About Two Wheeler Insurance
You purchase a new bike and are absolutely enamoured with it. It’s what you use to get to work, hang out with your friends, go on dates, and even take that long road trip with your biker gang. The bicycle becomes an inseparable part of the everyday routine. Although it meets many of your needs, it is also important that you treat your bike properly and properly maintain it. Although part of this is ensured by servicing the vehicle on a regular basis, the rest is taken care of by buying and maintaining a good bike insurance online policy.
Bike insurance is important and comes in handy if you are involved in an accident while riding your two-wheeler. In this scenario, the insurance will cover the cost of maintenance as well as any other liability that could occur as a result of the situation. Furthermore, a bike insurance online policy can protect you against financial losses in the event of theft or damage caused by natural disasters such as floods and fires, as well as man-made disasters such as riots and vandalism.
Role of Insured Declared Value and Importance of Adequate Insurance
The only thing worse than riding an uninsured bike is riding one that is underinsured. You may wonder why it’s getting worse. Since you put in the effort, charged the fee, and purchased a policy to protect your two-wheeler, but the policy does not fully cover the expenses when you are involved in an accident. This is where the Insured Declared Value (IDV) comes into play, which is the maximum amount guaranteed that you can sue if your car is completely damaged due to a major accident or theft.
Factors Affecting IDV
The IDV of your bike is determined by a number of factors. There are several of them:
- Two-wheeler’s age
The age of your motorcycle is one of the most significant factors in determining the IDV of your vehicle. As a general rule, the lower the IDV, the older your vehicle becomes.
- Bike’s model number
Vehicle maintenance and repair costs differ from one brand to the next. Although replacement parts for some brands and models are less expensive and more readily available, replacement parts for some luxury brands and models can be very costly. As a result, considering the vehicle’s brand would aid in determining its damage repair costs and, as a result, the IDV. For example, the IDV of a superbike would be higher than the IDV of more popular bikes.
- Vehicle Registration Area
The IDV is also affected by where your bike is registered. In a nutshell, a bike registered in a metropolitan city would have a different IDV than one registered in a tier-II or tier-III town or in a remote part of the world.
- No Claim Bonus
NCB is a reward for not making a claim on your motorcycle insurance policy during its duration. The NCB increases with each year of claim-free service, starting at 20% and increasing to 50%. If you have a no claim incentive from previous years, make sure to use it during your bike insurance online renewal process to get discounts.
Wrapping Up
It’s easy to get confused in today’s market with so many choices. However, you should go with a trusted partner like Finserv MARKETS and look for quick, easy-to-understand plans. Not only does it have hassle-free dispute settlement, but it also offers round-the-clock claim support and on-the-spot assistance. Finserv MARKETS also settles most claims within 20 minutes thanks to its Motor on the Spot feature and paperless documentation.
If you’re uncertain about the appropriate IDV for your bicycle, you can use the bike insurance premium calculator on the Finserv MARKETS website to measure the appropriate value for your bike and the premium you’ll need to pay to obtain an insurance policy. The bike insurance calculator makes it easy to measure the IDV depending on the age of the vehicle and to find out how much you’ll get in compensation if it’s totaled or stolen.
