15th Oct 2018 4:43 pm
The most important things to keep in mind when buying two-wheeler insurance online.
A checklist can come in handy to ensure that you make the right purchase decision. It can work for a lot of products and services, especially if you are purchasing a bike insurance online. Insuring your bike is mandatory as per the Motor Vehicles Act, 1988, and apart from being compulsory, it also acts as a financial cushion in case of unfortunate events such as an accident. Here’s a comprehensive checklist for buying bike insurance online.
✓ Type of policies
Primarily, there are two types of bike insurance policies available in the market – third-party liability and comprehensive policy. Third-party liability is a basic policy which is mandatory by law and is structured to help third parties that might be affected by your bike in case of an accident.
Ac bike insurance policy offers extensive coverage as it includes the mandatory cover and also insures your bike against accident, calamities, and theft. Injuries to the owner while riding the two-wheeler are also covered. Choose the type of policy that meets your requirements.
✓ Long-term or yearly policy
You have the option of going for a long-term policy by insuring your bike for three years. It can be purchased for a period of two years as well but a three-year policy fetches you more discount. Also, you do not have to renew the policy every year in case you opt for a three-year policy.
✓ Add-on covers
You have the option of strengthening your bike insurance with the help of add-on covers. Note that these add-on covers can only be purchased along with a comprehensive policy.
Add-ons do bump up your premium slightly; thus, it is advised to be judicious while selecting them. Add only the covers that are suitable as per your risk profile. Zero depreciation is one of the popular add-on covers. With this cover, the bike’s depreciation won’t be taken into account while settling your claim. Hence, buying add-on covers along with your bike insurance becomes an essential point in the checklist for buying bike insurance online.
✓ Compare policies
It is a good idea to shop around before you decide what to purchase. It gives you options. However, it won’t be fruitful to compare apples and oranges, right? Similarly, while comparing bike insurance policies don’t just compare based on the price at which they are offered, but also compare the coverage being offered for that price.
✓ Low-priced with extensive coverage
Low-priced does not necessarily mean bad coverage. Nowadays, digital-first companies are offering low-priced bike insurance policies without compromising on the coverage offered. This is made possible because those companies do not spend much on operational cost and have less or no sales branches. As their business is online-driven, they save money and are able to offer affordable policies.
✓ Brand identity
If you are not loyal to any particular brand, you can take a look at different brands that offer bike insurance policies. You might identify with one company’s brand philosophy and feel comfortable interacting with it. If you have had a bad experience dealing with your insurance company, you can easily look for another one during policy renewal.
Some insurance companies might offer a discount on bike insurance premium if you have installed an anti-theft device. Such devices need to be certified by the Automobile Research Association of India. Keep an eye out for the offers run by insurance companies on their websites – you might end up getting a discount if you are eligible. No claim bonus is another discount that can be availed while renewing your policy.
In addition to the compulsory deductible to lower your bike’s insurance premium, you can opt for a voluntary deductible. By opting for voluntary deductible, you convey to the insurance company that in case of a claim, you will pay a certain amount. However, in this case, the claim amount received from the insurance company will be on the lower side.
✓ Claim support
Insurance is more like a promise than a product. And the credibility of this promise is tested at the time of the claim settlement. Choose an insurance company that is customer-friendly when it comes to settling claims. The insurance company’s claim settlement process should be hassle-free.
✓ Review and purchase
Speak to friends, relatives, and acquaintances who have purchased bike insurance policies from your preferred insurer; this can result in crucial feedback. Base your purchase decision by going through user reviews.
Importance of renewing your bike insurance
Purchasing bike insurance is a recurring activity considering you would want to continue riding your bike on Indian roads legally. An expired policy is of no use as your insurance company won’t be liable to provide you any compensation in case of damages caused or occurred. Go through the inclusions and exclusions while buying or renewing your bike insurance policy and make an informed decision.
Acko General Insurance is a new-age insurance provider that offers car and bike insurance policies at an affordable cost. It is a digital-first insurer that simplifies the complex world of insurance and offers a convenient pre and post-sales experience. Acko not only focuses on being user-friendly but also follows a stress-free claims process.