Check these 5 crucial aspects while reviewing your bike insurance policy

For many Indians, having a motorcycle is a necessity. For many others, it is often their first love. A bike gives you wings of freedom while it also serves as an efficient way for your daily commute. It can be a handy vehicle for your daily chores while also serving as a perfect ride for that romantic drive with your loved one. It is no surprise then that two-wheelers are among the most preferred modes of transport in India. To put this in perspective, for every single personal four-wheeler, there are around six two-wheelers registered in the country. This preference has been further reinforced by the pandemic with people preferring personal mobility solutions over public transport.

Risks associated with two-wheelers

However, the flipside to this preference for two-wheelers is the higher vulnerability of these vehicles towards accidents. Around five lakh road accidents get reported every year in India, with a majority of them involving two-wheelers. Moreover, over one-third of those killed in road accidents are two-wheeler riders. Add to that the fact that India witnesses around 2.5 lakh vehicle thefts every year, of which, hardly one-fourth are ever recovered. 

Importance of two-wheeler insurance

While safe and responsible driving is the best way to protect yourself from road accidents, a bike insurance policy comes in handy in case of any unfortunate event.

A comprehensive bike insurance usually provides coverage for the injuries you suffer, the damage your bike suffers, and even third-party liability i.e. if a third party undergoes damage in a mishap. While the Indian government has made two-wheeler insurance mandatory across the country, choosing the right insurance cover for your two-wheeler makes a lot of difference. So, even if you already have an insurance policy for your two-wheeler, it is still important to review the policy every year to ensure you are still getting the best features for the price you are paying, and to ensure you are adequately covered.

Here are five crucial aspects you must take into account while reviewing your bike insurance policy:

1. Policy coverage: You buy a two-wheeler insurance policy when you take the vehicle out of the showroom. However, after using the bike for a year or more, you would come to understand what works for you and what needs to be changed. So when you periodically review your policy, it is a good idea to reassess your cover accordingly and align it with your current needs during bike insurance renewal. Along with the mandated third party bike insurance coverage, a good policy should provide cover for loss and damage to your vehicle, a personal accident cover as well as cover against damages due to natural causes and other unfortunate events like theft, burglary etc. * Standard T&C Apply
2. Add-on covers: While reviewing your policy, you must consider adding on some additional riders that suit your needs. Insurance companies provide additional covers, which can enhance the basic coverage of your two-wheeler. You can opt for zero depreciation cover, 24x7 spot assistance cover, personal accident cover for pillion riders and cover for loss of accessories, among others * Standard T&C Apply. Many companies usually update their add-on features list annually, which is again why you should always review your policy from time to time.
3. Claim process: Different insurers have different claim processes and turnaround time for settling claims. So before your policy lapses, it is a good idea to review the claim process of your insurer and the ease of filing and processing claims. For instance, insurers like Bajaj Allianz General Insurance offer both offline and online claim filing processes. Moreover, you get the option of cashless claim settlement at any of its network workshops or garages.
4. Reputation of the insurance provider: The reputation of the insurance provider is of paramount importance. You should consider switching your insurer if it has an unsatisfactory claim settlement record. Again, Bajaj Allianz General Insurance is a good option considering its high claim settlement ratio of 98 per cent when it comes to two-wheeler insurance.
5. Correct any errors: The periodic policy review is the perfect time to go through all the information provided to your insurance company and ensure that it is accurate and up to date. If there are any errors, you must contact your insurance company and ask them to correct it to ensure that there are no gaps in communication moving forward.

Getting the right policy is important

In a nutshell, it is crucial to review your existing insurance policy every year. The review should be based on the coverage that you are getting, the add-ons that you may need, the premium that you pay and other features that are on offer. During your annual review, you could switch your insurer if you are not happy with the current one.

Leading insurers like Bajaj Allianz General Insurance allow you to transfer your no-claim-bonus when you switch your policy over to them. Please visit the official website of IRDAI for further details. Online premium calculators can come in handy while reviewing your policy. For instance, if you want to figure out how much premium you would have to pay for a specific coverage, you could use the two-wheeler insurance premium calculator on the Bajaj Allianz General Insurance website.

Choosing the right insurance policy and policy provider is an essential decision you need to take every time you purchase or renew your cover. The right insurance cover from the right policy provider will ensure that you have the utmost peace of mind and protection. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

Source:

[1] https://morth.gov.in/sites/default/files/Ministry%20Annual%20Report_2019-20.pdf

[2] https://timesofindia.indiatimes.com/business/india-business/shared-mobility-takes-back-seat-due-to-virus/articleshow/80107131.cms

[3] https://morth.nic.in/sites/default/files/RA_Uploading.pdf

[4] https://ncrb.gov.in/sites/default/files/CII%202019%20Volume%203.pdf