Bike insurance cost is a big factor when you are buying or renewing your existing policy. What the bike insurance plan will cover, and what does not is important to know before you make a decision. Call us for getting a customized quote.
Having a smart and an extensive data comparison process before purchasing any insurance policy is like leveraging your wallet to buy the best policy available in the market. When you need to choose a bike insurance cover, it is essential that you get detailed information from different sources, compare the details on an advanced level and then select a plan that gives you all those benefits which make your purchase worthwhile.
With the many different bike insurance providers currently available in the market, you might not know which one to choose. The basic things you should look out for are third-party liability coverage, claim process, and additional features such as baggage/warranty protection.
– Look at the coverage features
Look at the coverage features in different bike insurance plans wisely. It is just the main parts which help you in deciding about the policy, yet the add-ons and the inbuilt facilities come to play a role too. If your bike has been involved in an accident, the roadside assistance helps you reach repair outlets by trying to make up for lost time.
– Consider the Insured Declared Value too
An important coverage offered by bike insurance plans is the declared value (IDV) of the bike. A high IDV means a higher claim settlement if the bike is completely damaged or stolen. The IDV offered by an insurance policy depends on various factors like value of the bike, its age and the depreciation cost. So, insured must select a bike insurance plan that offers high IDV values to get maximum protection for their investments. Check out the IDVs included in different bike insurance plans and compare to choose one that offers adequate protection for your bike.
– The premium rate
What you pay for your premium is very important. It will determine whether you end up spending more on repairs, or simply paying a nice sum to the insurance company as claim. Always go for a policy with lower premiums if you are not interested in a very comprehensive level of cover. For instance, when you go for third-party cover, invest in a policy with low premium levels. Make sure that the information provided by your insurer is clear and precise. If not, it could cost you more in the future! Always try to compare premiums from more than one company to ensure you get a good deal.
– Discounts allowed
When you are submitting an online application for bike insurance, look for the different discounts offered by the plan. Choose a plan which promises you the highest discount rate so that your premium is reduced considerably. Some common discounts which you can claim in your bike insurance policy include a discount for no claim bonus, discount for choosing voluntary deductible, discount for modifying the vehicle for the disabled, etc.
– Ease of claim settlement
Nowadays, many insurance brokers have introduced easy and quick claim settlements through video and image uploads. These policies would be best as they would ensure quick claim settlements. Moreover, understand the claim turn-around-time (TAT) of the company and choose a policy which has the lowest TAT and the most convenient claim settlement process.
– Add-ons allowed
In case of any theft or damage to your bike, add-ons offered by the insurer help in taking care of the difference between the market value of the damaged/stolen bike and the settlement amount offered by them . Some of these add-ons are:
– Claim settlement record of the insurance company
Another important factor for an individual to consider while buying an insurance policy is to check whether the insurance company settles claims in a quick and timely manner. This can be checked by checking the claim settlement record of the company. An insurance company who settles a maximum number of claims will be a better choice as compared to a company that takes time to settle the same. The policy holder should aim to be covered under such insurance brokers.