Buying a motorbike is a step few out to take. When purchasing a two-wheeler, one must have good reasons to go for it. Both the rider and the bike are exposed to a high probability of accidental injuries. In that much, we consider before purchasing a motorcycle, considerations of motor insurance are a necessity that we cannot fail to have. The cover is determined by the age, make and model of the bike.
Table of Contents
The Importance of Motor Insurance
Accidental injuries and damages caused by motorbikes are fatal. In the year 2016, almost 14000 death cases were recorded to be out of motorcycles. These statistics show why it is a necessity to have an insurance motor cover. An insurance policy is a cover that protects one against all accidental injuries and damages from unforeseen events. By the act of motor insurance vehicle 1988, all motor machines need to have an insurance policy cover. Having no insurance is an act of disobedience to the law, which fetches a hefty penalty. Third-party cover only assures third person cover and property. It is equivalent to having no policy. It is best advised to do a background check before purchasing an insurance policy.
This article tries to summarize helpful tips on how best to settle for bike insurance covers:
Your budget and the cost of your motorcycle determine the type of cover. A comprehensive cover assures you of repaired damages and incases of total wreckage or written-off, then declared value needs to be claimed. Determining your coverage requirements would determine the type of policy to be taken.
A comprehensive two-wheel cover has the advantage of covering one’s motorbike in cases of any man made activities, either intentional or through theft and burglary or an uproar of events such as riots. A comprehensive cover also protects one’s motor machine in case of any natural calamities, including floods, earthquakes, and tsunamis. It also caters to damages caused during an incident.
Insured declared value: IDV is the current market value of the motorcycle upon valuation. IDV is the amount to be claimed in the occurrence of a total loss or theft of the bike. As the motor machine age continues to grow, so does the market value depreciate. The depreciation influences the premium as it decreases yearly. IDV determines the premiums of motorbike insurance upon valuations
Check on the service provider – The service provider reputation needs to proceed with them. Some companies tend to have poor claim settlement services. Insurance service providers are rated depending on their claiming process. Claiming process is where a client reimbursement is processed.
Customer reviews and complaints can assist you in understanding a service provider and their services. The reviews are the real-time experience of customers with the intended service providers. In the case of positive reviews the company tends to offer quality services. Understanding the company would assure you of quality service and interaction with the insurer.
What is a third-party policy cover? Third-party is a policy cover that protects one against damage to other vehicles, property or physical injury and death to the third person.
A comprehensive cover comes with other benefits that include coverage of liabilities such as death or injury to the rider. Comprehensive insurance cover has more benefits as it caters for all liabilities against all third-party damages. Comprehensive cover has some exclusions that might vary. Not only does it cater for any medical bills that occurred after an accident, it also provides financial assistance in case of a physical or permanent disability and the rider’s demise.
Compare and Contrast different providers:
Before purchasing bike insurance, one needs to have an informational background of what is provided. Things to look out for would include the types of benefits that companies offer. Also, you need to look out for the exclusions and coverage provided.
How would you fill in if your insurer cannot tow your bike to the respective garage?
Remember you have just been involved in an accident and now there are other expenses required. When choosing a bike insurance cover, look out for riders to ensure you have a complete pool of liabilities covered.
Insurance policies come with documentation explaining in detail what the cover entails. It is essential to make sure you go through the documents and understand the policy requirements you are about to purchase. Does the policy cater to all your needs? What are the required guides that need to be followed on the occurrence of an event? These are some of the questions one needs to have before purchasing a policy.
With all these points in mind, then purchasing an insurance cover should be easy. Always remember to renew your policy in time to avoid any unnecessary issues.