A List of Items To Consider When Purchasing Bike Insurance Online

The ecstasy and exhilaration of the moment when you purchase your dream bike can hardly be described in words. But it is also important to add a touch of realism to that dream-like feeling.

Going by official statistics, two-wheelers are 3 times more likely to get involved in road accidents than cars. Also, due to the lack of safety features that cars have, two-wheeler accidents can turn out to be more severe as well. It is, therefore, even more necessary to have proper insurance for your bike for protection.

Below we have created a handy checklist of items you will need when purchasing bike insurance online so that the process is uber-smooth for you:

1. Understand policy types

Bike insurance covers fall into two categories. The first is the mandatory Third-Party accident cover which is necessary by law. This cover ensures third parties, i.e. other drivers on the road, from damages sustained during an accident or collision.

The next category of bike insurance is called comprehensive cover. This provides protection for own damage caused due to accidents or even due to the loss or theft of the vehicle. Depending on the nature of the policy, you can also get insurance for vehicle parts and other electrical and mechanical paraphernalia.

2. Do your research

Today, bike owners have access to tons of information online. There are multiple players in the market who offer online two-wheeler policies. When you research these insurance providers, you can use this bike insurance calculator to check premium prices.

While insurance premium is an important criterion, you also need to be sure that your insurance provider will help you in tough times. Ensure you check the provider’s network of garages, their cashless policies, claim policy and deductibles, and additional services like doorstep delivery of vehicles. If an insurance provider takes months to provide monetary help in case of an accident or requires lots of legal paperwork to file a claim, then you’re better off with someone else who has a more seamless claim policy.

3. IDV (Insured Declared Value)

In market terms, the IDV is the current market value of the bike. This value decreases every year due to depreciation. The insurance premium is intricately connected with the IDV. The lower your IDV, the lesser you pay as premium, and the lesser your coverage. Hence, be clear on how the insurance provider calculates the IDV and how it will affect your coverage.

4. Zero DEP insurance covers

If you’re buying a high-end imported sports bike, then protecting it against depreciation should be one of the first things on your to-do list. As the bike value depreciates, the insurance provider will decrease the amount they pay as compensation in case of any damage or loss. However, the value of parts and maintenance might go up year after year; especially for high-end bikes. If you feel that you will have a lot to pay out of your pocket for damage and replacement, it is better to opt for a zero DEP insurance for the bike so you can avail the maximum value at any given time.

5. Choose the right add-ons

Depending on the location and the nature of your bike, you can add more riders to your insurance policy. For instance, if you live in a coastal area and are worried about damage due to floods or salt air, then you can add an engine protection cover to your existing policy. However, note that these add-ons will increase your premium, so only choose the necessary riders that match your bike insurance requirements.

6. Stay aware of NCBs and other bonuses

One of the easiest ways to lower your premium is by availing the NCB or No Claim Bonus. This is a bonus given by insurance companies if you do not file any claims for a single year. Discounts like this can significantly lower your premium, so make sure you ask for these when buying bike insurance online. If you’re renewing your bike insurance online, you can file for these easily and enjoy saving up on your premium amount!