Remember these 6 points while buying your motorcycle insurance
By Deepak Yohannan
Buying an insurance plan for your beloved two-wheeler is just as important as purchasing insurance for your car. Bad roads, rash drivers and bad weather conditions, among a host of other things, can lead to accidents at anytime – and accidents cost money. So, it pays to shore up your bank balance through the risk protection offered by a good two-wheeler insurance plan.
How do you choose a good insurance plan for your trusty bike? It can be tricky for a layman to sift through all the jargon and differentiate between a good plan and a so-so one. Let us begin by discussing what the law requires.
You will not need insurance if your two-wheeler is going to sit tight in the garage at home. But that is not going to happen, is it? If you plan to take your two-wheeler out at all, the law requires that you have third party coverage. This coverage kicks in when you are the at-fault motorist and have to pay for damages to someone else’s person or property. This will not cover damages to your own two-wheeler, however – those expenses will have to come out of your own pocket.
So, how do you ensure that your two-wheeler insurance plan provides adequate coverage? Consider the following aspects when shopping for an insurance plan.
Such cover will help pay for damages to your bike in case of a collision. With motor repair bills soaring through the roof, do not skip this one.
Fire, theft and vandalism coverage
What if you came back from the supermarket to see that your two-wheeler had disappeared? What if there is a fire or your bike falls prey to vandalism? A combined fire, theft and vandalism coverage will protect you against all three. You could also consider add-on coverage against natural disasters and terror attacks.
A comprehensive insurance plan gives you third party coverage, collision coverage and coverage for fire, theft and vandalism. If you wish to insure your bike fully and do not mind the higher premiums, apply for comprehensive cover.
Insurance for the pillion rider
Car insurance policies generally cover all the occupants of the car, but this does not always hold for two-wheeler insurance. If you plan to ride alone for as long as you have the bike, you could avoid this add-on (and thereby avail of cheaper premiums). However, if you will take the occasional pillion rider, make sure to get coverage.
Uninsured/underinsured motorist insurance
Third party insurance may be a legal requirement, but many motorists go without it. So, if an uninsured (or underinsured) motorist rams into your car, he/she has no insurer who will pay for the damages. Those costs may have to come out of your pocket unless you have uninsured/underinsured motorist cover.
Two-wheeler insurance plans offer several opportunities for discounts. Install an anti-theft device, maintain a good credit score, and/or become a member of the Automobile Association of India if you are keen to avail of lower rates. Long-term policyholders who have not filed claims get a discount in the form of a ‘no claims bonus’.
While you are at it, examine reviews of two-wheeler insurance plans and find out about their claim settlement procedures as well. Finally, go with the deal that promises the best rates and service and the most coverage.
(The author is the CEO of MyInsuranceClub.com, an online insurance price & features comparison portal)