Almost 6 two-wheeler riders die every hour in India, primarily due to poor roads, lack of awareness, failure to adhere to safety measures, etc. Besides, the riders often need hospitalisation after a severe road accident. Thus, a bike insurance policy is a viable option that individuals can purchase to ensure adequate financial assistance at such times.
Since several insurance providers offer a two-wheeler insurance policy in India, choosing the right one can become difficult. Some of the top insurance companies in India are Bajaj Allianz, Bharti AXA General Insurance, Acko General Insurance Company, and others.
However, whichever company one chooses, following are some of features that individuals need to consider.
Things to consider while selecting a bike insurance plan in India
Primarily, two types of bike insurance policies are available in India, third party and comprehensive insurance plans. Irrespective of the plan chosen, consider the following factors to reap all its benefits.
- Network garages
Every insurance company has some authorised garages where the policyholders of that company can take their insured vehicle for cashless servicing or repairing.
In case the insured bike meets any accident, individuals can avail of the garage services in the middle of the road, or they can take it to a nearby facility. However, before claiming for the sum assured, check the list of parts that are under coverage.
- Customised plan
You can select a 2 wheeler insurance policy as per the model and make of your bike. For instance, if you have a sports bike or a high-speed bike like KTM 390, you may need some special coverage fitted for this model only. On the other hand, the coverage will be different for bikes like Harley-Davidson Street 750 model.
Moreover, when selecting a customised bike insurance plan, check the fine print beforehand to make a claim when the need arises.
- Deductibles
High deductibles result in a discounted premium. It allows you to choose a high-coverage plan with a nominal premium. However, try not to choose a motorcycle insurance policy that accompanies minimal coverage. Doing so can lead to claim rejections due to insufficient coverage.
However, top insurance aggregators like Bajaj Finserv offer motor insurance plans that encompass two-wheelers and let you estimate premium including deductibles with their online insurance calculator.
- Privileged discounts
Before purchasing a two-wheeler insurance policy, individuals also need to know the discounts and offers associated with it. For instance, individuals who do not file a claim during policy term are eligible for No Claim Bonuses during the policy renewal. Such offers lower premium liabilities significantly.
Two-wheelers and cars tend to depreciate in value with each passing year. Thus, paying the same premium for a vehicle every year can actually lower the value-for-money prospect of a vehicle. NCB can prevent such a thing from happening.
- Rider or add-on insurance plans
Sometimes, a basic bike insurance cover is not sufficient, especially for high-end bikes like Harley-Davidson, Royal Enfield, etc. Thus, choose an insurance provider with add-ons or rider insurance plans like zero-depreciation cover and several others.
This is also known as bumper to bumper coverage and allows you to make a claim for even minor wear and tear of the insured bike. It also ensures that the claim for such simple issues do not get deducted from the final claim pay out.
Similarly, pillion rider cover is another add-on that proves beneficial when you ride with a passenger frequently. Such an add-on would result in financial assistance in case of injury to this pillion rider.
- Customer care support
Prompt reimbursement of sum insured is a crucial factor. Thus, one should check it before opting for an insurance policy to ensure that individuals can select a two-wheeler insurance online that facilitates faster transmission.
These are some of the factors that individuals need to consider while selecting a bike insurance policy in India. It will help them to make an informed decision and choose the most befitting insurance provider.
