|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
Unlike the western countries where two-wheelers are used for sports and “style statement”, most Indians use two-wheelers as a means for day-to-day commuting. But they often ignore buying motorbike insurance policy for their two-wheelers as they believe their vehicle is not as expensive as a four-wheeler. But this doesn't mean that you need to ignore insurance for it. Motor insurance guarantees that your two-wheeler remains equally safe and protected. An increasing number of road accidents in current scenario make it even more imperative to get two-wheeler insurance at the earliest.
Types of Motor Bike Insurance Policy
Typically there are three types of motorbike insurance policies available in India:
1. The third party only motorbikes insurance: It is the basic type of cover and the minimum required by the law. This will only cover the liability for damage or injury to a third party and damage to property in an event of an accident caused by your two wheeler vehicle. This does not cover you for damage to your own bike and you will not be insured against it being stolen and so you must buy another insurance too to safeguard your expensive bike especially in the case of theft.
2. Third party fire and theft: It is the next level of cover that protects you from claims made against you in the case of an accident. It also offers cover if your motorbike is damaged under fire or being stolen. Any damage caused to your bike during the theft or attempted theft is also covered under this policy. However, third party fire and theft doesn't include cover for damage to your motorbike, or for personal injury.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
3. Comprehensive Cover: A comprehensive cover allows you to claim for any damage to your motorbike (except for anything that comes under your policy exclusions), and can also offer insurance for accidental damage to your motorbike, medical expenses, etc., You may also be entitled to a temporary replacement motorbike if it needs to be fixed after an accident, but double check your policy documents to see if this benefit is included.
Motor Bike Insurance Exclusions
Just like other policies, motorbike insurance policies have exclusions too which streamline what type of activities your insurance will not give cover for. These exclusions vary from one company to another, but a common example is that you will not be covered by your insurance if you race your motorbike. If you are caught battling in race competition without the proper insurance cover, you'll be fined and your insurance premium will increase substantially. Before purchasing an insurance policy, you should always verify the terms and conditions for any exclusion that is to be applied to the policy.
Factors affecting insurance premiums
As a rule of thumb, with insurance policy benefits comes the liability to pay premiums too which are mostly affected by your riding history, address, motorbike insurance type, security, modifications, etc. Hence, it is advised to drive safe and abide by all the traffic rules to cut down on premiums significantly.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|