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A Guideline for the First-Time Bike Insurance Buyers

On the Indian roads, a bike is easy to ride, as you can move and ride through the congested traffic. The compact and sleek design of a two-wheeler makes the commuting faster on the Indian roads. Two-wheelers are equipped to drive past vehicles stuck in the traffic, occupy minimum space for parking, and consume less fuel. For some people, riding a two-wheeler has become a style statement.

Generally, vehicle owners forget that having a two-wheeler is a big responsibility. Just like two-wheelers need maintenance, they also need insurance coverage. The variety of car insurance plans available in the market creates confusion at times. For the first time motor insurance buyers, it might feel like a huge task to select the right two wheeler insurance policy their automobile. Most of the newbies buy a motor insurance plan that is more advertised on the T.V. or one that their family members or friends have.

This is not the right way to buy any insurance plan. Insurance needs are individualistic. Even the best for you can be okay for somebody else. Mentioned below is the complete guide to buying the right insurance plan for the beginners.

1. The Need to buy Bike Insurance

Before you start looking out for a motor insurance plan, ask yourself this question - why exactly you need bike insurance? Your answer will provide you the basis of coverage that you want. The basic need for insurance is the safety and protection of your vehicle so that you don’t have to pay anything from your own pocket if there is any unfortunate incident, such as accident, or theft. As per the plan you choose, your insurer pays for the necessary expenses when such an incident occurs. 

First-Time Bike Insurance Buyers

2. The Two-Wheeler Insurance Plan Options

Broadly, the two-wheeler insurance plans are divided into two categories.

Third-Party Liability

The first one is third-party liability only insurance. In case of an accident, it provides coverage against the expenses that are limited to the third-party liability only. For every vehicle owner in India, it is compulsory to have third-party liability coverage as per the Motor Vehicle Act, 1988.

Comprehensive Bike Insurance

This two-wheeler insurance policy provides you coverage against the third-party as well as own vehicle damage/injury, in case you are involved in an accident. Having a comprehensive insurance plan means that you have the full insurance protection against any kind of expenses so that you don’t have to pay any single penny from your own pocket.

You may like to Read: Long Term Two Wheeler Insurance

Bike Insurance and its Premium

The Insurance premium shares a direct relationship with the insurance coverage. The higher the coverage sought after, the higher the premium would be. It is recommended that you analyze your insurance needs before you buy an insurance plan.

Factors Affecting the Premium of a Two-Wheeler Insurance Policy

Here are the factors that affect your premium amount:

Miscellaneous Factors -

Many factors, such as the type of two-wheeler, the area of your residence (in case it’s an accident or automobile crime prone area, your premium would be high), riders’ age and his riding experience (younger and lesser experienced riders would have to higher premiums), and any add-on modifications to the manufactured automobile influence the policy premium.

Insurance Declared Value (IDV) -

It determines the max amount, which is given in the form of compensation, in case there is any unfortunate incident like an accident, theft etc. It is computed by the vehicle manufacturers’ listed sale price and can be changed as per requirement. Also, the IDV depends on the automobiles’ age along with the percentage of depreciation as low as 5 percent for the six-month-old automobiles. Before you get any insurance plan for your two-wheeler, make sure you pay proper attention to the IDV.

Always keep in your mind that there are some things that any motor insurance plan does not provide coverage for. For instance, any person has met with an accident and he does not hold a valid driving license, he was driving under the influence of drugs or alcohol, damage because of war, etc. In these cases, your motor insurer would revoke all the benefits provided by it and reject your claim as well.