5 Questions to Ask Before Buying Bike Insurance

 

Getting your first bike insurance can be quite a confusing task if you do not have the right information. Due to this, a lot of questions and doubts may arise in your mind that can leave you perplexed and in a dilemma about your next step. 

However, to help you understand the world of insurance better, here are 5 FAQs about two-wheeler insurances and their answers -

1)      How many types of bike insurances are there and what are they?

- There mainly 2 types of bike insurance policies available in the market today, comprehensive bike insurance and third-party bike insurance. While having at least a valid third-party bike insurance policy is mandatory to drive your two-wheeler legally, getting a comprehensive bike insurance policy gives you wider coverage in case of an accident.

2)      What is covered in the two types of bike insurance policies?

- The third-party insurance for bike insurance covers you against the damages and losses that are incurred to the third party in an accident. On the other hand, a comprehensive bike insurance policy covers you against third-party damages, own damages, natural calamities and man-made disasters. While third-party insurance is very limited in its capacity to cover you, a comprehensive bike insurance policy allows you to avail yourself of various add-ons to extend the protection for yourself and for your vehicle.

3)      What is an IDV and what does it depend on?

- IDV stands for Insured Declared Value. This term essentially means the total amount of money an insurance company agrees to cover for you in the case of an accident. There are many factors that affect the calculation of the IDV for your insurance policy. Some of these are as follows - bike details, rider’s demographics, bike owner’s driving track record, insurance deductibles and the number of additional services availed. Though the method of calculating the IDV remains the same, the number of factors taken into consideration may differ from insurer to insurer. 







Original Content :- 5 Questions to Ask Before Buying Bike Insurance

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