As you enjoy the thrill and pride of ride your bike, you must remember the responsibility that comes with freedom. Nothing comes close to the exhalation of the bike engine and the joy of exploring places. Bikes are an ideal choice of commute in India but they can be dangerous too. One wrong turn can lead to an accident and put you in deep trouble. So, before you set out on your bike, you must own bike insurance. It is a mandatory requirement in India.
Here are some good practices you must follow when buying bike insurance:
Do not settle on the first insurer that comes your way. Do your homework and research the market for all the available options. Different lenders have varying coverage options and premium terms. You must compare bike insurance online and gather details about the insurance policy. Settling on the first insurance company could be a mistake.
The basic coverage will remain the same but you must compare the add-ons that allow you to differentiate the plans. Check the inclusion and identify if the policy has roadside assistance, facility for towing etc. The higher the coverage, the better will be your policy.
A lot of bike owners ignore their insured declared value (IDV) and regret it at a later stage. It is the value of your bike after deducting the depreciation based on the age of the bike. If you have a high IDV, the claim settlement will be higher if the bike is damaged or stolen. Always look for a policy with high IDV and compare the IDV of different plans before making a decision.
An important factor while choosing bike insurance, the premium amount is the amount you pay for the coverage. Always compare the premium with the IDV and coverage features. Do not solely look at the premium and make a decision. If there is high IDV and extensive coverage benefits, the high premium will be worth it.
The claim settlement ratio is the number of claims settled by the company as compared to the number of claims filed by policyholders. A lot of companies have a simple and hassle-free claim settlement process. It makes your job easy and stress-free. You can apply for claim settlement online and submit videos and images of the damages caused by the accident. Understand the turn around time when it comes to claims and choose one that has a minimal turn around time and the highest claim settlement ratio.
All insurance companies offer add-ons to enhance the coverage. You must compare the add-ons on different policies and find out which ones you require. Add-ons can provide extensive coverage at a small cost. Do compare the extra premium payable for each add-on.
Follow these practices when you look for two-wheeler insurance online. Whether you purchase insurance online or offline, it is important to take these steps and make a well-informed decision. These practices will allow you to make the best decision and enjoy extensive coverage for the bike. Never rush the decision. Always take your time and choose a policy that meets your needs. Do not ride the bike without a valid insurance cover as it could put you at high risk.
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