A bike is one of the most affordable and convenient options for daily commuting. If you own a bike, there are a lot of things to keep in kind to keep yourself and your bike safe while using iot. One such aspect to consider is buying two-wheeler insurance in India, as without it, you cannot ride your bike legally.
However, the bike insurance space may seem confusing if you buy two-wheeler insurance for the first time. In this article, we will walk you through the things you must consider when buying online bike insurance for the first time.
Bike Insurance Policies – Types and Meaning
In India, bike insurance policy is categorised into these three types of coverage:
1. Third-Party Bike Insurance Plan
The Motor Vehicles Act of 1988 requires you to purchase a third-party bike insurance plan as a bike owner. You cannot legally ride your bike in India without this insurance, as doing so may lead to hefty fines and imprisonment. Furthermore, it safeguards you from financial and legal obligations in case a mishap is caused by your bike to a third party.
2. Standalone Own Damage Bike Insurance Plan
It is a bike insurance policy that protects you financially if your bike is damaged or stolen under any other unfortunate incident. Under this plan, you can receive financial coverage to repair your two-wheeler or other related issues. However, you will not receive third-party insurance coverage under this plan.
3. Comprehensive Bike Insurance Plan
Under the comprehensive bike insurance plan, you will receive financial coverage for your own bike damage and third-party damages. It includes the benefits of standalone and third-party bike insurance plans, protecting you from any financial and legal obligations.
What are the Things to Focus on as a First-Time Bike Insurance Buyer?
Here are a few things you must focus on while buying online bike insurance in India as a first-time buyer:
1. Research the Insurance Company
Choosing the right insurance company for your bike insurance is crucial to receiving the best insurance coverage. When researching the best bike insurance company, you will witness numerous companies providing insurance according to your requirements. However, you must research the company’s reputation and credibility properly to make an informed decision.
2. Know the Types of Insurance Coverage
Knowing the types of insurance coverage is vital to choosing the right one according to your bike insurance requirements. Although third-party bike insurance is compulsory, you can opt for a comprehensive insurance plan, incorporating third-party and standalone damage insurance plans. It enables you to receive financial protection in case of any mishaps happening to you, your bike or a third party.
3. Compare the Premium Rates
The premium refers to the amount you must pay to receive financial protection against any unfortunate events taken with or by your bike. Hence, comparing the insurance premium rates becomes crucial when you buy bike insurance for the first time. For instance, you can opt for the ACKO General Insurance for bikes, as it offers comprehensive coverage at an affordable rate.
4. Consider the Add-ons Covers
Another crucial factor to consider when buying a bike insurance plan for the first time is considering the add-on covers. As the name suggests, these covers offer extra benefits to your basic bike insurance plan. For instance, you choose from different add-on covers, such as zero depreciation cover, personal accident cover, etc., according to your bike insurance requirements.
5. Network of Garages
When you plan to buy bike insurance as a beginner, you must check the insurance company’s network of garages. It refers to the tie-ups the insurance companies have with certain garages to offer cashless claim facilities during any accident. Hence, it becomes an ideal choice for you to select an insurance company with an enormous network of garages.
Final Words
Henceforth, when you buy a bike in India, it is mandatory to opt for bike insurance. It protects you from financial and legal obligations that come along when you purchase a two-wheeler. Hence, you can follow this detailed guide to buy bike insurance as a beginner in India.