A bike is not easy to manoeuvre and handle on the congested Indian roads but its sleek design and stylish look make for a fashionable statement as well. Thus, it’s no surprise that it is often the first vehicle that any person buys. But while buying a bike, you must also understand that you also need to buy bike insurance as well. It is mandatory by law. You might do intense investigation for the bike but you might feel completely at a loss regarding its insurance. Hence, we provide you a few useful tips that would help make your situation much easier. Stay hooked!

• Understand the types of insurance available

Foremost, you must understand the insurance choices available to you. There are two types of insurance policies available to you. First is the third-party insurance which is mandatory by law. It covers liabilities and damages to the third party and their property because of an accident with your bike. You can enhance this insurance with a personal accident cover.

The second cover is The Comprehensive Insurance which has third-party insurance included and plenty of other coverage available for you and your bike. It is the most recommended insurance as it covers damages to you, your vehicle and third-party damages as well.

• Become aware of IDV

IDV is the next most important consideration that you must look into while purchasing two-wheeler insurance. It is the maximum amount that is paid to you in the case of theft, damage or your bike being totalled i.e. damaged beyond repair. It is not only calculated from the manufacturer’s listed sale price but also the age as well as the depreciation percentage of the vehicle. Many people make the error of quoting a lower IDV for a lower payable premium but this decreases the total value of the vehicle and can prove to be a costly mistake.

• Garage network

It is another important consideration. You must always check out the network garage of insurance providers and select out a few names whose network garage is easier to access by you. You should be able to take your bike there and avail of a cashless repair facility.

• Reputed insurance provider

It is critical that you buy insurance from the right insurance company. It is only with a reliable and reputed company that you would get the right services along with the right policy. You would be given a transparent and fair deal with the least problems and hassle during a claim. You can easily check on the reputation online and the customer testimonials. Social media platforms are also a terrific place to get an insight into the brand’s reputation and service.

• Compare different policies

Once you have selected out a few insurance providers, it’s time to compare and contrast the various insurance policies offered by them. It is important that you evaluate them on the basis of premium charged and benefits offered. Thankfully, there are numerous sites available online where you can easily compare and contrast and pick out the most suitable policy for you.

• Check out the add-ons

No insurance policy is complete by itself but it can be made so by the inclusion of the add-ons or additional covers. This can vary from person to person but helps make the policy yield an ironclad protection to the policyholder.  You can check out the various add-ons like the personal accident cover, pillion cover, medical cover, accessories cover, etc. and add on any that you find appropriate.

• Understand the factors affecting the premium

Now, you must understand the factors affecting your payable premium amount and make adjustments accordingly. Few factors affecting the premium amount of a two-wheeler are:

• The model and make of two-wheeler purchased.
• Value of the vehicle.
• Cost of accessories installed
• Anti-theft devices installed.
• Add-on covers
• Riding and driving skills.
• IDV of the bike, etc.
• Deductible, co-pay, etc.

Understanding these would help you choose the right policy with the right coverage.

• Read the fine print

Before committing to any policy, you must go through the entire policy document carefully. There are plenty of inclusions and exclusions in bike insurance with plenty of terms and conditions. Reading them prepares you beforehand and you are saved from any nasty surprises at the time of making any claim.

Wrapping up

While purchasing any two-wheeler insurance, it is critical that you understand what is covered and cannot be covered under an insurance policy. Making it as ironclad as possible will help you enjoy your bike to the hilt without any stress and worry.