Today, the internet has become a way of life. Right from the groceries to heavy jewelry; everything is being purchased online. The same trend is seen in the purchase of a bike insurance policy. Given that one in every three households in India owns a two-wheeler; understandably, many insurers offer bike insurance at competitive rates. Selecting the right policy can be daunting but the task is made easier if you purchase the policy online.
However, purchasing a bike insurance policy online can be tricky if you do not know the do’s, don’ts, how’s and other fine nuances of purchasing online insurance. Here, we share some valuable tips that would help you nail the right policy when shopping online.
The very step to any purchase is research. Before you even begin to look at insurance, make sure that you are knowledgeable enough. Thankfully, there are plenty of informational articles available online, that would educate you on all the insurance jargon regarding a two-wheeler policy. Gaining knowledge of how the insurance works for your two-wheeler will help you search for the right things and choose the right policy.
- Define your needs
Next, you must critically assess and understand your coverage requirements. You need to decide if you need just the mandatory third-party insurance or a comprehensive bike coverage would be a better option for you. We strongly recommend a comprehensive cover as it protects you and your bike apart from giving you third-party coverage benefits.
While going for comprehensive insurance plans, you need to decide on the extent of coverage required, the add-ons you would prefer added based on your Two-wheeler’s usage, expenditure, and existing liabilities.
- Narrow down the insurance company list
The insurance company from whom you are purchasing the insurance plan is as important as the insurance policy of your bike. The company must have a reputable and credible history with a fast and fair claim processing history. Its pre and post-sales service, as well as its customer service, has to be easily accessible and credible enough to be truly helpful. Once you have narrowed down to a few insurers, your job will become much easier.
- Fix the IDV of your bike
Next, you must set the IDV or the Insured Declared Value for your bike. It is the current market value of your bike which decreases with time. It is arrived at by decreasing the depreciation on its parts from its cost value. The number is important as it decides on the maximum sum insured that you can get and thus, the premium that you would be required to pay.
- Browse through the add-ons
Next, you must look through and decide on the riders or add-ons. These come at a nominal cost and make your insurance plan more robust. There are several types of add-ons available for Bike Insurance like the zero-depreciation cover, accessories cover, towing cover, personal accident cover, pillion cover, etc. You can add whatever suits you the best.
- Compare various policies
Now that the groundwork is done, it’s time to compare various policies online. There are several portals available online which allows you to do that innumerable times. You can compare the policies on various parameters like cost, coverage, benefits, exclusions, etc. This will help you make an informed decision and pick the right policy for yourself.
- Read the policy document
Now that you have selected the policy, you must not be hasty in purchasing it. Take your time to carefully read the policy document such that you understand everything in it. Many tend to skip this step but it proves costly at the time of filing a claim. Following this step prevents you from any nasty or rude shocks in the future.
- Decide your deductible
Now, that you are ready to purchase the policy, set your deductible. It is the amount that you need to pay out of your pocket at the time of making a claim after which the insurance company would appear to pay the pending amount. A higher deductible lowers the premium but it can be devastating at the time of an accident crisis. Hence, you need to decide on it carefully such that it is affordable to you at all times.
- Make the purchase
The rest of the step now is a cakewalk. You merely need to select your policy, add-ons; feed in all necessary details including IDV, deductibles, etc. and then make the payment through any of the online ways. You might also need to upload some necessary documents like your address proof, age proof, etc. Post this you will get your policy documents within a day or two after the insurance company has processed it.
Nothing can beat the convenience of purchasing the bike insurance online provided you follow the correct procedure. With the aforementioned steps, you can never go wrong.