Purchasing a new motorbike denotes both an exciting new chapter in your life and a greater level of responsibility. The foundation of good motorbike ownership is having enough bike insurance, which protects your finances in case of unanticipated events. This in-depth guide will provide you with the information and actions required to successfully navigate the process of acquiring new bike insurance, guaranteeing a seamless and knowledgeable encounter.
Keep reading this blog to cover the important steps for buying new bike insurance.
Steps for Buying Bike Insurance
You have to follow several steps for buying bike insurance. We have listed them below:
1. Understand Which Policy You Need
You can choose from 3 categories of bike insurance policies: third-party bike insurance, comprehensive bike insurance, and standalone own-damage bike insurance.
In India, it is mandatory to have bike insurance with third-party liability coverage. Such insurance covers third-party claims but excludes any damage the bike owner suffers.
Comprehensive bike insurance covers the claims of the bike owner and any third party who suffers any damage due to the bike owner.
A standalone own-damage bike insurance covers damages bike-owner suffers but excludes third-party coverage. If you already have bike insurance with third-party liability coverage, you can add standalone own-damage bike insurance for better coverage.
You must decide which type of bike insurance suits you the most.
2. Understand How Premium is Calculated
Several factors decide the premium you will pay for buying bike insurance:
● Add-Ons
Add-ons are extra features which enhance the coverage offered by bike insurance. Some important add-ons are:
- Personal Accident Cover
- Zero-Dep Cover
- Engine Protection Cover
- Tyre Cover
- Personal Loss Cover
- Roadside Assistance Cover
● Insured Declared Value (IDV)
It is the current market value of your bike. IDV is determined by subtracting the depreciation of a bike from its original cost. A greater IDV leads to a greater premium. IDV is the maximum amount an insurance company will pay in case of theft or total damage to your bike.
● Deductible
A deductible is an amount you will pay for dealing with a loss before an insurance company responds to your claim. A higher deductible leads to a lower premium and vice-versa. Your claims will be settled only when they exceed your deductible.
● Coverage
Every insurance policy has certain exclusions and inclusions. You must read the terms and conditions carefully to understand the coverage you will get for the premium you will pay.
● Engine Capacity
The capacity of your bike engine is important for calculating the premium. In the case of third-party bike insurance, the IRDAI has laid down the following prices:
| Cubic Capacity (cc) Of Two-Wheeler | 1-Year Third-Party Insurance Price | 5-Year Third-Party Insurance Price |
| Less than 75 cc | Rs. 538 | Rs. 2,901 |
| 75 cc to 150 cc | Rs. 714 | Rs. 3,851 |
| 150 cc to 350 cc | Rs. 1,366 | Rs. 7,365 |
| More than 350 cc | Rs. 2,804 | Rs. 15,117 |
3. Read the Terms and Conditions and Compare Policies
You must read the terms and conditions of a policy to understand what it is all about. It will help you to compare different policies against factors such as payable premiums and coverage offered.
4. Select an Insurer
After comparing different policies, the next step is to select an insurer. Consider the following factors for deciding which insurer is the best:
- Reputation of the Insurer
- Claim Settlement Ratio
- Process for filing the claim
- Cashless garage network
You can go through the websites of platforms like ACKO to get the best deals on new bike insurance.
5. Make Online Payment
Once you have selected the insurer, you can go through the following steps to buy bike insurance:
Step 1: Visit the website of the insurer.
Step 2: Select the plan you want.
Step 3: Fill in the details such as vehicle registration number.
Step 4: Complete the payment via net banking.
Upon completion, you will receive a copy of the insurance document in your email.
Bottom Line
Bike insurance gives you peace of mind about your bike’s future. It covers the cost of repairing, damage due to accident or natural disaster, as well as theft of the bike. You can study the policies offered by top companies like ACKO to decide which bike insurance is best for you.
https://www.acko.com/articles/two-wheeler-insurance/easy-steps-to-avail-two-wheeler-insurance-online/
https://www.forbes.com/advisor/in/bike-insurance/how-to-get-bike-insurance/
https://www.coverfox.com/two-wheeler-insurance/articles/10-steps-to-follow-while-purchasing-two-wheeler-insurance-online/
https://www.acko.com/two-wheeler-insurance/
