How To Buy Bike Insurance? A Complete Guide To Choose Best Bike Insurance Company!
Best Bike Insurance Company is mandatory if you are met with an accident or if any damage occurs in your vehicle. It not just covers your damages expenses but also ensures the safety of your bike and, of course, your safety too. But many misconceptions occur while buying new vehicle insurance or at the time of renewal.
We will clear all your queries in this section and provide you with a complete guide on how to buy bike insurance. Also, have some best suggestions from the Best Bike Insurance Company like Activa insurance and bajaj bike insurance that provide genuine policies and services.
What Is Bike Insurance?
- 1 What Is Bike Insurance?
- 2 How Many Types of Bike Insurance are Available in India?
- 3 How to buy the best bike Insurance policy?
- 4 Common Mistakes to Avoid while buying a Two-Wheeler Insurance
- 5 Best Bike Insurance Companies in India
- 6 How To Claim Bike Insurance?
- 7 Conclusion
Two-wheeler insurance is an insured policy that is mandatory to ride a bike. It falls in the General Insurance product category that helps people against accidents occurring on the road. The two-wheeler insurance safeguards the vehicle and owner if any unexpected accident occurs or serious damage happens.
How Many Types of Bike Insurance are Available in India?
There are mainly three types of bike insurance in India are available:
1] Third-Party Bike Insurance
In this Insurance policy, you insure yourself to cover the damages of the third party. It seems confusing, right? Well, let me explain. If you met with an accident and damages occurred to the next person with whom your accident happened, then you can cover their damages too. It covers injury and even death of the people. So it’s very necessary to have third-party Insurance to secure your pocket. You cannot ride a bike or any other vehicle without valid third-party Insurance.
2] Comprehensive Insurance
If any uncertainty happens on the road, it is not that only third parties suffer. So, to cover all your damages, conference insurance is responsible. And there are three situations where you can claim the Insurance:
Damage Cover: If any damages are caused to your bike in an accident, natural calamities, or riots, you can claim damage cover through comprehensive Insurance.
Bike theft Cover: Comprehensive Insurance also features a bike theft cover. Here you can claim Insurance if somehow your bike gets robbed.
Accidental Cover: This is the most important feature of comprehensive Insurance as it covers all the damages that occur in an accident. It covers your injury and even the death of the people. Apart from all these situations, comprehensive Insurance also covers third-party damages under accidental cover.
3] Pay Per Usage
Due to covid or because of some other circumstances some people don’t use their vehicle too much. So people realize that they pay the premium for the whole year and don’t use their vehicle accordingly.
So, is there any way where you can pay your premium when you are using your bike?
Well, here is the solution, Pay Per Usage. It is the newest product introduced for the people who rarely use their vehicles. But not many insurance companies offer this product. So search for the company who offers this product as it will be beneficial for you.
How to buy the best bike Insurance policy?
Riding a bike requires various documents; one of them is bike insurance. Many people get confused while purchasing Insurance. So, here are some points you have to keep in mind while buying new bike insurance.
Compare The Policies
Before any bike insurance policy, know about insurance companies and compare them with each other. Look for the best offers the company is giving. Police Bazar is the platform where you get all the information on your mobile. Go through it and choose the best insurance policy for your bike.
Premium is a specific amount that you give to the insurance company every year. It is the small amount of money that is needed by the insurance company to cover your financial liability, including your IDV. So check your vehicle’s IDV to calculate the minimum and correct premium to pay.
Prefer A Comprehensive Insurance
Try to have comprehensive insurance if you use your bike regularly. This includes a full package including third-party Insurance, as discussed above. It will cover all your damages, even the death of the third party. So, it can be a smart decision to go with comprehensive Insurance.
Claim All Offers While Purchasing A Bike
Most of the bike dealers suggest you purchase Insurance at the time of purchasing a new bike. Many exciting offers are provided by the dealers or by the insurance company. Claim for existing offers as it will be very beneficial for them at the initial time.
Keep All Your Documents Required
Before acquiring your Insurance, keep your documents properly, which is required. Fill in your information carefully, especially your name, as per your document. Otherwise, you will face the problem while claiming your Insurance.
