Things to Consider Before Buying Bike/Scooty Insurance in India
In India, awareness of third-party or liability-only insurance is critical for bike insurance. Third-party bike insurance, or liability Insurance, is compulsory under the Motor Vehicles Act of 1988.
Here are the top ten points to keep in mind:
Third-Party Insurance
In India, awareness of third-party or liability-only insurance is critical for bike insurance. Third-party bike insurance, or liability Insurance, is compulsory under the Motor Vehicles Act of 1988.
This insurance category covers all the legal claims that might result from an accident involving the insured bike or scooter and where the rider has caused harm or damage to a third party. It deals with third-party bodily and property risks or liabilities, which enables the bike owner to operate legally and not attract any legal wrath.
Add-On Covers
Understanding that add-on covers can improve the insurance policy. Zero depreciation cover means no deduction for depreciation on the claim amount, and the engine protection cover is for sudden, non-accidental damage to the engine.
Roadside assistance is very useful during a breakdown, and personal accident coverage finances the rider’s medical expenses in case of an accident.
Own Damage Bike Insurance
Additionally, you can opt for own-drive bike insurance or OD bike insurance since it provides broader coverage than third-party insurance. This optional cover explicitly addresses damages to the bike or scooter, including fire, explosion, theft, flood or earthquake, and terrorism such as arson or malicious damage.
Although the own damage insurance premiums are higher than the third-party insurance premiums, it pays good money when one’s bike has been damaged or stolen to ensure the owner is fully compensated.
Policyhlders can also take advantage of various supplementary options, such as zero depreciation cover, engine protection cover, roadside assistance, and personal accident cover.
Premium Rates
As with any other rates charged, several factors can affect premium rates, including engine capacity, bike model, age, geographical location, and the rider’s age. This way, the car insurance premium could be compared between various insurance companies, and figures could be arranged.
Another aspect that should be considered is the insurance firm’s claim settlement ratio assessment, as it measures how efficient it is in honouring claims, with higher rates being more effective.
Claim Settlement Ratio
It is important to compare claim settlement ratios due to their impact on recognising an insurer’s ability to process claims.
Increased claim settlement ratios can be considered since they indicate that the insurer is likely to have efficient procedures for dealing with and approving claims.
Network of Cashless Garages
The availability of cashless garages in the cluster must be considered as it guarantees quick repair. Crosscheck with the list provided by the insurer on network garages to check their reach.
These garages are accorded to all policyholders. This entails that one can repair the bike without paying before being attended to, as the insurer will deal with such payments.
Policy Inclusions and Exclusions
It is crucial in the policy to learn what is covered and what is not to avoid a shock later. Fully understanding what is included and what is excluded will assist you in making better decisions.
This way, you are informed about the conditions under which you can make a claim, and what is more, these coverage necessities are limited.
No Claim Bonus (NCB)
The No-Claim Bonus (NCB) is the discount you, as the policyholder, get for not making any claims throughout the policy.
NCB in bike insurance ensures that the riders embrace safety measures while riding and cuts down the insurance expenses in the long run. Finally, building up NCB can significantly reduce a firm’s liability in the long run.
Renewal Process
It is also important to renew your policy and avoid lapses or penalties, as this will be useful to you in the long run.
Ensure your insurer has an easy procedure for renewing the policy for continuous business interruption coverage. This will assist you in ensuring that your policies are not interrupted, saving you the problem of a policy lapse and equally averting any legal complications.
- Customer Service
The quality of customer service is yet another important factor that must be considered. Help has to be available and provided quickly to solve the questions, thus evaluating the customers’ reviews and ratings to understand the quality of the service provided by the insurer.
In their relations and especially at the time of claims, having reliable customer service is still a matter of a lot of value.
The factors to consider while selecting the right bike or scooter insurance policy are the type of insurance, add-on covers, premium, and the insurance company’s claim settlement ratio. Considering all these aspects, you can be assured that your bike is covered in every aspect and exercises are enhanced to have some level of safety and comfort.
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