If you own a bike, there is no doubt that you would want to take care of it. The best way you can do it is by getting the right two-wheeler insurance for your bike. To know if the policy you’ve chosen is the right one for you, you can compare two-wheeler insurance policy online. Without knowing the different bike insurance policies available in the market, you can’t choose the best one from the lot. Hence, comparing insurance policies online is a necessity.
Factors to be considered
Selection of the best bike insurance might seem like a difficult task for you. However, your job is eased out if you compare two-wheeler insurance online. The following factors must be considered for getting the best policy for you:
- The type of your Two Wheeler Insurance Policy
The following options must be kept in mind before comparing two-wheeler insurance:
- Third-party cover- This cover is mandatory according to the Motor Vehicles Act, 1988. However, only third-party damage is covered under this policy.
- Comprehensive cover- Under this cover, damage caused to your vehicle is covered. In addition to the third-party liability, this policy is optional.
- What is covered under the bike insurance policy?
A wide range of choice is provided for your two-wheeler in terms of coverage. Here are a few examples:
- a) Collision cover
- b) Vandalism cover
- c) Bodily injury liability coverage
- d) Property damage liability coverage
- e) Personal injury protection etc.
- Factors affecting your premium
This has to be the most important reason to compare two-wheeler insurance. The cost of your premium is affected by features of your bike like the make and model of the bike, year in which it is manufactured, cubic capacity, etc. You can know your premium online as well, by comparing bike insurance online. You can also calculate your premium costs using a two wheeler insurance premium calculator.
- Insured Declared Value (IDV)
The IDV plays a vital role in your bike policy. It is the value for which your vehicle is insured and remains fixed during the term of the policy. Therefore, you must be aware of the IDV of your vehicle.
- Changing vehicle
If you happen to purchase a new vehicle, the policy that you already have can be transferred to the new vehicle. However, your premium might change as per the features of your new bike.
Change in the vehicle owner
In case, there is a change in the owner of your vehicle, i.e. if you plan to sell your bike, then it is possible for you to transfer your already existing insurance policy to the new owner of the bike. The new owner of the motorcycle will inform their insurance provider and complete all the required paperwork, within 14 days.
It is essential for you to go through the process of insurance claim thoroughly as it is the most dreaded part of the policy. This is necessary so you can efficiently claim for settlement in case of any damage.
Now you know, comparing is the key. Do not take any decision in a rush as it is you who might have to suffer later by paying hefty bills. Therefore, explore the available options online and purchase the insurance policy that best suits your needs. The points mentioned above are to be carefully followed if you wish to get the best two-wheeler insurance policy for your prized possession.