Today, buying bike insurance online is a safe and quick process. With an array of insurance providers, comparative premium rates and a plethora of additional services offered, the perfect policy is just a few clicks away.
However, with so many options available, there’s a tendency to get lost in the maze of insurance jargon and claims of ‘best offers’! You don’t need to become an insurance expert to buy the right policy. Understanding a few simple terms and paying attention to a couple of details can not only get you a solid policy but can also save your money !
So, put on your thinking pants and get cracking! While there are multiple factors which affect an insurance policy, knowing the right terms coupled with their benefits can help you make an informed choice. Let’s learn a few tricks for buying the right bike insurance online.
- Third Party Cover v/s Comprehensive Cover- Spring for a Comprehensive Cover instead of a basic Third-Party Cover for better security like Own Damage (OD) cover and personal accident cover. Perks like No Claim Bonus (NCB), Cashless Garages and other add-ons make the slightly higher premium worth it.
- Insured Declared Value or IDV– This is the total amount you can get as compensation from your insurance provider in case of total loss/damage. IDV is the current market value of your vehicle which decides your rate of premium. Always compare the IDVs offered by various providers and choose a policy which gives you a correct (neither higher nor lower) value so that you get a fair price in case of loss or damage.
- No Claim Bonus (NCB)-No Claim Bonus or NCB in Bike Insurance is an amount which accumulates over every claim-free year you have. It is your reward for having an accident-free year and gets you a discount on your premium at the time of policy renewal. This amount is transferable and remains active even if you switch to a different insurance company.
- Long-Term Insurance Policy- If you’re not good with dates and tend to forget renewing your bike insurance policy, opt for a Long-Term Insurance policy which needs renewal only after 2 or 3 years (depending on the insurance company) , protects you against an annual hike in premium and even gets you a higher NCB on bike insurance !
- Extra Riders or Add On – Most insurance companies offer add-ons on two wheeler insurance policies, which are also known as “riders”. Make sure you look into these while purchasing a policy for yourself as it can add numerous benefits. Some of the common riders or add-ons that are available on bike insurance policies include pillion rider personal accident cover, towing cover, zero depreciation cover and more.
So, the next time you log on to buy bike insurance online, be sure to keep these tips in mind and protect yourself at the right price!