x7 dedicated customer care team, buying a bike insurance policy is easier than ever.
Also Read: Pros of Buying Comprehensive Two-Wheeler Insurance Policy
