Bike Insurance Choices: Do You Need To Buy From Bike Dealers?
Purchasing Bike Insurance Through Dealers
Purchasing bike insurance from a dealer is optional, as they are not legally obligated to offer insurance. Costs and features vary based on factors like age, riding habits, and bike type. While obtaining coverage from a dealer provides immediate benefits for a new bike, costs fluctuate, emphasizing the need to confirm details before finalizing the policy.
One benefit of dealer-provided insurance is the Insured Declared Value (IDV), which influences bike insurance premiums. Dealers can assist in choosing the right plan, but the cost may be higher due to commissions. It provides coverage but comes with potential hidden costs.
Acquiring Motorbike Insurance Through Insurance Providers
As the need for bike insurance grows, many bike owners seek reliable providers offering comprehensive and third-party insurance plans. Insurance companies typically offer three types of two-wheeler insurance plans:
Third-Party Bike Insurance Policy
Legally mandated by the Motor Vehicles Act of India, this plan covers expenses related to harm to a third party or their two-wheeler in an accident. However, it does not cover damages to the insured bike. It includes coverage for third-party demise and legal obligations arising from harm to a third party. Claims are subject to terms and conditions set forth under the motor insurance policy. *
Comprehensive Bike Insurance Policy
Comprehensive bike insurance provides coverage for both the bike owner and involved parties in case of an accident. It is available for new bike owners and can be upgraded for existing plans. Add-ons can be purchased for additional coverage, including personal accident Coverage for medical expenses due to injuries or demise. Claims are subject to terms and conditions set forth under the motor insurance policy. *
Standalone Bike Insurance Policy
This bike insurance policy covers the cost of repairs for damages sustained by the insured bike in an accident or other incidents. It does not cover harm to a third party or their vehicle. It also provides reimbursement for bike theft and protection against artificial or natural disasters. Claims are subject to terms and conditions set forth under the motor insurance policy. *
Dealer-Provided Bike Insurance Vs. Insurance Company-Provided Bike Insurance
When choosing between insurance from a dealer or an insurance company, consider the following:
- Cost-Effectiveness:
Dealer-provided bike insurance policy may be more expensive due to commissions, making it essential to compare bike insurance online. Dealers might include additional expenses in the package, potentially raising the overall cost. Bike insurance policy companies may offer similar plans at lower prices. ##
- Easy Accessibility:
Buying a bike insurance policy from dealers is convenient as they can recommend plans based on the bike’s features. Dealers handle claims and registration procedures, eliminating the need for extensive research. However, verifying all available options is crucial, regardless of the purchasing method. *
- Quantity And Variety Of Plans Offered:
Dealers might have limitations on the quantity and types of insurance plans they offer based on their partnerships. Exploring additional options online ensures a broader range of choices.
Both dealer and insurance company bike insurance have pros and cons. Online purchasing offers flexibility and extensive research options. Dealers provide convenience, but online platforms offer a wider range of plans. Choose based on your needs, considering cost, accessibility, and options. Flexible payment options for long-term plans are available both online and offline, providing benefits in a streamlined manner. Make sure you do the process of bike insurance renewal one time. Claims are subject to terms and conditions set forth under the motor insurance policy.
*Standard T&C Apply
##All savings are provided by the insurer as per the IRDAI-approved insurance plan.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
