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Picking the best bike insurance isn’t just about doing what the law says – it’s about keeping you, your bike, and your money safe. In a world full of choices, getting a plan that really fits can feel like figuring out a tough riddle. And while we all think a lot about car insurance online, it’s time we cared just as much for our bikes. In this blog, I’ll go over the five key things you should look for in a good bike insurance plan—no extra stuff, just the truth. Let’s get into it!
1. Comprehensive Cover with Good Extras:
Why Full Cover is Key:
At its heart, a bike plan has two types: Mandatory- Third-Party and Optional- Full Cover. Third-party only helps pay for harm you do to others, not your own bike. Full cover, on the other hand, protects against harm to others and your own bike from crashes, vandalism, theft, fire, and acts of nature.
Must-Get Extras:
Even with a full main base, you’ll need these extras for real calm:
1. Zero Dep. Cover:
Perk: Gives full pay for part swaps without a drop in value from wear on tyres, plastics, or machine parts.
Best For: Bikes not over 5 years old or ones with costly repair parts (like LED lights, metal rims).
2. Roadside Help:
Good for: Getting quick fixes, tow, gas fill-ups, and help if keys are lost.
Best for: People who ride far or have been stuck on a quiet road before.
3. Cover for Consumables:
Good for: Paying for parts like nuts, bolts, spark plugs, and brake oil if you need to claim.
Best for: Those small fixes that usually come from your own cash and build up as time goes on.
4. Protection of No-Claim Bonus:
Perk: You can make one or two claims, but keep your big NCB (cut in cost for each year with no claim).
Best for: Riders who have got 20-50% NCB over time and don’t want to lose it after a small bad event.
Pro-Tip: When you check out plans, look not just at the base price, but also at the final cost after add-ons and NCB offers. A plan that starts a bit high but has full zero-dep and help on the road can end up costing less over time than a low-cost plan that has hidden exclusions.
2. High Claim Settlement Rate:
Why This Rate Is Important:
The Claim Settlement Ratio is how often an insurer pays out claims compared to all claims made. A high rate (near or over 90%) tells you the insurer is trustworthy and handles claims well.
- Risks of Low Rate: Slow money delivery, too much paperwork needed, or plain denials of claims.
- Benefits of High Rate: Fast approval on claims, little need for paperwork, and a name for being fair—just what you want after an accident.
How to Check CSR:
- Insurance groups post their yearly CSR in the IRDAI reports. Look at those before you buy.
- Look at new buyer feedback on big sites; it often tells you about real claims tales.
Pro-Tip: Don’t just see CSR; look at how long they take to deal with claims, too. Some firms fix 95% of claims but need a month to do it. This can be hard when you need that money to fix your bike.
3. Wide Cashless Garage Network:
The No-Cash Benefit:
With no-cash claims, the insurance company pays the garage directly— you don’t need cash (just need to cover your deductible and things not in your plan). This helps a lot when your bike is broken and you need it fixed fast.
Things to Watch:
- How Many Garages: More garages in your town and on usual roads = an easier life.
- How Good They Fix Things: Not every garage does great work. Talk to other bikers or look on the net for well-loved repair shops.
- Area Spread: On long trips, check if your insurer has tie-ups with garages in other states or key ride spots.
Pro-Tip: Keep the addresses and phone numbers of 3-5 linked garages in your phone. If you have a crash, you can call them first, make sure they really offer cashless service, and have your bike picked up with no extra worry.
4. Premium Offers & Adjustable Deductibles:
Know Your Deductibles:
A deductible is what you pay yourself before insurance pays. If you pick a big deductible, you pay less often, but risk more each time you need it.
- Low Deductible: You pay more regularly, but less when trouble comes.
- High Deductible: You pay less often, but more when something bad happens.
Opportunities for Discounts:
- Anti-Theft Device: Put in a lock that’s certified, tracker, or brake lock and get a discount on premium(often 2–5%).
- Low-Engine CC: Bikes under 150 cc often have low cost premiums.
- Safety Course: Finish a riding course (certified) for safety and get a small cut—learn to ride better and save cash.
5. Easy Online Procedure & Customer Service:
Why Going Online is Key:
Now, we get car insurance on the web, and bike coverage is the same. A simple web page or app helps you:
- Get quotes fast and buy plans quickly.
- Get your policy renewed with no need to look for papers.
- See claim progress, put up files, and ask for help, even late at night.
Top Things to Focus On:
- Quality of Mobile App: Simple layout, fast login (like fingerprint), and easy file add.
- 24-7 Chat Support/Helpline: Biking troubles don’t follow a day job—help from your insurer should be there all day and night.
- Online Policy Papers: No digging in folders for old papers; all your online docs are ready to pull up.
FAQs:
1. Can I change my bike insurer in the middle of the term for better perks?
Yes, you can move your plan to a new insurer within 90 days of renewal while keeping your NCB. Look at new deals before moving, as some perks might only come with new plans.
2. Must I name all extras when I renew, or can I add more later?
You can change extras at renewal time. But, adding zero depreciation later often needs a new plan, so include all extras you want from the start when you renew.
3. Will putting in an anti-theft alarm cut down my premium right away?
Not right away—you need to tell your insurer or show the bill for the approved device. Once they check it, they’ll give you the discount on your next renewal cost.