Do’s And Don't Follow When You Buy Bike Insurance

Zip, zap, zoom! It is that sense of freedom, enthrallment and thrill that a bike ride brings along! So, against all the fun your two-wheeler ensures, the least we could do for it is to protect and insure it.

Now that immediately brings along an array of questions to our minds. Which company to choose? What factors should be consider when we compare bike insurance policies?

Let us study a comprehensive list of Dos and Don’ts to be consider when buying bike insurance.

The Do's

• Thorough Research The first and most important step that will help you choose the most feasible option is proper research. This especially stands true while buying insurance online as it involves no human interface and you will be required to analyse things on your own.
  
  We all know the Internet is a storehouse of information, so ensure you make the most of that! Explore bike insurance types of different companies like Bajaj Allianz Bike Insurance that have a quick and easy online purchase process, motorcycle insurance rates, policies etc. In a nutshell, do your homework well.
• Compare Bike Insurance Benefits One of the most significant advantages of this technological era is getting instant information! So, ensure you make the most of this facility as there are many credible platforms online that will not only provide an immediate bike insurance premium comparison of different providers like Bajaj Allianz bike insurance, ICICI motorcycle insurance, Reliance bike insurance etc but will also give you a lowdown on different kinds of plans available out there. And all this on a single page! So make the most of this.
• Dig Deeper Into The Discounts With the ever growing competition, every company tries to outdo each other in this department.
  
  So, once you’ve shortlisted your options, check on discounts like no claim bonus on bike insurance renewal, voluntary deductions and the likes. This can prove to be beneficial for your overall motorcycle insurance rate.
• Type Of Coverage There are two main categories to be considered when you compare bike insurance plans. You may choose the one that best suits your requirements.
  
  Third Party Plan - this will only cover your third party legal liabilities. There is no coverage for your motorcycle or you. The premium rates are lower as it is a very basic plan.
  
  Comprehensive Plan - As the name suggests, this type of a plan covers not only third-party legal liabilities but also provides coverage for loss/damage to your vehicle as well as accident coverage for you. Policies like Bajaj Allianz Bike Insurance also provide coverage for natural calamities.
• Add-Ons The current customer-driven market ensures most companies out there will have add-ons to their plans to lure potential clients.
  
  These could come in the form of accessories coverage, roadside support, a return of invoice value, depreciation waiver, repairs, pillion rider cover in case you mostly ride with a co-passenger etc. Depending on your personal needs, you may choose to avail any of these.
• Consider The Insured Declared Value (IDV) Simply put, IDV is nothing but the current market valuation of your motorcycle. This is one of the vital factor, you need to be aware to facilitate correct declaration and coverage for your bike while making a claim.
• Claim Settlement Ratio One of the factors that can help you a great deal when you compare bike insurance is their claim settlement ratio, which is the total number of claims successfully settled by the company in a given period of time. It is usually wise to invest in renowned policies like Bajaj Allianz bike insurance, as they are known to have a good claim settlement ratio.

The Don’ts

• Opting For Cheaper Covers The most common mistake we tend to make in bike insurance premium comparison. This may well prove to be more expensive in the long run. The monetary respite your insurance can provide during an emergency cannot be underestimated.
• Procrastinate In Filing Your Claim Again, this point cannot be stressed enough. Depending on the window provided by your insurer, even a day’s delay in filing for your claim can potentially beat the whole purpose of taking insurance for your vehicle as your claim will be disqualified.
• Forget to Renew Your Policy It is very crucial to keep track of your bike insurance expiration date to ensure on-time bike insurance renewal to avoid any kind of lapses and also make sure your bike is always protected.
• Forget to Mention A Nominee Very often, while purchasing insurance, the buyer may forget to mention the nominee’s name! It is imperative to understand that, in the event of an unfortunate incident, your family member is only entitled to any claims if you have mentioned their name as a nominee.
• Miss Out On The No Claim Bonus Almost every insurer will reward you for a year of safe driving and no claims made in the form of a No Claim bonus on your bike insurance renewal, which will reduce your bike insurance rate in the following year.