Are you one of those who enjoy zipping around on your motorcycle? Does it charge your electrons to do so? Well, seeking fun and thrill is essential but safety comes first.
Unfortunately, as exhilarating as riding a motorcycle can be, riders are always exposed to an increased risk of injuries and fatalities.
When buying a two wheeler, we often consider various factors like design, brand, mileage, price, among others. But, there’s definitely more to it. Just as important is the decision of buying a new motorcycle, it is equally important to buy the right insurance for your two-wheeler. Just like an unoccupied home insurance, car insurance, or any other, your two-wheeler insurance should also be a well-researched one after evaluating your requirements and comparing different plans on offer.
Follow these effective tips and tricks which will help you choose an insurance plan which fits your budget and requirements.
Assess your Coverage Requirement
Before you start to look for insurance, pause, and question yourself, ‘what are my requirements?’. If you get the answer to this, good enough! In case you don’t, make an assessment right away. For the same, consider your budget, requirements, usage, expenditures, and other existing liabilities. Bike insurance is of two types depending on coverage: collision and comprehensive cover.
Shop in Advance
When shopping for a motor trade insurance, it pays to plan ahead. Do your research well and plan your purchase a few weeks ahead. Your rate will be lower, one because you’ve portrayed yourself as a better and responsible planner. And two, because buying in advance helps insurance companies protect against fraud. People who purchase policies ahead of time pose no risk of filing claims for accidents they’ve already had.
Don’t be Trapped by Plans Offering Low Premium
When comparing the cost of insurance plans, remember that premiums are only part of the equation. Quite often, plans with lower premiums have high deductibles and are missing key coverages, which means that one serious claim could cost you your savings.
Choose the Right Settlement Coverage
It’s either collision or comprehensive coverage! While collision coverage covers damages to your bike in an accident involving collision regardless of fault and regardless of whether the other party has insurance, comprehensive coverage, on the other hand, helps to cover losses caused by factors such as theft, flood, fire and vandalism to mention a few.
Both collision and comprehensive coverage offer three types of settlements. The one you choose will decide how the value of your motorcycle is determined upon filing a claim.
- Actual Cash Value – This is one of the most settlement types which takes into account depreciation. If you are facing a complete loss, the insurance company will pay you the market value of your motorcycle at the time of your claim.
- Replacement Cost Settlement – This coverage type pays for the cost of a new motorcycle with no deduction for depreciation. If you have a new bike (up to three years old), you may want to consider replacement cost settlement.
- Agreed Value Settlement – This type of coverage essentially locks in the value of your motorcycle at an agreed-upon price, with depreciation only for battery, tires, and engine parts. Hence, it is one of the best options for collectors or people with classic, custom, or highly accessorized bikes. In case the worst happens to your bike and you have this type of coverage, you will receive payment for the agreed-upon value if the insurance company is unable to replace your bike mocovedel with one of similar quality and make.
Remember Accessory Coverage Too
While purchasing an insurance of their motorcycles, people often tend to forget about insuring the accessories. Accessory coverage actually is important as it protects what collision and comprehensive coverage does not, such as custom paint, seat, pipes, and even riding gear such as your leather riding jacket. Don’t these things need protection too!
Well, you are now fully equipped with the tips and tricks which come in handy when purchasing a two wheeler insurance. With this not only will you steer clear of anyone who tries to nudge you onto the wrong path but also get the best for yourself. Wise purchasing!