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When buying a bike or two-wheeler, there is a series of factors that you consider, such as design, mileage, price, etc., to choose the right bike. But buying the right insurance policy for your bike is as important as buying the right two-wheeler.<br>
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How to Choose the Best Bike Insurance Policy? How to Choose the Best Bike Insurance Policy? When purchasing a two-wheeler or bike, there is a series of factors that you consider, such as design, mileage, price, etc., to choose the right bike. But buying the right insurance for your bike is as important as buying the right two-wheeler. Riding two-wheelers can be fun and may make it easier for you to breeze through the traffic, but you can’t ignore the fact that two-wheelers are also prone to higher risks of accidents. Thus, it makes it more vital to buy insurance as it secures you against the accidental damages. Moreover, as per the Motor Vehicles Act 1988, motor insurance is imperative for you. If you ride a bike without insurance, then it would be termed as an offence for which you shall get the punishment by law. However, the law is obligatory only for third party insurance. And some people might prefer buying this insurance to save on premium. But is it the right choice? It is better to take your time and evaluate all factors to choose the best insurance policy for your bike instead of repenting later on your wrong choice. So, here is how you can choose the best bike insurance policy. Your Coverage Need Your Coverage Need There are two main types of bike insurance depending upon coverage, and they are- third-party cover and comprehensive cover. Before you make your choice, it is essential to first asses your coverage requirement. Consider your expenses, use of two-wheeler, and other liabilities to make the right choice. Though the opportunity to save on premium may drive you to choose third-party insurance, comprehensive insurance is more preferable for its capability to provide all-inclusive cover. You can also compare the bike insurance plan online to make an informed decision.
Don Don’ You should be well-aware of your bike’s cubic capacity because it determines the insurance premium that you will pay. Higher the cubic capacity, the higher will be your premium. Along with cubic capacity, understand the IDV (Insurance Declared Value) of your two-wheeler. IDV is the current market value of a vehicle or the maximum sum insured fixed at the time of buying a policy. It is the amount that will be paid in case of any theft or loss of two-wheeler. It determines the premium of two-wheeler insurance. Choose The Right Insurer Choose The Right Insurer Be careful while choosing the insurer. Make sure your insurer is reliable and well-reputed. Once you know the kind of coverage you need, you can start searching for an insurance provider who offers the coverage at a lower cost. Do thorough research to know which insurance provider offers what kind of coverage and choose the one that you need. One thing to keep in your mind is that two-wheeler third-party insurance rates are fixed by the Insurance Regulatory and Development Authority of India (IRDAI). However, the premium charged varies for comprehensive insurance policies. You can compare various options and also consider online reviews to find the best insurer. ’t Forget The C t Forget The Cubic Capacity And IDV ubic Capacity And IDV
