Ready to Buy Bike Insurance Online? Some Do's and Don’ts to Follow

No one has ever imagined that ‘shopping’ would be possible without visiting shops! Thanks to the internet power, shopping has become a game of a few clicks only. What makes this game more exciting is that, online shopping is no more restricted to clothes, gadgets, grocery only, as now you can purchase motorcycle insurance online as well.

While the internet era has made things easier for people seeking bike insurance, it is necessary to follow some Do’s and Don’ts to ensure you make the right move.

So, let’s discuss some important points which should be considered in order to find the best two-wheeler insurance online=

Do’s

1. Thorough research= As there is no intermediary or agent involved who can help you understand nitty-gritty aspects of the bike insurance policy, make sure to thoroughly read and understand the bike insurance policy guidelines. If required, approach the bike insurance company to seek clarity.

2. Compare all the available bike insurance quotes= There are a plethora of two-wheeler insurance options available, and therefore, it is inevitable to compare before choosing the one. Instead of purchasing the very first bike insurance policy offered to you, make a systematic comparison to find the best shield for your bike!

3. Explore discounts= Once you have shortlisted a few options on the basis of your comparison, check for discounts offered by these policies. Here, discounts can be given for not filing a claim, installing anti-theft equipment, etc. Further, there is a voluntary deductible limit, i.e., the amount paid by the policyholder at the time of claim, which you can choose to curtail your premium rates. Exploring all the available options can help you in reducing the premium cost.

4. Get an understanding of the Insured Declared Value (IDV) of your vehicle= Knowing your two-wheeler’s insured declared value is necessary to get the adequate coverage and pricing. IDV is the maximum coverage amount that you would get at the time of claim, and therefore, it is essential to understand and declare the correct IDV.

5. Go for comprehensive two-wheeler insurance cover= A motorcycle insurance policy has two variants— comprehensive policy and third-party liability. Whilea third-party liability insurance covers only losses or damages caused by your vehicle to another vehicle or person and doesn’t cover your vehicle, a comprehensive bike insurance policy covers both your vehicle and the third-party liability.

Though the law has made only third-party liability insurance mandatory; it is essential to purchase a comprehensive insurance policy to get a 360-degree coverage.  

6. Pick the right riders= Add-ons or riders help in expanding your online bike insurance coverage by offering extra protection. The availability and pricing of riders vary from one insurer to another. Therefore, choosing the right rider for your motorcycle is an important thing. Like, personal accident insurance cover for co-passenger is necessary if you frequently travel with a co-passenger. Similarly, you can go with roadside assistance to get coverage if you frequently travel to long distances. The cover will help you in case your bike breaks down, runs out of fuel or any unfortunate event arises to disrupt your otherwise smooth journey. Your one call to the two-wheeler insurance company would take care of all your woes.

7. Check the claim record of the online bike insurance company= While; it is crucial to buy bike insurance online, what is more, important is that you choose the right insurance company. Go through the claim settlement ratio of the insurer which would tell you the number of claims settled by the insurance company in the previous year. The higher the claim settlement ratio, the better it is for you.

Like, we have discussed what you should do, it’s, time to know, what you should not do=

Don’ts

1. Give inadequate information= A two-wheeler insurance contract relies on the principle of trust and therefore, it is necessary to submit the correct detailsof your vehicle. Any incorrect or wrong information can lead to rejection of your two-wheeler insurance claim. In certain situations, a bike insurance company can also cancel the policy.

2. Choose ‘cheap’ bike insurance plan= Though, the premium is a crucial factor that should be considered at the time of buying two-wheeler insurance, make sure that you don’t choose the policy just because it has a low premium. Thoroughly compare price, features, including inclusions & exclusions, before choosing the policy. However, if the policy that comes with all features is cheap also, don’t make a mistake of ‘not’ buying it.

3. Opt for the wrong deductible= Though, higher deductible means, lower premium rates, it also increases the amount that you would have to pay at the time of claim. Hence, opt for that deductible limit only which you can afford.

The Final Verdict

Undoubtedly, buying bike insurance online is an easy way to secure your ride, considering the ease and transparency which it offers. However, your one wrong move can make things difficult for you. Therefore, it is essential to follow all the Do’s and Don’ts to make a smart decision.