Owning a motorcycle can bring a lot of excitement but can also be financially challenging when unexpected accidents or damages happen. A good motorcycle insurance policy is your best friend when protecting your prized possession from unforeseen events.

This article will teach valuable tips and tricks to help you get the most out of your motorcycle insurance and ensure optimal coverage at an affordable premium. Keep reading to learn how to secure the best protection for your bike without breaking the bank.

Tips to Choose the Right Bike Insurance Plan

  • Assess your coverage needs: Evaluate whether a basic third-party liability plan would suffice or if you need a more comprehensive policy covering your damages. Choose wisely, as your premium costs will vary.
  • Compare online quotes: Use websites that compare insurance prices from different companies. This way, you can find the best coverage, benefits, and prices that fit your budget.
  • Analyse claim settlement ratio: Check the insurer’s claim settlement percentage when buying or renewing your policy. A higher ratio indicates efficient claim processing.
  • Include essential add-ons: Based on your bike’s value and usage needs, opt for relevant add-ons like zero depreciation, personal accident cover, etc., even if they cost extra. They provide enhanced financial security.
  • Bundle multiple policies: If you have existing policies with an insurer, check if bundling your bike insurance with them fetches any multi-policy or loyalty discounts to reduce premiums.

Ways to Reduce Your Bike Insurance Premium

  • Increase voluntary deductible: To decrease your premium amount, pay higher out-of-pocket costs (deductible) through your own damages claims.
  • Install anti-theft devices, such as Certified anti-theft alarms, immobilisers, etc., to make your bike safer and earn premium discounts from insurers.
  • Maintain claim-free years: Not raising claims helps you earn cumulative No Claim Bonus (NCB) discounts of up to 50% on your damage premiums.
  • Renew on time: Renew policies before the due date to enjoy uninterrupted NCB benefits. Lapsed policies lose NCB gains.
  • Membership perks: Check if joining riding clubs or associations makes you eligible for discounted group insurance rates.

Maximise Claims Process Efficiency

  • Keep policy updated: Update vehicle, address details, etc., on policy to avoid rejections due to factual mismatches later during claims.
  • Maintain proper documentation: Keep copies of policy documents, RC book, driving license, etc., readily available to expedite claims processing.
  • Intimate claim immediately: Inform the insurer promptly so the loss assessor can inspect damages before repair begins. This aids in faster approvals.
  • Select network garages: Opt for cashless repairs at authorised garages to avoid upfront payment hassles.
  • Submit KYC details online: Digital submission of identity/address proofs using the insurer’s app or website minimises paperwork delays.

Helpful Tips to Manage Add-on Covers

Zero Depreciation Cover:

  • Opt at purchase: Adding this cover for new bikes later prevents high deductions on claim amounts.
  • Factor in costs: Consider whether you can afford the depreciation expenses and the extra premiums needed to buy this add-on.

Personal Accident Cover:

  • Include a minimum of Rs. 5 lakhs: Ensure your PA cover provides financial aid of at least Rs. 5 lakhs towards treatment costs/loss of income due to disability or demise.
  • Extend to pillion: Check if your PA covers safeguards for accident costs related to pillion riders, not just the owner-driver.

Roadside Assistance:

  • Verify coverage radius: Select providers whose assistance services, such as on-site repairs, fuel delivery, etc., cover your regular riding routes.
  • Check for towing: In case of major breakdowns, the add-on should provide towing services to transport your bike to the nearest garage.

Conclusion

When picking out a bike insurance policy, finding one that gives you good coverage without breaking the bank is important. You can save money by following some tips for choosing the right plan, lowering your premiums, making claims easier, and managing any extra coverage. Keep an eye out for more advice on motorcycle insurance and staying safe on the road!