11 Things You Should Know About Bike Insurance

The excitement of buying a new bike cannot be understated. But buying a bike also comes with a responsibility. As per the rules, it is imperative for you to buy a bike insurance policy and now you can easily estimate your bike insurance premium with an online bike insurance calculator.

Things to know About Bike Insurance
There are a lot of things that you need to know at the time of buying bike insurance. Here are the details.
1.    Ability to Customise Your Two-wheeler Insurance
One of the things that may delight you is that you can create a custom-made bike insurance plan. Your premium will depend on the bike model, engine, manufacturing year, etc. But at the same time, it is possible for you to get a custom bike insurance plan to match your specific unique requirements. You can choose the add-ons, drop a few additional coverages, etc., to suit your needs.
2.    Cashless Facility
The people who always know that you will have to pay for damages at the bike service centre, then furnish the documents to get the claim or reimbursement, need to know that, like health insurance, even bike insurance offers a cashless claim facility. The two-wheeler insurance policy has a tie-up with some garages. If your bike gets damaged, you can get the same repaired at designated garages without needing to pay anything.
3.    Type of Coverages
Different insurance providers provide a range of coverage as per the add-on benefits and the worth of the two-wheeler. They consider third-party liabilities, damage due to the accident, etc. you need to take a policy that secures your most damage to seek financial as well as legal protection. Usually, the two-wheeler insurance plan offers coverage against natural and man-made disasters. There are policies that offer Third-party legal liability and personal accident cover too.
4.    Roadside Assistance
If you do not mind spending some extra bucks to get a worthwhile service in return, then take the add-on cover called roadside assistance with your bike insurance. It offers free towing and on-spot repair of the bike. If you need fuel refilling, then the policy offers on-call assistance too.
5.    Legal Protection
The policy can save you if you are in legal action due to an accident with a third party. The same is covered under the bike insurance cover - Third-party bike Liability policy.
6.    You Can Buy Bike Insurance Online
The people who buy a new bike often buy bike insurance from the dealer at the time of purchasing the vehicle. This may make them feel that buying insurance from the dealer is the only option. But you need to know that buying bike insurance from the dealer is not mandatory. You can buy a more appropriate policy with maximum coverage with a competitive premium online.
7.    Insured Declared Value or IDV
One of the important terms to know about bike insurance is IDV. It is the value of the two-wheeler, which is based on the current market value. You need to declare the IDV at the time of buying the insurance policy. One of the prime determinants of the premium amount is also the amount that you can claim in the cases of total loss or theft of the bike.
8.    You can Lower Your Bike Insurance Premium
To lower the amount of your bike insurance premium, you can use methods such as voluntary deductible, declare the right IDV, drive safely, avoid accidents, do not raise claims for minor damages, maintain a No Claim Bonus, and renew the bike insurance plan timely to prevent penalty and policy lapse.
9.    No Claim Bonus or NCB
If you do not claim for the entire year for any loss, then you can avail of NCB. NCB offers loads of discounts on your bike insurance policy. You can also get the service as add-on coverage. So, ensure to maintain NCB and get various benefits and coverage.
10.    Higher Bike Insurance Premium for a Lapsed Policy
Ensure to renew your bike insurance on time, as it will incur a financial liability. Due to the lapsed policy, your premium will increase. Most companies discontinue NCB and may increase the premium amount if you do not pay the insurance plan within 90 days after the expiry.
11.    Depreciation Lowers the Claim Amount
When the market value of your bike is reduced due to ageing, damage, etc., then it affects the claim amount. To prevent this, you can go for the Zero Depreciation add-on cover.

Conclusion
Bike insurance covers your bike from damage, losses, and theft. The bike insurance plans are valid for one year, post which it expires. It is essential for you to renew the bike insurance. At that time, you get an opportunity to reconsider the insurance details and modify the plan with additional coverage. Additionaly you can use the bike insurance calculator tool available on the Bajaj Markets website to get an accurate estimate of your insurance cost.