When it comes to buying insurance for your bike in India, there are a few things you should keep in mind to get the best possible coverage. In this article, we will discuss the various types of Online Best bike insurance policy in India, and which ones are the best suited for your needs.
Types of Bike Insurance in India online:
There are two main types of bike insurance in India – Third-Party Insurance and Comprehensive Insurance.
Third-Party Insurance:
Third-party insurance is the minimum requirement for all bike owners in India. This type of insurance covers damages and injuries caused to third-party individuals or property due to an accident involving your bike. It is important to note that third-party insurance does not cover damages to your own bike.
Comprehensive Insurance:
Comprehensive insurance is a more extensive type of insurance that covers both third-party liabilities as well as damages to your own bike. This type of insurance also covers theft, natural disasters, and other types of damage that may occur to your bike.
Which Insurance Should You Choose?
While third-party insurance is the minimum requirement, it is advisable to opt for comprehensive insurance as it provides greater coverage. Additionally, if you have a new or expensive bike, comprehensive insurance is highly recommended to protect your investment.
Factors to Consider When Choosing Insurance:
Insured Declared Value (IDV):
The Insured Declared Value is the maximum amount that an insurance company will pay out in case of theft or total loss of your bike. It is important to choose an insurance policy that offers an IDV that is close to the current market value of your bike.
Premium:
The premium is the amount you pay to the insurance company for coverage. It is important to choose an insurance policy that offers a reasonable premium that you can afford.
Add-Ons:
Some insurance policies offer add-ons such as zero depreciation, engine protection, and roadside assistance. It is important to consider these add-ons and choose a policy that offers the ones that are important to you.
Claim Settlement Ratio:
The Claim Settlement Ratio is the percentage of claims that an insurance company settles. It is important to choose an insurance company with a high claim settlement ratio to ensure that your claim is settled quickly and efficiently in case of an accident.
Insured Declared Value (IDV)
As mentioned earlier, the Insured Declared Value (IDV) is the maximum amount that an insurance company will pay out in case of theft or total loss of your bike. The IDV is calculated based on the current market value of your bike and is usually provided in the insurance policy documents. It is important to choose an insurance policy that offers an IDV that is close to the current market value of your bike. This is because if the IDV is lower than the current market value of your bike, you will receive a lower payout in case of a total loss or theft.
Premium
The premium is the amount you pay to the insurance company for coverage. The premium for bike insurance in India depends on various factors such as the make and model of the bike, the age of the bike, the place of registration, and the type of coverage you choose. It is important to choose an insurance policy that offers a reasonable premium that you can afford. You can compare premiums offered by different insurance companies before choosing an insurance policy.
Add-Ons
Some insurance policies offer add-ons such as zero depreciation, engine protection, and roadside assistance. Zero depreciation is an add-on that covers the depreciation cost of bike parts during an accident. Engine protection is an add-on that covers damage to the engine and its parts. Roadside assistance is an add-on that provides assistance in case of a breakdown or accident. It is important to consider these add-ons and choose a policy that offers the ones that are important to you. However, keep in mind that the more add-ons you choose, the higher your premium will be.
Claim Settlement Ratio
The Claim Settlement Ratio is the percentage of claims that an insurance company settles. It is important to choose an insurance company with a high claim settlement ratio to ensure that your claim is settled quickly and efficiently in case of an accident. The claim settlement ratio is usually provided by the Insurance Regulatory and Development Authority of India (IRDAI) and can be found on their website.
Conclusion:
In conclusion, choosing the right insurance policy for your bike in India is important to ensure that you are adequately covered in case of an accident or theft. It is important to consider factors such as the Insured Declared Value, premium, add-ons, and Claim Settlement Ratio before choosing an insurance policy. You can compare policies offered by different insurance companies to find the one that best suits your needs.
