To ride a two-wheeler on Indian roads, besides riding experience, two things are mandatory—a valid two-wheeler driving licence and third-party bike insurance. Despite being made mandatory by Indian laws, many people continue to ride their vehicles without insurance cover. According to the Insurance Information Bureau of India’s annual report, as of March 2019, more than 55% of all vehicles in India were uninsured, of which about 66% were two-wheelers. This is so because most people overlook the fact that a good insurance cover is an investment towards one’s own protection in the face of a crisis.
While the need for buying insurance is a topic in itself, let’s look at things to do before going ahead and getting one. You may buy bike insurance online or in person, but these tips will come handy in making the process of choosing and buying the right insurance to suit your needs as smooth as possible.
1: Know your insurer
The first step is to identify a recognised and established insurance company that offers both comprehensive and third-party policies. You must check their background, the record of claim settlements in the past and what their existing and past customers have to say about their service.
2: Look for the best IDV for your bike
The Insured Declared Value, or IDV, is the maximum amount that an insurance company would disburse in case your two-wheeler is stolen or damaged beyond repair. This value varies from insurer to insurer. So, find out who sets the highest IDV for your bike and consider them if other terms of the policy are more or less similar to that of other insurers. Be wary of an offer that promises a lower premium in exchange for a deflated IDV as it will bring down the value of your bike significantly.
3: Keep all your details handy
While opting for a policy, you will have to provide the insurance company with many details of your bike such as its engine capacity, make and model, year of manufacture, whether it is pre-owned or new and ex-showroom price. Once you buy a policy, you will have to submit a copy of it at your city’s RTO for registration. Only after that, your insurance plan will be valid. You will be issued a registration number using which you can renew bike insurance every year.
4: Read the fine print carefully
India records a high number of insurance frauds every year. So it is very important to be double assured of the insurer and to know and understand the policy details so that it leaves no room for doubt. Ensure there is no ambiguity. Seek all the details from your insurance provider and remove all doubts before signing on the dotted line.
Do not be overwhelmed by the options available in the market. These tips will help you shortlist the best options to meet your needs and to make sure you have a safe and stress-free riding experience.