A competitive price is one of the key points when it comes to making a buying decision. So whether you are shopping for apparel online or buying a refrigerator at a store, zeroing in on the best price available or making sure you get more value for the price you pay is essential. This is also the case with insurance and especially bike insurance since the bike itself is a vehicle that is purchased based on its utility and affordability. One of the best ways to find a competitive bike insurance quote, is to go through available products and compare them. Instead of going online on multiple sites, you can simply download and login to the Bajaj Finserv App. The app allows you to go through available plans, compare their features and pricing, and choose a plan that suits your needs and budget. All this with zero paperwork and through a seamless, 100% digital journey.
What does a bike insurance quote mean?
A bike insurance quote refers to the amount that one needs to pay to an insurer towards the insurance of their bike. The quote depends on multiple factors like, type of plan you are purchasing, the Insured Declared Value (IDV), add-ons that you choose to buy, etc.
Let’s quickly see how each of these factors affect the quote and how you can manage to strike a balance and get more value for the price you pay.
Choose a plan type sensibly:
Third-party bike insurance is mandatory to have and covers you against any liabilities arising out of accidental injury, death or damage to property of a third-party. The premium amount for this type of plan is specified by Insurance Regulatory and Development Authority of India (IRDAI) and allows no scope for customization.
Own damage bike insurance is a plan that covers you for any loss or damages to your own vehicle in the event of an accident. An own damage plan can only be purchased if your bike is covered for third-party liability and hence it actually is an additional plan that adds up to your premium. Together, both the plans give you wider cover.
Comprehensive bike insurance brings together the best of both the plans. The quote for a comprehensive insurance depends on factors like, your bike’s cc, make & model, age, IDV, the add-ons opted for and also the No Claim Bonus (NCB). This plan can be completely customized and you can strike a balance between the premium amount and the coverage you get.
Fix a correct IDV
Insured Declared Value (IDV) is the maximum amount an insurer will pay in case of total damage of your bike or theft. The IDV is directly proportionate to the premium you pay – so a high IDV will mean higher coverage but also require you to pay higher premium. Hence it is extremely important to fix an accurate IDV that is as close as possible to your bike’s current market value so that your coverage is appropriate.
Choose relevant add-ons
Make sure to choose add-ons that are relevant for your bike and will enhance coverage. Choose wisely as add-on covers will add to your premium.
Besides taking into account these points you must necessarily make sure to compare plans before you choose any, especially if you plan to buy a comprehensive bike insurance plan. And if you want to save time and get comparisons at one place, use the Bajaj Finserv App to choose plans from some of the leading insurers in India.
Anywhere, Anytime insurance with the Bajaj Finserv App
The Bajaj Finserv App is a high utility App that takes care of all your financial needs including insurance. On the app, you can explore bike insurance plans from our trusted partners. Here you can view product features, compare prices and purchase a plan that is best suited to your needs. All this in a matter of minutes and from the comfort of your home. It truly is becoming the new way to buy insurance.
