If you own any type of two-wheeler in India, you cannot avoid getting it insured. Any uninsured motorcycle can attract a hefty penalty from the concerned authorities. While one reason to invest in bike insurance is abiding by the country’s law, another good reason is getting the biker and vehicle financially protected against damages arising from road accidents, natural calamities, theft, etc. The Indian insurance market offers many standard insurance options, but most don’t meet individuals’ personalized insurance requirements. This is where customizing the policy comes into the picture.
Whether you have decided to buy motorcycle insurance or renew the policy, you will always have the option to customize the insurance policy according to your needs. If you are new to insurance policy customization, the tips shared below can make things easier and more lucrative for you. So let’s quickly explore some powerful tips to customize your two-wheeler insurance shared below.
- Choose the Right Type of Insurance
The easiest way to get a two-wheeler insurance policy aligned with your needs is by picking the right insurance type. In India, bike owners can choose from comprehensive policies, standalone own-damage policies, and third-party bike insurance policies. Each policy type has distinct inclusions and exclusions, with the comprehensive cover offering the most coverage.
If you want insurance that covers your own and third-party damages due to a road accident or other incidents, picking a comprehensive policy can solve the problem. An individual can choose the ideal insurance type based on their precise requirements. However, most insurance experts advice two-wheeler owners to avoid investing in third-party insurance as it only covers third-party liabilities. Since a bike can get stolen or significantly damaged due to other peoples’ rash driving behaviour, it is best to secure your own vehicle and self against potential financial damages.
- Invest in the Right Add-ons
When you buy motorcycle insurance or renew an existing one, you can upgrade or customize the plan by investing in the right add-ons. For the uninitiated, add-ons are additional coverage benefits that can expand the coverage scope of any insurance policy. The add-ons can differ for different insurers, so ensure to check the full list of available add-ons to make the right investment.
For example, if your bike has expensive accessories installed, and a standard insurance policy doesn’t cover it, you can get it covered by buying an add-on designed to protect electrical and non-electrical accessories. Since the premium amount increases with every add-on you buy, ensure you only get the add-ons you need.
- Increase Voluntary Deductibles
For those new to insurance, deductibles refer to the amount an insured pays out of pocket before an insurance company starts paying. For example, if you have a bike policy with a higher voluntary deductibles clause, you will have to pay the mentioned percentage while filing any claim, and the insurer will pay the rest. It is why insurance policies with higher voluntary deductibles have lower premium rates and vice-versa.
Vehicle owners who want to customize their policy based on the premium rate often take this route. If you’re a skilled rider that takes utmost caution while riding, opting for higher voluntary deductibles can be a good choice. Alternatively, you can look for insurance policies that offer lower voluntary deductibles, depending on your present-day requirements.
- Choose the Right IDV
While customizing a two-wheeler insurance policy, always factor in how much compensation you want to receive if your vehicle gets stolen from anywhere or damaged beyond repair. No matter how secure the parking spot you choose, the likelihood of the vehicle getting damaged due to natural calamities cannot be overlooked. The good news is that bike owners can customize their insurance policies to get the optimum compensation in case of such unforeseen events.
For the uninitiated, IDV or Insured Declared Value is the highest amount/compensation your insurer will pay if your vehicle gets stolen or damaged beyond repair. Look for policies that give you the flexibility to choose the right IDV for maximum benefit. If you’ve never estimated IDV before, ensure it is equal to the present-day market value of the vehicle or somewhere near the figure. It can help you eventually in the long run.
Enjoy Heightened Coverage by Customizing Your 2-wheeler Insurance Policy
Getting your two-wheeler insured is an expense you cannot avoid. Since it is a recurring expense, why not make the most of it? Anyone willing to obtain maximum benefit from a bike insurance policy should look for ways to customize it, personalized two-wheeler insurance is better equipped to fulfil all unique needs of bike owners.