Navigating the maze of options available for a bike insurance policy can be as daunting as driving through rush-hour traffic. It is essential to know what to look for in bike insurance, whether buying your first bike or renewing your current policy. When buying bike insurance online, here are seven essential things you should consider to ensure you are safe on every ride.
1. Coverage Type: Third-party liability and comprehensive coverage are the two primary categories of bike insurance. Legally required, third-party liability insurance pays for harm your bike causes to another person or their property. On the other hand, comprehensive insurance pays for losses to your bike brought on by theft, natural disasters, or accidents, as well as third-party obligations. Your riding frequency, bike type, and risk tolerance should all be considered when choosing between the two.
2. Insurance Premium: The cost of your bike insurance premium is influenced by factors like the bike’s age, make and model, engine capacity, and riding history. Comparing different vehicle insurance plans online can help you find a premium that fits your budget without compromising coverage.
3. Policy Inclusions and Exclusions: Before finalising any auto insurance policy, it is vital to understand what is included and what is not. While most policies cover accidents and theft, others might offer add-ons like zero depreciation, roadside assistance, or coverage for personal belongings. Carefully check for specific exclusions to avoid surprises at the time of a claim.
4. Insurer’s Claim Settlement Ratio: The ratio of claims settled by insurance indicates its effectiveness and dependability. A higher percentage suggests a better chance that your dispute will be resolved amicably. Usually, the insurer’s official website or independent review sites have this information.
5. No Claim Bonus (NCB): If you have had a year or more without filing a claim, insurers reward you with a No Claim Bonus, a discount on your renewal premium. The NCB can accumulate over the years, significantly reducing your premium costs, so consider an insurer that offers substantial NCB benefits.
6. Customer Service and Reviews: It is always important to prioritise the quality of client service. When you need help with your policy or need to file a claim, you need the support of your insurer. Look at internet reviews and client endorsements to determine the level of service the insurer provides.
7. Online Accessibility: In today’s digital age, having easy online access to manage your policy can save you much time and effort. Online platforms can streamline the process from purchasing the policy to filing a claim or renewing your insurance. Ensure the insurer offers a robust online portal or a user-friendly app.
When considering a new bike insurance policy, thorough research and comparing different plans and providers is essential. Selecting the correct auto insurance goes beyond legal requirements to provide a safety net that fits your needs and budget. Good insurance coverage can protect against unexpected expenses from accidents, theft, and other obligations, saving money. Comprehensive coverage gives you peace of mind, letting you enjoy riding without worrying about dangers and their consequences.