Riding a two-wheeler comes with its own set of joys and risks. While it offers convenience for daily commutes and freedom of the open road, accidents can happen anytime, leading to injuries and damage. A good bike insurance policy can provide financial protection in such situations by covering treatment costs and repair or replacement expenses for your bike.  Read on to learn more about how to select a suitable bike insurance.

Comparing Coverage and Benefits 

The first and most important thing is to analyse the coverage offered and benefits provided by different policies per your specific needs.

1.  Analyse Your Requirements

Consider how you use your bike, what risks it is exposed to based on where you ride and park it, past claim history, if any, etc. This will help determine optimal coverage for your situation.

2. Assess Policy Inclusions 

Review details of what is covered in different policies – both own damage and third party. Check for any significant exclusions. See if any additional covers are offered over and above the standard ones.

3. Evaluate Add-Ons

Add-ons enhance an existing policy for an additional premium. See what add-ons like zero depreciation, personal accident cover for pillion riders, etc., are offered and assess their utility for you.

4. Check Claim Settlement Ratio

This ratio indicates the ability of the insurer to honour claims. A higher ratio denotes a better settlement record.

5. Comparing Costs 

Once you zero in on policies offering suitable coverage as per needs, the next step is to compare costs.

6. Account For Premiums

Check third-party and own damage premiums quoted by insurers for the same IDV, policy tenure, etc. Opt for the most reasonable premium rate.

7. Evaluating Insurer Reputation and Service

An established history and good service standards also hold significance when choosing between insurers.

8. Review Customer Feedback

Check customer reviews and ratings online to gauge customer satisfaction levels and the service quality of the insurer.

Making the Right Choice

Here are some final tips to choose the best bike insurance policy for your needs:

  • Do thorough research: Invest time in checking features and prices across providers. Compare coverage, premiums, discounts, claim processes, etc., to find the optimal policy that suits your specific requirements.
  • Prioritise coverage: Don’t compromise on necessary coverage to save a small premium. Opt for adequate sums insured under own damage and third-party liability to ensure complete financial protection.
  • Be realistic about IDV: Declare the right current insured value of your bike to avoid inflated premiums or claim disputes later. Understating IDV to reduce premiums can lead to insufficient coverage.
  • Consider add-ons wisely: Carefully evaluate the utility of optional add-on covers versus the extra premium payable. Choose only those add-ons that provide value.
  • Check the fine print: Read the policy document thoroughly before buying to ensure there are no hidden terms or surprising exclusions. This avoids nasty surprises at the time of claim.

Conclusion

Finding the right bike insurance policy need not be complicated if you understand what to look for.  Invest effort upfront to find a policy that provides adequate financial protection on the road.

After all, with the freedom and convenience your bike provides comes responsibility. So take the choice seriously. Modern digital insurers like ACKO allow you to compare, customise, and buy bike policies online in a few minutes while ensuring comprehensive coverage and superfast claim settlement. Check out bike insurance options on the ACKO website or app and choose the right plan to ride safely!