When making a decision to purchase a new bike, you always strive to give careful thought to a variety of aspects, including the bike’s brand, model, mileage, price, maintenance requirements, etc. Similarly to that, you should also spend some time and thought while purchasing an insurance policy for your motorcycle. But if you are unsure of the important factors you need to take into account before purchasing a bike insurance plan, don’t worry; we’ve got you covered. Read on to learn more.
The following are the elements that might help you choose the best bike insurance option:
- Type of bike insurance policy
You must first choose the type of policy you need before choosing from a pool of bike insurance policies. There are three different types of bike insurance policies based on coverage, specifically: standalone own-damage, comprehensive, and third-party. *
It is required to have at least third-party bike insurance in India. In the event of an accident, it protects you from third-party responsibilities. A standalone own-damage bike insurance coverage protects you from the own damage your bike sustains in the event of an accident. A bajaj allianz two-wheeler insurance comprehensive bike insurance policy, on the other hand, combines the two and protects you from both third-party and own-damage costs associated with accidents or other mishaps.
- Claim settlement ratio
Purchasing bike insurance is mostly done so that you can contact the insurance provider for assistance if necessary. Additionally, the Claim Settlement Ratio (CSR) measures how well an insurance business manages claims. CSR is the proportion of claims settled by an insurance company to all claims made during a given financial year. *
Therefore, be aware of the CSR of the insurance company if you want to make the most of your bike insurance coverage. You must be knowledgeable about the process of how to claim bike insurance in the event of an accident in addition to the claim settlement ratio to prevent confusion. *
- Network of partner garages
If your insurance provider has a significant number of cashless garages, getting your bike fixed in the event of an accident might be a hassle-free process. Because you will have more options with more garages, it is even more crucial to examine how many network garages a policy covers. *
- Premium amount
The sum you must pay as part of your bike insurance premium in order to be eligible for benefits under your policy. The cost of two-wheeler insurance is determined by a number of variables, including insured declared value (IDV), policy term, type of coverage, and no claims bonus (NCB), among many others. Recognise that bike insurance is a requirement, not a luxury. As a result, you shouldn’t base your decision to get bike insurance coverage exclusively on the premium cost. *
- Exclusions from the Policy
Risks that an insurance provider is unwilling to cover are known as exclusions. So it is not sufficient to know what a bike insurance policy covers. Additionally, you need to be aware of what the policy excludes. Nobody wants their claim for bike insurance to be denied just because they submitted it for an occurrence that is not protected by their bike insurance policy. And if you also want that, avoid choosing a policy that has a lot of exclusions.
Owning a bajaj 2-wheeler insurance policy is crucial to avoid financial hardship in the event of an accident, in addition to meeting legal requirements. Therefore, be careful that there is no opportunity for uncertainty regarding the aforementioned aspects as it could result in a poor choice. Always make sure that you renew your bike insurance well on time.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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