15 Tips for First Time motorcycle insurance Buyers

Two-wheelers have now become an essential component of daily life in almost every family. The owners of two-wheelers are usually satisfied with the private mode of transportation as it is convenient as well as cost-effective. But you never apprehend when an unfortunate event can create problems in terms of finance. It is the time when motorcycle insurance online plays a significant role in helping you deal with the situation.

If this is your first time with bike insurance policies, then you must take some time and figure out how it works. It will help you buy the best insurance policy that will come under your requirements and budget. Two-wheeler insurance can be a complete bike insurance package that is designed to cover your motorcycle completely. In this article, you will get tips that will help you if you want to get your bike insured for the first time.

1. Understand the Kinds of Policies

You need to understand the different kinds of insurance when buying motorcycle insurance online. The options available are:

a. Third-Party Liability Insurance Policy

b. Comprehensive Insurance Policy 

c. Standalone Own-Damage Policy

d. Bundled Package Policy

2. Suitable Insurance Company

Two-wheeler insurance companies not only provide insurance but also a lot of other benefits. Therefore, you must keep in mind to choose the right insurance company. With the availability of social media rating and review systems, you can get a fair idea about the company’s approach to customers.

3. Network of Garages

Also, keep in mind that the company offers more garages in your general area of travel can prove to be more helpful to you when opting for cashless repairs.

4. Prefer buying online

If you want to get your bike insured, buying two-wheeler insurance online will be the quickest and easiest way. You can also get attractive deals and discounts.

5. Keep the documents handy

The insurance premium is estimated based on the capacity of your bike’s engine, manufacturing date, and model, so keep such documents and details handy.

6. Go for the right policy

As a two-wheeler is more prone to accidents than a car, keep in mind to buy a perfect bike insurance policy that will be useful in the long run. The policy must cover third-party liabilities as well as self-damage.

7. Set a suitable IDV

IDV or Insured Declared Value must be set suitably higher as a lower IDV will reduce the insurance premium. As it is your bike’s approximate current market value, setting it judiciously, neither too high nor too low, will be helpful in situations of theft or total loss of your bike.

8. Select the add-ons you need

You must know that each add-on adds to the cost of your two-wheeler bike insurance policy. Selecting add-ons for the new bike will offer you enhanced coverage.

9. Read between the lines

Since you are a policyholder, you must be aware of the inclusions and exclusions of the policy. It is an intelligent decision to go through the entire policy documents while buying the insurance. The terms and conditions will be helpful in keeping realistic expectations.

10. Premium should suit your budget

Choosing a premium that suits your budget is important. A rider-laden policy that makes it difficult for you to pay the premium regularly, is not a very good idea.

11. Preserve no claim bonus

Driving carefully and avoiding an accident will help you in not making bike insurance claims. Being so diligent, the insurer would offer you a No Claim Bonus to lighten the premium load of the following year. This bonus can go up to 50% of the premium.

12. Intimate your claim on time

You must keep in mind to inform your insurance company or insurance agent on time as soon as the accident has taken place. Most insurance companies give a 24/48 hour window from the time of the accident, to notify the company about the same.

13. Renew before expiry

The policyholder must remember the expiry date of the motorcycle insurance policy. Renewal of policy before the expiry date is very crucial, as once the policy expires you would have to bear the loss from your pocket. Don’t forget to set a reminder.

14. Provide correct personal details

While you buy bike insurance online, you must remember to mention the essential details correctly. Failure in doing so will be regarded as a fraud and you would not be able to claim your bike insurance. It might be dealt with legally by the service provider.

15. Appoint a nominee

Under the Personal Accident Cover, in case of your accidental death, your appointed nominee will receive financial aid from your insurance policy. You need to mention a nominee with the correct details while buying insurance for your motorcycle. It will help your family member to have the policy or the benefits transferred to them.

16. Correct RC and previous policy details

In case of renewal of bike policy, it is essential to mention the correct insured name as per old records of RC and other documents.

17. Transfer two-wheeler insurance policy

If you are buying a second-hand two-wheeler, you must keep in mind to transfer the bike insurance policy to your name as well.

Conclusion

You must know that using a two-wheeler has been a necessity in recent days and not a luxury.  One can hardly imagine getting caught with invalid bike insurance on roads. It is necessary to pay proper attention while buying motorcycle insurance online, going through all the terms and conditions, and enquiring with family.

Nov 19, 2021
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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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