Riding a new bike brings unparalleled joy, but safety must always be a priority. Adhering to traffic rules, wearing a helmet, and staying vigilant are crucial precautions. Equally essential is obtaining bike insurance to guard against potential financial losses. To make an informed choice, delve into the vital aspects of a new two-wheeler insurance policy.
Comprehensive vs. Third-Party Liability Insurance
The initial decision in purchasing bike insurance involves choosing between comprehensive two-wheeler insurance and two-wheeler insurance from a third party. Legal requirements mandate third-party liability coverage, safeguarding third parties’ financial interests. It covers damages to others and their property, with pricing regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Claims are subject to terms and conditions set forth under the motor insurance policy. * #
Comprehensive Insurance safeguards both the bike and the rider, covering theft, accidents, and calamities. Varying premium costs among insurers necessitate comparing features and prices. Add-ons provide extra security for specific circumstances. *
To Add-On Or Not To Add-On?
Add-ons, purchasable only with Comprehensive policies, compensate for exclusions in basic coverage. Opting for add-ons boosts policy coverage but increases premiums. Choosing relevant add-ons, such as roadside assistance, zero depreciation, or pillion rider coverage, requires careful consideration based on individual needs. *
Understanding Insured Declared Value (IDV)
Insured Declared Value (IDV) represents the current market value of your two-wheeler, determining the insurance cost. Recalculated at each two-wheeler insurance renewal, IDV comprises the manufacturer’s listed price (depreciation) and additional accessory costs (depreciation). Accurate IDV declaration is vital for fair claims settlements in case of theft or irreparable loss.
Navigating Deductibles: Mandatory And Voluntary
Deductibles come in two forms: mandatory and voluntary. Voluntary deductibles involve a chosen contribution towards claim settlements, lowering premiums and claim amounts. Striking a balance between savings and potential claims is key when deciding on deductibles. ##
Simplified Online Purchase Process
In the digital age, acquiring two-wheeler insurance online is quick and convenient. Selecting an insurer with a seamless online experience is essential. Evaluating an insurer’s Claim Settlement Ratio, exploring user reviews, and checking social media profiles aid in assessing credibility.
Renewal Responsibility
Regular policy renewal is paramount, as two-wheeler policies typically last a year. Riding without current insurance is risky, emphasising the importance of timely renewals.
Checklist for New Bike Insurance Purchase
- Define Your Needs: Clarify your insurance requirements for an affordable and suitable plan.
- Policy Type Selection: Choose between Third-Party Liability and Comprehensive Insurance based on coverage preferences.
- Select a Reputable Insurer: Consider an insurer’s services, track record, and claim settlement ratio for an informed decision.
- Personal Information: Gather details about your bike and personal information, including model, make, year of manufacture, and registration number.
- Insured Declared Value (IDV): Understanding the approximate market value of your bike, which is crucial for claims in case of loss or theft.
When purchasing bike insurance, it’s essential to provide accurate details, including the chassis number in a bike, to ensure proper documentation and coverage for your two-wheeler.
A commitment to safety and financial protection should accompany the thrill of a new bike. Delving into the intricacies of a two-wheeler insurance policy ensures a well-informed purchase and fosters a secure and enjoyable riding experience. Claims are subject to terms and conditions set forth under the motor insurance policy. *
*Standard T&C Apply
#Visit the official website of IRDAI for further details.
##All savings are provided by the insurer as per the IRDAI-approved insurance plan.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
