So have you got the bike of your choice? Are you all set to zoom it on the streets? But, before that have you got adequate coverage for your two-wheeler? If not yet, then, choose a comprehensive insurance policy. However, before you decide on which policy to buy its important that you check out a few parameters and aspects that will help you make an informed decision. |
The most important thing to remember is that a bike insurance policy differs from car coverage. So, if you have a car and that is insured, and if you thought same parameters would be applicable for your two- wheeler also, then, you are mistaken. The other thing to consider is the description of your motorbike. Any insurance company will most likely work off a brand name and serial number when reviewing your policy application. However, if your two-wheeler has undergone any alteration or modifications, then you need to mention that as well. Many companies bid rates especially for modified motorcycles so ask about this. This is also important because if you make a claim and do not mention the changes that could cancel your coverage.
The other thing to keep in mind is that make sure you completely understand the choices of the indemnity provider, if at any time you make claims in the future. Also, opt for a company that can alter and modify their policies according to your needs like coverage for accidents and hospital bills. It is also important that the coverage you obtain for your two-wheeler suits your requirements and lifestyle. Once you get a two-wheeler, you cannot plan for accidents or thefts, but can prepare for it. Thus, ensure that the policy provider you opt for offers an all-inclusive plan that indemnifies you against theft, accidents or any such unfortunate occurrence.
Along with all this, also check for the pricing and quotes offered by various insurance companies. You could go online and compare the prices. Most of these sites have access to almost every existing policy. You can go online and easily compare these quotes. This way you will be able to select and pin down the company that offers the coverage you need at a price you can afford.
Also, check if the company offers discount or any price cut , some insurers also offer discounts based on driving capability. One of the discount available is voluntary deductible, you can
Get discount up to Rs.250: Voluntary deductible is the minimum amount that you declare to bear at the time of claim. For E.g. if you have a deductible of Rs. 2,500 and there is a claim for Rs.8,500 then you will be eligible to be paid the difference of Rs. 6,000.
However, if you choose a deductible of Rs.5,000, you will get a 25% discount on OD premium and you will be paid Rs.3,000 at the time of claim. The table of the discounts is mentioned below:
- For a deductible amt of Rs.500 get a discount of 5% on the OD premium subject to a maximum of Rs.50/- - For a deductible amt of Rs.750 get a discount of 10% on the OD premium subject to a maximum of Rs.75/- - For a deductible amt of Rs.1000 get a discount of 15% on the OD premium subject to a maximum of Rs.125/- - For a deductible amt of Rs.1500 get a discount of 20% on the OD premium subject to a maximum of Rs.200/- - For a deductible amt of Rs.3000 get a discount of 25% on the OD premium subject to a maximum of Rs.250/
These are few of the important things that you should consider before making a decision. There are numerous coverage options available these days. Be smart and pick the right bike insurance policy that meets all your requirements from a reliable and trustworthy insurance provider. Always remember that it is important to care for both; your life and your hard-earned money. So, keep few factors in mind and buy one now!
For more information visit: Bike Insurance Policy and Cashless Network Garages.
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