11 Things to Check in a Bike Insurance Policy

11 Important Sections to Read in Your Bike Insurance Policy

A bike insurance policy is the most important document to ride a bike legally on the Indian public roads. Whether you buy it online or offline, you must check a few things in your policy documents once the payment is processed. Here is a list of the same:

1. Policy Number: The Unique Identity of Your Policy

   Your policy number is a unique identifier linked to all your insurance details. It is required whenever you file a claim, renew your policy, or contact customer support. Therefore, you must check the policy number in your bike insurance policy documents. Without the correct policy number, accessing your policy details or initiating a claim can become difficult.

   Therefore, ensure that the policy number mentioned in your document matches the one shared via email or SMS.

2. Personal Information: Accuracy is the Key

   Before submitting your proposal form, it is suggested to fill in your personal details correctly. Your personal details, such as name, address, and contact number, must be correctly mentioned in the policy.

   Your personal details, such as name, address, and contact number, must be correctly mentioned in the policy. If you find any errors, inform your insurer to modify them and make your policy error-free.

3. Vehicle Details: Confirm the Identity of Your Ride

   Double-check that the essential information for the two-wheeler, such as engine number, chassis number, and registration number, is recorded correctly to ensure a hassle-free claim settlement. Even a small mismatch can create complications or lead to claim rejection.

   A policyholder entered an incorrect chassis number while buying two-wheeler insurance online, which delayed their claim settlement for weeks. Therefore, cross-check all vehicle details with your RC (Registration Certificate).

4. Bike Insurance Coverage: Know Your Coverage

   Ensure you review the details of different bike insurance coverage and benefits, including third-party liability, own-damage, and personal accident. The third-party bike insurance covers third-party losses to life and property. However, your comprehensive bike insurance coverage gives financial protection for your own damages and third-party damages. Therefore, you must check all these elements in your 2-wheeler policy documents.

5. Bike Insurance Premium: Verify the Amount Paid

   The bike insurance premium includes base premium, add-on costs (if any), and 18% GST, as mentioned in your policy documents.

   Any discrepancy between the quoted premium and the amount charged should be addressed immediately. You must cross-check the premium breakdown to ensure transparency.

6. Add-on Covers: Check Additional/Optional Benefits

   Bike insurance add-ons enhance your coverage by paying an extra premium. If you are insuring a brand-new bike, consider zero-depreciation cover, engine protection cover, and return-to-invoice cover as essential options. Missing a crucial add-on can lead to significant out-of-pocket expenses during claims.

   Moreover, you must check and confirm all the coverages mentioned in your two-wheeler insurance policy.

7. Insured Declared Value (IDV): The Most Significant Factor

   Your bike insurance premium depends on several factors. However, one essential factor is IDV. The IDV is the current market value of your bike and determines your insurance premium and the maximum claim amount in the event of a total loss or theft.

   It is advised to check your IDV and choose the one that reflects the bike's realistic market value.

8. No Claim Bonus (NCB): Avail Reward for Riding Safe

   NCB is another vital factor that helps in deciding your two-wheeler insurance premium. If you do not raise a single claim during your policy period, you are eligible for a discount on premium during your own-damage policy renewal. This discount is known as the No Claim Bonus (NCB). Therefore, if you have not raised a single claim in your previous year, you can benefit from this. In addition, you must check your NCB in your policy documents so that future premium calculations are accurate.

9. Policy Validity: Do Not Miss the Expiry Date

   Every bike insurance policy has a validity period. Here, policy validity refers to the period during which your bike insurance policy is active. Check the policy validity mentioned in your policy. If your policy is expiring soon, renew it on time so you do not lose the accumulated NCB, and the bike does not have to undergo an inspection. However, if you have purchased your bike insurance online from Policybazaar.com, you will have access to a customer assistance team anytime, anywhere.

10. Insurance Company Details: Know Your Insurer

    Ideally, the insurance document includes the insurance provider's contact details, such as an address, email address, and mobile number. For any assistance, you can contact them to resolve your query. If you do not find such details, you can ask your insurance executive to rectify this issue.

11. Bike Insurance Policy Endorsement: Correcting Errors

    A bike insurance policy endorsement refers to changing or modifying the details of your bike insurance policy. If you find errors in your policy documents, request your insurer to endorse the policy. The endorsement is initiated only when you request the insurance company.

    However, you have to pay some admin charges that may vary from insurer to insurer. Moreover, remember to ask for a revised policy that includes the endorsement and the previously mentioned details.

    In addition, you must keep a hard copy of your policy documents on your bike. Keep your soft copy on your smartphone or in your email and access it quickly when needed.

Before Buying vs After Buying: Quick Checklist

Before Buying a Two-Wheeler Insurance Policy

• Choose the right coverage type.
• Select the appropriate IDV
• Pick necessary add-ons

After Buying a Two-Wheeler Insurance Policy

• Verify personal and vehicle details
• Check NCB and premium
• Review policy validity

Common Mistakes to Avoid in a Bike Insurance Policy

• Entering incorrect vehicle details
• Choosing a very low IDV to save on premiums
• Declaring the wrong NCB
• Skipping important add-ons
• Not reviewing policy documents after purchase

These mistakes can lead to claim rejection or financial loss.

In a nutshell

To find the two-wheeler insurance policy, you should research it well. However, it is an excellent way to financially protect your bike against unforeseen road emergencies and other risks. You must consider the points mentioned above while issuing your policy. In case you find any errors in your policy details, connect with your insurer and ask them to endorse the policy.