You must obtain two-wheeler insurance for your bike because it is not only required, but it will in the event of damage to your bike or an accident with a third party. You may believe you also cover your expenses in the event of an accident. A bike coverage can protect you financially policy is inadequate in terms of features, coverage, or any other aspect. If you want to modify your policy, do it at the time of renewal to avoid losing benefits and to acquire a coverage right away. Before deciding and purchasing a bike insurance policy online, research insurance companies and their offers.
Do not be in a hurry when changing policies or switching to a new insurer. Before making the transfer, there are a few things you should ponder about:
- Go for maximum coverage
If you’re switching policies, don’t pick the one with the lowest premium. In general, insurance with low premiums offers limited coverage, and you would be out of luck even if you paid the premium. You will only learn this during claim settlement when you receive a small portion of the claim as compensation from the insurer. You would be responsible for the majority of the repair or replacement costs. So, carefully analyze the coverage and exclusions and select a policy that will give appropriate coverage even if you have to pay a slightly higher premium.
- Status of the insurance company
If you intend to transfer to a new insurer during your two-wheeler policy renewal, do some preliminary research before deciding on a new insurer. You can research the popularity of your desired insurer online and read customer reviews. You may also seek the advice of friends and acquaintances who have a connection to the insurance firm in some way.
- Claim settlement
Choose an insurer with a history of high claim settlement ratios, who completes the settlement procedure quickly, and pays the total coverage amount as per the policy agreement. Pay great attention to the IDV as well. It should be as close to the market price of the bike as possible so that you are not out of pocket if your bike is stolen or damaged beyond repair.
- Online facility
If you are switching to a new insurer, be sure that they have an online presence and offer insurance goods and services via digital platforms. Online transactions are simple, cost-effective, and quick because there is no need to submit hard copies of documents or visit the insurer’s branch office. It also does not require the use of a broker or an intermediary, nor does it require the payment of a premium in cash or by check. Check to see if the insurer offers online access to check bike insurance policy status, purchase, renewal, and claim to report processes.
- After-sales services
An insurer’s after-sales service includes, among other things, helpline or call-centre assistance, resolution of complaints or issues, and freebies such as annual bike cleaning. The insurance should be ready to assist you in the event of an emergency at odd hours of the day or give towing services if needed.
- Buying a new two-wheeler
If you want to purchase a new bike and already have third-party insurance, you can transfer it to the new one. You can also upgrade to comprehensive insurance with your current insurer or move to a new one entirely. In this situation, the insurer will evaluate the new bike’s condition and market value and set the premium appropriately. Obtain an NCB (No Claim Bonus) certificate from your former insurer so that you can take advantage of NCB reductions on your new bike.
If you discover a better alternative, you may adjust your bike policy as you see fit. However, keep the key things in mind so that you are not caught off guard during the claim settlement process. Finally, alter it online because it is simple and convenient.