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Recently a friend of mine was caught by a traffic police while jumping a signal. Being wrong in the first place he quietly handed over the fine and was slowly walking away. That’s when the cop inquired about the bike insurance. And no points for guessing, he did not have one. We are all aware that a bike insurance is mandatory as per the Motor Vehicles Act, 1988 and it is illegal to ride without that.
Quite a few of us like to ride out on luck. Firstly, hoping that we do not meet with any mishaps on the road and secondly, hoping that we do not get caught by a traffic police ever. In simple terms, a person is leaving a bit too much on the luck. An easy way out for all of this is buying bike insurance. My friend learned it the hard way and had to pay a hefty fine for the same.
Once you have decided that you need to buy a bike insurance, there are some challenges that you must take a quick look at. Being aware of these challenges will make the insurance buying process a tad bit easier.
- IDV
The IDV or insured declared value of your bike is one of the major factors that decide the premium cost of your policy. When you fiddle around with it, you can see a direct impact on the premium. The most obvious thought is to reduce it and thereby reduce the premiums. However, reducing the IDV will have some consequences down the line. It is preferable to keep it as it is.
- Insurance Transfer
Buying a second hand bike is a relatively common affair in our country. Should you plan to buy a second hand bike, make sure that you transfer the insurance in your name. If you forget to do the same, either your bike remains without a policy or you end up buying a new policy altogether.
- Renewal
Though renewing your bike insurance on time might not have a lot of visible perks but you stand to lose a lot if you do not. It is advisable to renew your bike insurance during its grace period to avoid any confusion. Also, during renewal make sure that the name of the insured is put in properly. It should match the name present in the RC as well as previous insurance documents.
- Proper Details
It might not seem all that serious but missing out on details or forgetting some details of your policy can turn the tide against you. Insurers can misinterpret the same as an attempt to bike fraud. It would also prevent you from filing from claims and in some extreme cases might also lead to losing the policy cover.
- Nominee
This is another small aspect which can turn into a potential problem later on. If you fail to mention any nominee for your policy, your family members will not receive any proceeds from the fund. Thus, it is of utmost importance that you mention your family members in the policy details.
Financial Problems That Rises When Buying a Bike Insurance
The lack of bike insurance can prove to put a serious dent in your financials. For starters, if you meet with an accident, you will end up paying for any damages or injuries as a result of it from your own pockets. In the case there are some damages to your bike, the repair costs are to be borne by you. Not to forget the hospitalisation and medical expenses associated with it as well. The traffic department won’t be very kind to you if you are caught riding without a valid bike insurance. You will end up paying hefty fines for the same. To prevent all of the above situations, it is essential that you buy bike insurance.
Possible Issues That We Tackle In Bike Insurance
The onset of buying bike insurance brings a lot of do’s and don’ts along with it. Understanding bike insurance and the various types available is the very first step. We will help you out in knowing the different add-ons available and which ones make sense for your purchase. We will help you out with inclusions and exclusions as well. And provide assistance with comparing different policies and zero down to one that fits your needs.
Buying bike insurance is your safest bet at ensuring a smooth riding experience. A quick dive into the product and its details will aid you in taking an informed decision.
