Tips to Buy Your First Bike Insurance Policy

ATK
New Delhi [India], April 1: The insurance space can be confusing if you are a first-time insurance buyer. When buying online insurance policy for your car or bike for the first time, you need to keep a number of things in mind. To make your task easier, we have jotted down some of the tips that will help you in buying the right bike insurance plan even if it is for the first time.
Tips for Buying Bike Insurance Policy for Beginners
If you are beginner in buying bike insurance, then here are some of the tips that you need to keep in mind:
* Understand the Basics of Bike Insurance: First and foremost, you need to be clear about the basics of bike insurance. There are different terms used which might confuse you when you go to buy a bike insurance policy such as No Claim Bonus, Zero Depreciation, Grace Period, and a lot more. So, be clear about these terms and then choose a plan.
* Know About the Bike Insurance Types: There are three different types of bike insurance plans, Third-party, Comprehensive, and Own-damage Bike Insurance. Before you set out to buy bike insurance, you should thus be aware of these different types. An understanding of these types will help you in buying the right plan to keep your bike protected against unprecedented events.
* Compare Premium Rates: Premium in bike insurance refers to the amount you need to pay in order to get financial protection against accidents. So, comparing the premium rates becomes crucial whether you are buying this policy for the first time or simply planning for bike insurance renewal online. You should choose a policy that offers greater coverage at affordable premiums.
* Network Garages: Another important tip that will help you to buy the right bike insurance plan is the availability of network garages. Network garages refer to those that has tie-ups with insurance companies and provide cashless claim facility. It is ideal to choose an insurer that is tied-up with a vast number of network garages.
* IDV: The Insured Declared Value or IDV refers to the market value of the bike and is the maximum amount against which your insurance company will provide you financial assistance. Thus, before buying a bike insurance policy, it is crucial that you check the IDV and choose an insurer that provides a higher IDV.
* Add-ons: Like everything else, it is also important to check the availability of add-ons in your bike insurance plan. Add-ons like zero depreciation cover, no claim bonus protector, engine protection cover, etc offers enhanced protection for your bike. However, just remember that you need to pay additional premiums to include add-ons in your policy.
* Inclusions and Exclusions: You should carefully read the policy documents to understand the inclusions and exclusions of your bike insurance policy. Doing so will give you a clear understanding about what is covered and not covered and raising claims accordingly.
* Claim Settlement Ratio of the Insurer: The claim settlement ratio refers to the insurance company's efficiency in settling claims. It is always advisable to choose an insurer that has a higher claim settlement ratio because that will make sure that whenever you raise a bike insurance claim, it will be settled on time.
How to Buy Bike Insurance with Acko?
It is very simple to buy bike insurance policy with Acko. Wondering how? Here are the steps you need to follow:
- Click on the 'bike insurance' option available on Acko mobile app or website
- Enter your bike number and click on 'check price'
- Next, you will see a list of bike insurance plans available
- Proceed with buying a choosen plan and include add-ons if required
- Complete the payment, post which you will receive the policy details
Summing Up
It is thus important that you buy bike insurance to stick to motor laws as well as provide your bike the necessary financial cushion against accidents. You should also keep all the above-mentioned points in mind while buying bike insurance policy for the first time.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by ATK. ANI will not be responsible in any way for the content of the same)