When you purchase a bike, it is essential for you to even buy a two-wheeler insurance policy. If you’ve purchased a brand new bike, you will probably not know the importance of having your bike insured. It not only acts as a great financial backup in case of accidents, but is also mandatory as per the law. As a first-time buyer, you must look for the perfect insurance policy that fits in your budget and meets your requirements.
Follow the given tips if you are someone who is buying a two-wheeler insurance policy for the first time:
- Research online before selecting an insurance company
It is necessary to select the right insurance company. Apart from selling the insurance policy, they should also have efficient after-sales service.
It isn’t that difficult to learn about your insurance company. Simply visit their website and read up on the services they offer. You can even go through online reviews about the company. Make sure that you conduct thorough research before finalizing on the insurance company.
- Choose a policy that best suits your needs
You can choose from the two types of bike insurance policies available, i.e. third-party liability and comprehensive policy. However, it is wise to opt for a comprehensive bike insurance policy as it provides wider coverage, i.e. own damage as well as third-party liability. Additionally, you can also opt for the add-ons of your choice. But if you don’t require extensive coverage, you can also choose a basic third-party insurance plan.
- Provide the insurance provider with accurate details
Purchasing a bike insurance policy online is convenient and doesn’t take much of your time. Make sure you provide your insurance provider with accurate details while filling the form. All bike-related details must be kept ready.
- Choose your add-ons wisely
First-time insurance buyers can sometimes get impulsive and go for add-on covers that they might not even require. But remember, every additional coverage that you purchase increases the premium amount of your bike insurance policy. Therefore, know what you need first and make a list of your requirements before purchasing add-on covers.
For example, if you go on road trips or long drives often, opt for a Roadside Assistance Cover. This will help you in case your bike gets damaged in the middle of nowhere and you need help. However, if you are someone who does not go for long rides, you can do without this cover.
To get quotes from various insurance companies, you can calculate the premium using an online two wheeler insurance premium calculator and find the best deals.
- Set proper IDV
The Insured Declared Value (IDV) of your bike is considered as its current market value. People believe that if they set a low IDV, it will decrease the premium amount as well. However, the IDV should be set considering the possibilities of irreparable damage or theft.
- Know the inclusions and exclusions
Going through the policy document is a must before buying a two-wheeler insurance policy. You must be aware of the inclusions as well as exclusions of your insurance policy. This will come in handy at the time of a claim. Along with that, also read the terms and conditions carefully.
It is surely compulsory to purchase an insurance policy for your bike and two wheeler insurance renewal is equally important. Also, be sure to compare multiple policies online before choosing one.