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7 Tips for Buying A New Bike Insurance

Deepak’s quest for best bike insurance: Understanding the clues on the map​

While buying a new bike is a time when your excitement level is at the peak, it is also the time for extreme care and precaution. Deepak, a young professional, is planning to buy his first brand new bike, replacing his second-hand one. Although he cares about the money he needs to pay and the value he will be getting, he also knows that motorcycle insurance is a legal requirement and a great financial decision.

Deepak has considered all aspects of new bike purchases, including bike insurance. Here are the factors he relied upon to decide on the best policy for his bike.

  1. Third-Party Cover Vs. Comprehensive Policy:
  2. The first decision point that Deepak came across was to choose between the third-party and comprehensive bike insurance plans. This was a very simple decision because the third-party policy was only enough to satisfy the legal requirement. It did not offer any protection to his new bike. So, buying a comprehensive plan was the obvious choice.

  3. Buying Bike Insurance from Dealer Vs. Buying Online:
  4. Deepak also considered the cost of insurance. He compared what the dealer charged to the price to buy bike insurance online directly from an insurance company. He found that buying directly was not only cheaper but he also got higher insured declared value and better add-ons.

  5. Getting Zero Depreciation and Return to Invoice Cover:
  6. Deepak knew that he was making a significant investment in the new bike. He knew that insurance is the best way for him to ensure that his prized possession remains safe. He chose the zero depreciation and return to invoice covers on his policy. These ensured that if something wrong happened to his bike or if it got stolen, he would be able to claim almost the original price of the motorcycle. He is happy that by paying just a bit extra for add-on cover, he can now rest assured that his money is safe.

  7. ​​Getting Roadside Assistance in Insurance Policy:
  8. A key factor in choosing the best bike insurance policy was the inclusion of roadside assistance in the package. Deepak is now sure that he will never be stranded on road in case of any problem.

  9. Carrying forward His No Claim Bonus:
  10. Since Deepak has always been a safe driver, he was able to accumulate 50% no claim bonus on the insurance of his old bike. When he decided to buy bike insurance online, he was able to transfer his no claim bonus to his new bike. This was because his old bike was more than 15 years old now and needed to be scrapped. Carrying forward the no claims bonus cut off a significant chunk from his insurance premium, allowing him to invest the money he saved in an ARAI approved anti-theft device.

  11. Cashless Network of the Insurance Company:
  12. A key factor in choosing the company from which to buy bike insurance was to check the cashless network of the company. While accounting for all other factors, Deepak decided to choose the company with multiple cashless garages close to his work and office.

  13. Helmet Add-on:
  14. Deepak is very conscious about his safety while riding. This is why he invested a lot of money in a very good helmet. His new bike insurance provided a helmet add-on that covered his helmet as well.

All in all, Deepak is happy that he got a very good deal. He was able to buy the policy online and get all add-ons, he required. He could also get insurance from a company that suited his requirement to the T and saved some money on it as well.