There is something special about the firsts—the first day at work, first salary, first ride, and first bike—but do not let your excitement overlook the critical aspects related to them. All of us, at some point, have dreamed of owning a bike and have wanted the sense of freedom it brings along. But how many of us actually thought about investing time in researching bike insurance before getting one? In India, it is mandatory to have third party insurance to be able to ride a bike on the road. This is irrespective of the make and model of their two-wheeler. However, purchasing a bike insurance policy isn’t as easy as it seems, especially due to the wide variety of options available in the market. Knowing a few titbits can make the job easier; more so if you’re a newbie in the insurance game. Here are six tips for first-time bike insurance buyers to make sure they bag the best deal:

1) Choose your policy type

When you set out to explore various bike insurance policy options, you’ll discover that there are two main types of policy—third-party liability and comprehensive policy. The former offers you financial protection against third-party injury/death or property/vehicle damage caused due to the insured two-wheeler getting involved in an accident. The Indian law dictates that every bike owner must have third-party coverage.

However, most experts suggest buying a comprehensive bike insurance policy as it offers holistic coverage—you have a safety net in the event of third-party damages and damages to the insured vehicle, that is own damage. You can also include add-on covers to make your insurance coverage more extensive.  

2) Research insurers

Your insurance provider is just as crucial as the insurance policy you choose. Companies offering bike insurance usually provide more services, which you should consider checking out by visiting their website.

When researching insurance companies, compare different ones based on their products/services and network garages. Ideally, you want to sign up with an insurance company with a wide garage network so that you don’t face any difficulty in getting your two-wheeler repaired if it gets damaged. Also, read reviews about various insurance providers and seek customer feedback about the service they offer. You can also ask your family and friends about their experience with a particular insurance provider.

3) Find out details about your bike

When buying a bike insurance policy, you need to submit details about your two-wheeler. These details include information such as the bike’s cubic capacity, make and model, and manufacturing year. These are some of the primary factors on which your insurance premium depends. The invoice for your bike contains these details. Since you must submit a copy of your insurance policy while getting the bike registered, you won’t have the vehicle registration number when purchasing insurance.

4) Select an appropriate IDV

The insured declared value (IDV) is the current value of your bike. It’s also the amount the insurer pays you if your two-wheeler gets totalled or stolen. Although choosing a lower IDV helps lower your insurance premium, it also reduces your claim amount. If you set a lower IDV than is appropriate, you’ll not receive compensation matching the actual value of your vehicle, which is a loss to you. Ergo, choose an IDV closest to the current market value of your bike.

5) Choose your preferred add-ons

It’s common for people to think that buying all the add-on covers possible would help them save big bucks in the future, but that’s not the case. Every add-on you choose increases your premium, so it’s better to determine your requirements and purchase covers meeting those needs. For instance, if you’re more likely to ride alone, a pillion rider cover wouldn’t do you much good. Similarly, an accessories cover is redundant if your bike doesn’t have any modifications. Some add-on covers that benefit most people are zero depreciation, return to invoice, and roadside assistance covers. 

6) Read the policy document

Maybe, this one’s obvious since most people know they should read the policy document thoroughly, but it deserves a special mention. When reading the policy, take a good look at the fine print, terms and conditions, inclusions, and exclusions. Do this before sealing the deal to know what exactly you’re signing up for, and avoid any issues at the time of filing a claim.

Also, timely bike insurance renewal is just as essential as buying the right insurance policy. Since most insurance companies let you renew your insurance policy online nowadays, it’s convenient and takes only a little time. Remembering these tips can go a long way in finding your way around bike insurance.