Why Pay More for Bike Insurance? Get the Best Coverage at the Best Price!

“Cheapest bike insurance policy” - If this search query sounds familiar to you, then keep on reading!!!

With over 1.5 crore two-wheelers on Indian roads, riding a bike in India is not for the weak. Owning a bike not only comes with a sense of freedom and excitement but also a maze of responsibilities, with bike insurance being one of the most critical. With so many options available, riders often make the mistake of going for a cheap bike insurance policy.

But is saving a few bucks upfront worth the risk when life throws you a curveball? Will a cheap or an affordable bike insurance policy provide you adequate coverage? Let us find the answer below and get an idea how to choose the policy that gives you the best coverage without burning a hole in your pocket!

Think Before you Settle for the Cheapest Bike Insurance Policy

As per the IRDAI Annual Report of 2022-2023, the motor segment collected an annual premium of more than ₹80,000 crores. However, the share of the total premium collected by the same has slightly decreased to 31.64 percent from 31.91 percent of previous year. The decline clearly shows how people are prioritizing cheap and affordable policies without considering their coverage.

This stat will leave you wondering how to get the right insurance coverage? The answer is simple. The right bike insurance policy will not only help you during an accident but also help anyone else affected because of your two wheeler.

What if your bike injures someone else? What if your bike is damaged? What if you are badly injured in an accident?

The answers to all the questions will come up with the right bike insurance coverage and some necessary add-ons.

Why Invest in Better Coverage?

Imagine this: you are riding home late from the office on your bike, and a sudden downpour makes the roads treacherous. You skid, your bike's damaged, and unfortunately you accidentally cause damage to someone else's property? These 'what ifs' are those questions that you need to think about before making your premium payment.

Here is where investing in an adequate 2-wheeler insurance policy pays off:

1. Enhanced Coverage Options

Insurance companies provide 3 types of bike insurance policies. Out of these, even though third party bike insurance is the cheapest option, it covers only third party damages and liabilities. By investing slightly higher, you can easily club it either with a standalone own damage policy or instead just buy a comprehensive bike insurance.

In case of a comprehensive or OD policy, you can also include add-ons such as zero depreciation, roadside assistance (RSA), engine protection cover, to further reduce your expenses if something goes wrong. Add-ons such as RSA will help you not only in case of accidents but also provide you with on-demand help even in case of emergencies or breakdowns.

Imagine this: You are on a weekend getaway, cruising on a remote highway, and suddenly your bike makes a sputtering sound and dies in the middle of the journey. Unfortunately, you are miles away from your destination. But if you have 24x7-roadside assistance cover, a simple call will come for your help. The insurer will arrange a towing to any nearby garage or else deliver emergency fuel if you have run dry, or even provide on-site minor repairs.

2. Increased Financial Protection

Imagine your bike is totally damaged or stolen or severely damaged in an accident. If this thought gives you chills, the right insurance will give you mental peace and financial protection. By investing a bit more and choosing comprehensive bike insurance, you can easily recover the current market value (IDV) of your bike in case it is stolen or totally damaged.

Understanding the Insured Declared Value (IDV) is one of the crucial components in your bike insurance policy. It's the current market value of your bike, and it determines how much you'll receive if it's totaled or stolen. Don't let depreciation leave you empty-handed.

3. Peace of Mind

If you are an overthinker, constantly worried and anxious about the repercussions of what will happen in case you are stranded while riding your bike late at night due to a flat tyre, if your bike is stolen since it is a premium model, or if you live in a flood prone area which could affect your engine, the right insurance will protect your bike against all these costs. Choosing the best insurance with a good coverage at an affordable price, will not only give you financial protection but also provide you with the required peace of mind while you ride your bike.

4. Deciding Correct Customizations

Paying more is not a rash or impulsive decision. Paying slightly more can help you choose the exact policy that will give you the maximum coverage and safety. By paying the best price, you can customize your policy as per your requirements, and choose the best add-ons available. For example, if you do not need a cover for accessories, you can skip insuring them. This flexibility while choosing a bike insurance policy ensures that you are not overpaying for the features you do not need.

Finding the Right Balance

Now that you have learned the importance of not choosing just a cheap policy, many of you will be wondering how to get the best price and make your policy affordable. Let us learn how to balance paying slightly more with the best price using the tips below:

● Compare and Research: Do not settle for the first policy you see. You can compare different bike insurance policies on aggregator websites to make an informed choice and choose the best bike insurance policy out of all the available options at the best price. Before buying a bike insurance, you must always compare and understand what each policy covers, its inclusions and exclusions, and other terms and conditions to see if it fits your budget or not. Always look for discounts and promotions that can help you reduce the cost and get the best coverage for your money.

● Choose the Right Add-Ons: To get the best coverage and the best price, you must make sure to only add features that are relevant to you. For instance, if you live in a flood prone area, you must consider adding engine protection add-on cover for the same. If you are a frequent rider and travel a lot, being stranded miles away from the nearest garage could be a stressful situation. Having roadside assistance cover will make all the difference and help you in such dire needs. Thus, you can choose the right add-ons as per your riding habits to get the best coverage at the best price.

● Drive Responsibly: Having a clean driving record will help to lower your premiums. It is a win-win situation! You not only drive safely, but also have a reduced premium. If you maintain a clean driving record and make no claims in a policy year, you become eligible for a No Claim Bonus (NCB). By maintaining a good driving record, you can earn up to 50% discounts on your premium. This will help you reduce your premium cost and still get maximum coverage while purchasing a bike insurance.

Make an Informed Decision!!

Investing a bit more in your bike insurance might sure seem daunting, but in the end it can provide you with significant benefits in the long run. Conclusively, you can choose the best coverage at the best price, you can enjoy a peace of mind while riding your bike since you are well protected financially and that too not at a very high cost.

Online websites have revolutionised the way we buy and look for bike insurances online. Purchasing it online not only reduces the operational costs, it also helps you compare and choose the best policy out of several options. It helps you make a balanced and a well informed decision, thus providing you with the best coverage at the best price. Even though buying comprehensive bike insurance can be more expensive than a third party, but it offers an extended coverage thus justifying the costs. Hence, you must always compare and choose the right policy for your bike.

Since you have made it this far and read about the world of bike insurance, this is your chance to make the right decision! Whether you are a seasoned biker or just started, remember- the right insurance can make all the difference!