Insurance is the safety net that provides us with immense peace of mind even in the most terrifying situations. Whether we’re looking to secure our health, homes, or our vehicles, insurance allows us to protect our finances for the future. For most of us, our most prized possession is our everyday companion, our trusty bikes or motorcycles that we use to weave in and out of traffic.
But, securing your bike is an important responsibility that you need to take very seriously. A comprehensive insurance policy for your two-wheeler will help you take care of your metal steed if you were to meet with an accident. Apart from cushioning the blow to your bank balance, having at least third-party insurance is mandatory under India’s Motor Vehicle Act. Purchasing the right policy for your needs requires a great deal of research. Here’s our guide to how you can make the most of your bike insurance policy:
1. Compare before Purchase
Before buying a policy, make sure you compare its benefits with other policies online. For example, a comprehensive policy will likely cover damage from fire and vandalism due to natural disasters, making it a better option than just third-party insurance plans.
2. Find the Right Premium
Cheaper premiums doesn’t always mean less cover. Your premium amount will depend on a number of factors. To ensure you’ve got the best deal, compare the quotes you’ve received from your preferred insurance providers against the amount of cover they’re offering. If the cover being provided is the same, you can focus on the premium and pick the one that suits your wallet best.
3. Avoid Making Small Claims
It is natural to be over-protective when it comes to your bike. For something as small as a scratch you might feel tempted to make a claim and get your insurance provider to cover the cost of the repairs. But, making a claim could increase your premium in the future and could stop you from enjoying your No Claim Bonus (NCB). Avoid making claims for the smaller issues and your policy will provide better coverage in the long run.
4. Get Anti-Theft Accessories
By installing a few anti-theft devices on your bike, you are likely to enjoy lower premiums, since these accessories make your two-wheeler quite safe.
5. Select the Right Add-On Covers
Enhance your basic policy’s cover by picking add-ons that best suit your needs. If you take your bike out on long journeys, you could opt for emergency road assist, while add-ons like zero depreciation cover and engine protect are always a good idea if you’ve purchased a new bike.
While having insurance doesn’t mean that your bike will never get damaged, it significantly helps you deal with the cost of repairing your vehicle. Before you pick your policy, always remember to do your research and find a plan that suits your needs. Also, if you have an insurance which is close to expiry read more on how to renew bike insurance online.