The Checklist to buying the right Bike Insurance

A quick checklist to help you decide on the best bike insurance for your two-wheeler

Choosing your dream bike was a relatively easy task. You knew exactly what you wanted. You knew which features you'd love and you had opinions of all your expert friends to rely on. Somehow, getting something that would act as a shield to your bike strangely seems like it isn't as easy a choice. Multiple options. Complex jargons. One too many terms and none of your friends seemed to be experts at it. But, lucky you... we are! After all, we love bikes and we sure as hell love protecting them too!



While we know many people look at insurance as complex and confusing, many new age insurance companies today are now contrary to that, thanks to the digital era we live in today! :) So, before you buy the right bike insurance for your two-wheeler, here's a quick checklist to go through so you know exactly what you should go. The one that'll be your two-wheelers savior in both good times and bad.

Third-Party Bike Insurance vs Comprehensive Bike Insurance
No matter which insurance provider you go for, all of them offer broadly two types of bike insurance policies to go for. While the Third-Party Bike Insurance is the least you can go for to ensure your bike is legal to ride on the roads, a Standard or Comprehensive Bike Insurance protects both third-party damages and damages against your own bike. This way, you are ensured that you'll be protected from financial losses of both kinds!

Customizing Add-Ons
While insurers broadly provide two policies, they also let you customize your plan based on you and your bike's requirement. Every insurance company offers different add-ons, so go through the add-ons available and pick a combination that works for you. For instance; you have add-ons like tyre protect which will protect your tyre during all circumstances, regardless of accidents or natural calamities. Similarly, there are other add-ons like the zero depreciation cover, road-side assistance, etc.

Your IDV!
Your IDV is the market value of your bike, including the cost of depreciation. The bike insurance premium you pay annually, and the sum insured (the amount you'll get during claims) is dependent on this. So, be wary of what your IDV is while you're buying an insurance. Sometimes, insurers incorrectly state your IDV, only to lure you into cheap premiums. But this also means, the money you get during a claim would be less. So, make sure you choose your IDV correctly or check if its stated correctly by your desired insurance provider.

Amount of Paperwork
People think Insurance is all about paperwork! And maybe it was once upon a time but that isn't the case anymore. So, do check whether your insurance requires lot of paperwork or not. For instance, nowadays there are insurance providers that come with zero paperwork and instead have all documentation processes online!

Claim Settlements?
The most important part of an insurance is claims! Therefore, you need to check what are the different claim settlement processes and speeds of different insurance companies. For example; the digital insurance company, Digit Insurance has an extremely simple claim process, where everything from making a claim to inspecting damages and settling a claim can be done online, on your smartphone! Accordingly, you should ideally choose a bike insurance that you think comes with the simplest process and settles claims quickly. :)

Network of Garages
One of the best part of a bike insurance is that they'll be there for you when your bike faces accidental damages. However, you do need to make sure whether your bike insurance comes with an ample number of garages or not. While picking the right bike insurance, check for their network of garages. Are they in convenient situations? Are they spread across India? How many are there? Etc.

Cashless vs Reimbursements
Usually, bike insurance companies offer two kind of claims, cashless claims or reimbursements. A cashless claim means you can get your bike repaired at any of the insurer's network garages without paying anything; while a reimbursement claim means you can get your bike repaired at any garage of your choice and get it reimbursed later :) Based on what suits you, check what your desired insurance company provides!