How 8 Things Will Change the Way You Approach to Compare Bike Insurance?

Not having a bike insurance policy can hurt you a lot. For starters, it is illegal to ride your bike without  valid insurance. Secondly, you will end up paying hefty fines for riding without a policy. And most importantly, you will have to bear all the finances in the case of an accident. 

To avoid all these complexities, you should buy a bike insurance policy at the earliest. But to buy the best policy that your money can get, you need to compare bike insurance. Here are 8 things that will change the way you approach to compare bike insurance.

  1. Cubic capacity of the bike matters

Bike insurance policies are set for different cubic capacities. Thus, the policy premium for a 200cc bike and a 350cc bike would differ. Before you start comparing policies for your bike, make it a point to note down your bike’s cubic capacity. As per the general rule of thumb, a higher cubic capacity will fetch a higher insurance premium.

  1. A reputed insurer over a non-reputed insurer

It is essential that you buy your bike insurance policy from an insurer that is trustworthy. You would not want to get into multiple hassles and inconveniences when you claim your policy. A quick look at an insurer’s claim settlement ratio will ensure a higher possibility of your claims being settled. 

  1. Knowing your requirement

The way you use your bike might be entirely different from the way your friend uses the same and so would the insurance. Knowing your requirement is the first step to buying an efficient and effective policy. Depending on your usage and budget, you can choose from a third party liability policy or comprehensive bike insurance.

  1. Customize your plan

Insurance brokers online allow you the leverage to customize a plan as per your needs. With a host of riders or add-ons to choose from, you can curate a plan that suits your needs. If you are someone who worries about their bike’s engine, you can opt for the engine cover. Similarly, if you do not wish to pay for the depreciation, a zero depreciation rider is for you.

  1. The role of IDV

IDV is the insured declared value of a bike, i.e. the current market price of your bike. If your bike was beyond repair or stolen, the insurance company will compensate you with the IDV. As a buyer, you have the flexibility to change the IDV and thereby the policy premiums.

  1. Read online reviews

There are several places from which you can read online reviews from verified customers. These reviews will give you a better understanding of the policy and the service that an insurance provider offers.

  1. Use Deductions to advantage

You can opt for a higher voluntary deduction if you are someone who does not claim their policies a lot. This will reduce your policy premiums by a small margin.

  1. Install security devices

You can install ARAI certified security devices to improve your bike’s security. This enables you to get a small discount on your policy premium.

The activity to compare bike insurance can be a bit of fun if you take the right approach. The above should help you make it a tad more adventurous.