Take A Policy Online
Prefer to buy your policy from online platforms. You will get consistent intimacy, which means you will get customer care support who will remind you to pay your premium on time. Second, these companies have tied up with various insurance companies on one platform. This will provide you with an option to compare different policies in one place and choose the right insurance policy for your bike.
Automate Your Premium
Sometimes people forget to pay their premium and lose all the benefits. To avoid this problem, you must automate your payment procedure so that you never get to pay.
What if you met with an accident and you die? And what will happen to the claim amount? There should be someone who can claim your insurance policy. So, don’t forget to mention the nominee’s name from the family at the time of feeling the form so that they can be the owner after you.
What is IDV in bike insurance?
Well, IDV or Insured Depreciated Value is the current value of your vehicle. What does it mean? Suppose you bought a car worth Rs. 2 lakh and after two years you met with an accident. Then keep in mind that you are not going to get Rs. 2 lakh; rather, you will be paid the current value of the vehicle.
So, what are the factors to calculate the vehicle?
- Brand of your bike.
- Model of your bike.
- Year of making.
- Location of registration.
The IDV is calculated based on the Ex-showroom price of your vehicle purchased that year. And the specific amount is given after calculating IDV.
So the most important thing to look after while purchasing bike insurance. Because through IDV, your premium is decided.
Common Mistakes to Avoid while buying a Two-Wheeler Insurance
Note The Transferring The Insurance When You Buy A Second-Hand Bike
Many people prefer to buy a second-hand bike to learn how to ride. At the time of purchasing the old bike, it’s very important to transfer an existing insurance policy that the previous owner has. There is a window period to transfer the policy. And between that period, you should complete your transferring process. Otherwise, you have to take new bike insurance.
It usually happens that our policy lapses and you forget to notice while traveling a long distance. Due to this, you may face many issues, such as you will not getting any claim bonus and the discount on the premium. So, to avoid these problems, check your insurance policy regularly and pay your premium before the last date.
Receive The No Claim Bonus
If you are riding a bike safely and haven’t met with an accident, you are entitled to claim a no claim bonus. No claim bonus is nothing but a discount for the next premium.
So, if you are selling your bike, you can transfer your no claim bonus. For that, you have to keep no claim to all the documents carefully. Otherwise, you will not be benefited from the scheme.
Intimate Claim On Time
Under the death circumstances, inform immediately to the insurance company. There is a window period of 24 hours to inform. Contact the Insurance before the time and complete all the required procedures. Otherwise, you will face the problem afterward.
Police Expire Date Renewable On Time
Renew your policy on time to carry on with your benefits. Here you will get an online insurance purchase. Auto debit your payment mode so that you don’t skip and there is no burden to pay.
Best Bike Insurance Companies in India
- Activa Insurance
- Bajaj Allianz Bike Insurance
- Bajaj Bike Insurance
- Best Insurance Company For Bike
- Hero Bike Insurance
- Hero Insurance
- Hyundai Insurance
- India’s first Life Insurance
- Reliance Bike Insurance
- TVS Insurance
- Vahan Insurance Status.
How To Claim Bike Insurance?
The insurance claim process is not an easy task to conduct as it requires lots of documents. So, here are some listicles of documents that will help you with an easy claim.
- Inform immediately to the Insurance Company after the accident.
- Note the registration number of your bike.
- File the FIR to the nearest police station if there is a legal angle. Take the FIR copy as it is asked by the insurance company at the time of claiming.
- Note the location and time of the accident if possible.
- If there are any witnesses, note their names and number for the verification.
- Submit all the documents that are required to claim the insurance.
Documents Required For a Bike Insurance Policy
- Copy of an FIR.
- Copy of Bike registration certificate.
- Insurance policy documents.
- License Photocopy.
- Original bills in case of claim reimbursement.
As we all need life insurance and health insurance to deal with the critical situation, in the same way, we need two-wheeler insurance for our bikes. There are so many companies like reliance bike insurance and TVS insurance that offer the best deal to protect our bikes. Without bike insurance, you cannot ride.
So, to help you out, we have provided complete information on how to buy bike insurance and how to claim bike insurance. In addition, we have given the information about the documentation required to claim the Insurance.
If you have any queries related to the two-wheeler insurance buying or claiming process, feel free to ask us in the comment section given below. We will help you with the best solution.