So, you finally have your own motorbike.
And you can’t wait to take it out for a ride. You’ve been waiting for this moment for so long! You’ve made space for its parking, got yourself a helmet and now you can’t wait to show it off to your friends.
In fact, you’ve already finalized all those biking plans and are now counting days to it!
But…keeping all those exciting things aside, have you made sure all your bike’s legal documents are sorted to even take the ride out in the first place?
Do you have valid bike insurance? Most importantly, do you know what it covers?
Chances are, even if you have, you’ve probably only got in the mandatory, third-party liability insurance…but you do know that doesn’t really protect your own bike, right?
Whether you’re familiar with the nitty-gritty of bike insurance or not, here’s our quick guide on what exactly to consider while picking insurance that you would love, and one that your bike would be thankful for! ??
All about Motorcycle Insurance in 9 Bite-Size Points.
1) Type of Insurance Policy.
There are primarily two kinds of insurance policies available for motorbikes. One is the Third-Party Liability policy that is a minimum requirement by law and only protects you against third-party damages and losses.
While the other is the Standard/Comprehensive Policy that not only protects your bike against third-parties but also protects your own bike and yourself in case of any damages/losses.
2) Add-Ons Available.
Just standard bike insurance may not be enough. Different insurance companies offer different add-ons that add another layer of shield to your bike.
Some add-ons include the zero-depreciation bike insurance cover, road-side assistance, tyre protect, etc.
Based on you and your bike’s requirements, pick the best combination of add-ons available and pick an insurance that will offer them to you at a decent price ??
Care about some riding accessories? Here they are.
3) IDV Customization.
An IDV is nothing but the market value of your bike. While taking insurance, your premium will depend on this.
Many times, some insurance companies will incorrectly state your IDV to lure you into cheap premiums.
However, it’s best to pick an insurance company that instead lets you customize your IDV yourself. This way, the process is transparent, and you know exactly what to expect.
In case you don’t know, IDV stands for Insured Declared Value.
4) Paperless Claims.
Generally, Insurance companies have been known for their time-consuming paperwork. Luckily, now that we’re in the digital age, there are insurance companies such as Digit Insurance providing Two-wheeler Insurance policy, that has a minimum or no paperwork!
Everything can be digital, online and hassle free!
Therefore, consider digital friendly options instead of the bygone traditional methods.
5) 24 Hours Support.
Chances are, you’re going to make a lot of road trips henceforward.
Whether it’s in broad daylight or late at night, you need to make sure your insurer has a 24 hours support facility just in case something goes wrong! After all, unfortunate situations don’t arise at a scheduled time!
Talking about road trips, do you want to ride to Ladakh? Here’s a guide to help you in planning your trip.
6) Cashless Settlement.
Based on the insurance companies’ workshops spread over the country, some companies also provide cashless settlements, which means in case of your bike damages- you don’t need to pay anything at all and can instead have your bike repaired at one of their workshops/garages.
7) Number of Workshop or Garages.
A cashless settlement only makes sense when the insurance company has several garages over the country. Therefore, before picking a motorcycle insurance, be aware of the number of garages and workshops your insurer has.
In case of damages, you want to be sure it can be repaired at a convenient location.
8) Doorstep Pick up & Drop.
Consider the fact that in some unfortunate cases of a bike accident, your bike may not be able to function for a few days. In this case, there are motorcycle insurance companies that provide doorstep pick-up and drop to make things much easier for you ??
9) Claim Settlement.
The whole point of insurance is the claims! So, it’s definitely one of the most important things you need to consider! While picking the right bike insurance, look at the different claim percentages of different insurance companies and make a choice based on the quickest and most settled claims.
Finally, we know buying an insurance policy for something you love so much can get mind-boggling.
But don’t worry.
Keeping all the above factors in mind, and the fact that you can now buy your bike insurance online, you can review your options well and make a smart choice accordingly.