Key Tips For Purchasing Bike Insurance For The First Time

Your bike is your most-loved treasure. Taking care of it is expensive and burdensome. Buying bike insurance will lift off that heavy burden for you by providing financial assistance in testing times. Your bike insurance can cover you from various financial liabilities such as third-party compensation, bike repair bills and even medical bills caused due to injury. The situations covered by your bike insurance policy is largely dependent on the type of policy you choose. Read this article to get key tips on buying bike insurance for the first time. 

Key Tips For Buying Bike Insurance For First Time Buyers

The following are the pointers that you can keep in mind while purchasing your bike insurance policy -

• Compare Different Insurance Plans Online

It is very important to compare bike insurance plans online before purchasing one. A comparison of all the available policies helps you get not only the best insurance coverage for your two-wheeler but also at the best price. You should compare different bike insurance plans on the basis of coverage offered, premium, network garages, claim settlement ratio, availability of customer support, claim settlement process, etc.

• Pick The Type of Policy You Need

There are currently two types of insurance policies for bikes- third-party and comprehensive bike insurance policies. The policy you pick will decide what situations that your company covers. Third-party insurance is compulsory but offers financial assistance only to compensate for third party loss. On the other hand, the comprehensive insurance policy offers financial backing for damages to third-party as well as to your bike for cases other than collision. Make sure you do thorough research before deciding the type of policy you want to purchase. 

• Select Insurance Add-Ons Appropriately

Add-ons are nothing but the extra facilities that are offered by the insurance company in addition to the standard policy. These add-ons are important as they provide you with extra coverage over your policy. Adding these add-on covers to your insurance policy will increase the cost of your bike insurance premium. Therefore, make sure that you select the add-ons that you will require and afford. 

• Keep Your Details And Documents Ready

The fastest way for you to quicken the process of purchasing bike insurance is to keep all the necessary documents and details regarding your bike and yourself available. This will speed up the documents verification process and thus help you purchase your insurance faster. 

• Inform Your Insurer About Any Modifications To Your Bike

Modifying bikes has become a common thing today. If you have any extra accessories that you have fit to your bike, it is mandatory that you inform your insurer about it. This will also determine the cost of your premium. Having a security enhancement modification will decrease the cost of your bike insurance premium while modifications that enhance the looks and performance of your bike will increase it. If you don’t inform your insurer about these modifications, your insurance claim is very likely to get rejected. 

• Read Insurance Policy Document Carefully 

After you purchase the insurance policy, make sure that you collect the payment receipt. This will be the proof that you paid the insurance premium amount. Read the policy’s documents in order to understand the contents of your policy and the situations that it will cover. Reading the policy papers will keep you aware of its terms and conditions. Thus, it will help you to understand the insurance claiming process easily. 

Take Away

Buying an insurance policy is not the only part of keeping yourself safe from burdening expenses. You must also ensure to renew your bike insurance policy on time. This way, you will always remain covered and financially safe. Having a bike insurance policy is compulsory according to the Motor Vehicle Act. So ensure that you have a valid bike insurance and ride safely.

Also Read:

Two-Wheeler Insurance Online vs Offline

How To Issue A Duplicate Copy Of Your Two-Wheeler Insurance

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.