The insurance policy is proof that the insurer is willing to pay a premium. It is an agreement between you, the policyholder, and the insurance firm to cover losses that may occur as a result of unforeseen circumstances. It is also a promise from your insurer, in addition to a contract. Your bike insurance policy includes both this contract and this pledge. As a result, it’s best to double-check your policy document.
These points must be reviewed in your bike insurance policy document whether you buy it online or offline. Let’s take a look at them.
- Policy number
The first thing you can check on your policy document is the policy number. You can also check the validity of your policy online if you bought it online. The policy number is the primary criterion used by the insurance company to store important information about you and your car.
- Your personal information
The next step is to double-check the policy’s personal information. Your name, address, phone number, and other personal information should all be checked. These boxes should be checked so that the insurance company can contact you if there are any issues.
- Details of your vehicle
Following your personal information, you should inspect the details of your cars, such as the correct model and make as stated in the policy document. Make sure to double-check the registration number as well. Inform the insurance company if there are any differences.
- The type of cover
Check your insurance policy document for the type of coverage you purchased: two-wheeler insurance third-party or comprehensive coverage. It’s important because it defines the scope of your policy’s coverage.
- Premium Charged
Ensure that the insurance provider charges you a premium that includes taxes. On the front of the policy document, the bifurcation must be quoted. Confirm the premium amount to ensure there are no errors.
- Validity of your policy
Check to see if your policy is still valid. The insurance company specifies the policy’s validity as well as the period until it expires. To ensure that your two-wheeler is covered, have your policy renewed in advance.
Examine your policy paperwork to ensure the correct set of add-ons are included in your policy coverage if you bought a comprehensive policy. You can use a bike insurance premium calculator when selecting different add-ons. It will assist you in comparing the different add-ons as well as their effect on your premium.
- Insured Declared Value (IDV)
The insured declared value, or IDV, is one of the factors that determines your premium. You can choose the IDV for your bike if you have a comprehensive insurance plan. When checking your policy document, make sure to check this.
- No Claim Bonus (NCB)
If you haven’t filed a claim in the previous policy year, see if the insurer has given you a no-claim bonus discount on your premium. The NCB can also be transferred between different insurance companies if you switch insurers.
Finally, but most importantly, look for the insurance company’s contact information. It’s necessary so you can file claims or express any other issues. These are a few things to look for in your policy document. Make sure you have an electronic copy of your bike insurance on your smartphone, and keep a printout for quick reference if you bought your policy online. Now that you know about what to check in your bike insurance policy, if you have not already done so, you should not hesitate buying a suitable insurance policy for your motorcycle by using a bike insurance calculator online.
Though third-party vehicle insurance is compulsory under the Motor Vehicles Act of 2019, you can opt for a comprehensive bike insurance policy such as the one available on Finserv MARKETS. Bike insurance from Bajaj Allianz provides coverage against natural and man-made disasters such as earthquakes, robberies and others. Thanks to the vast networks of shops across India, you can also get access to round-the-clock roadside assistance to help you fix or replace any part of the bike damaged during an accident.