There are various things one has to keep in mind while choosing bike insurance. With numerous options available in the market it becomes a difficult choice for bike owner to opt for one particular bike insurance over the others. Thus it is important to educate oneself as to what is considered as a better option. Given below are the points that should be kept in mind before settling on a particular bike insurance policy:
- Maximum Insurance Declared Value (IDV) – It is the sum that the insurer assures to pay the policyholder in case of accident or theft of the vehicle. One should always look for an insurance that promises to pay the maximum IDV. It is calculated by manufacturer’s listed selling price and is adjusted as per the needs. It also depends on the age of the vehicle with percentage depreciation as low as 5% for 6 month old vehicles.
- Choice of policy- Depending on the need of the bike owner, they can opt for a third party only insurance that covers the expenses of only the third party when involved in an accident or a comprehensive insurance that takes into account all expenses to the third party as well as the bike owner in case of accidents.
- Keeping in mind all inclusions and exclusions of coverage- Usually all damages that occur by fire, explosion, burglary, natural calamity and accidents are covered under the policy. Things that the insurance policy does not cover include damage by a person not possessing a valid driver’s license, damage by a person under the influence of alcohol, drugs, damage during war, general ageing of the vehicles etc.
- Prior knowledge of procedure to be followed for claiming of insurance
- Knowledge of ways to reduce bike insurance premium
- Insight into various factors that affect insurance premium, like type of bike, the area in which you live (whether or not it’s a high vehicle crime and accident prone area), age and experience of the biker (lower and less experienced bikers have to pay high premiums), security of the vehicle and any additional modifications to the manufactured vehicle play a critical role in determining the policy premium.
- Add on offers- Whatever is the type of bike insurance one decides to opt for and whatever is the level of cover, the bike owner can add on a number of extra facilities, such as motorcycle breakdown cover , personal accident cover to compensate medical fees, and loss of earnings and legal expenses.
- Finally one should carefully read all insurance details included in the policy. If there is any glitch on the part of the insurer, the customer can report it.