When you purchase a bike, the first thing that you need to do is get an insurance coverage for the vehicle. It is the best security instrument for the bike and is also mandated by the law in India. However, if you are purchasing such an insurance for the first time, you need to keep certain things in mind to ensure that you get the best deal.
Here is a look at some of the tips that you should follow when you consider purchasing a bike insurance online.
1.Know the Different Plans
Bike insurance plans are primarily divided into two types, namely, third-party liability policy and comprehensive policy. You should know what the differences are between the two in order to judge which one suits your needs the most.
A comprehensive plan covers damages that your bike may undergo during roadside accidents, along with other coverage for damages caused by natural or man-made disasters. The third-party insurance policies on the other hand will only cover the damages caused to the other party involved in an accident with your bike. Under such a plan, there is no coverage for the damage that your bike suffers during the accident.
2. Premium and coverage are Interlinked
A close link exists between the premium for the insurance and the kind of coverage that it offers. For instance, in case of a comprehensive coverage, the premiums will differ from the premiums of a third-party liability. Before purchasing the insurance, make sure you are clear about the range of coverage that you are looking for along with your budget for such a plan.
A bike insurance calculator will help determine the premium for a particular plan and is immensely handy while purchasing a bike insurance online.
3. Know the Insured declared value
When you purchase a bike insurance policy, the insurer will reveal the maximum value of coverage that the plan will offer. This value is calculated on the basis of the market price of the bike as per the selling price listed by the manufacturer of the bike. This value is later adjusted according to the depreciating value of the different parts of the vehicle. At any rate, you want an insurance policy that offers the highest IDV for your bike, so that you can claim the maximum sum if the need arises.
4. Check the No-claim bonus
Lastly, check the no-claim bonus that a particular policy offers. A no-claim bonus can only be claimed, if you go through an entire term without claiming the insurance even once. Under such a condition, most insurance providers will likely offer a certain discount on the premiums when you renew the policy.
With these tips in mind, it is quite likely that you would be able to find the perfect bike insurance plan for your dream bike.
Here is a look at some of the tips that you should follow when you consider purchasing a bike insurance online.
1.Know the Different Plans
Bike insurance plans are primarily divided into two types, namely, third-party liability policy and comprehensive policy. You should know what the differences are between the two in order to judge which one suits your needs the most.
A comprehensive plan covers damages that your bike may undergo during roadside accidents, along with other coverage for damages caused by natural or man-made disasters. The third-party insurance policies on the other hand will only cover the damages caused to the other party involved in an accident with your bike. Under such a plan, there is no coverage for the damage that your bike suffers during the accident.
2. Premium and coverage are Interlinked
A close link exists between the premium for the insurance and the kind of coverage that it offers. For instance, in case of a comprehensive coverage, the premiums will differ from the premiums of a third-party liability. Before purchasing the insurance, make sure you are clear about the range of coverage that you are looking for along with your budget for such a plan.
A bike insurance calculator will help determine the premium for a particular plan and is immensely handy while purchasing a bike insurance online.
3. Know the Insured declared value
When you purchase a bike insurance policy, the insurer will reveal the maximum value of coverage that the plan will offer. This value is calculated on the basis of the market price of the bike as per the selling price listed by the manufacturer of the bike. This value is later adjusted according to the depreciating value of the different parts of the vehicle. At any rate, you want an insurance policy that offers the highest IDV for your bike, so that you can claim the maximum sum if the need arises.
4. Check the No-claim bonus
Lastly, check the no-claim bonus that a particular policy offers. A no-claim bonus can only be claimed, if you go through an entire term without claiming the insurance even once. Under such a condition, most insurance providers will likely offer a certain discount on the premiums when you renew the policy.
With these tips in mind, it is quite likely that you would be able to find the perfect bike insurance plan for your dream bike.
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