Do you know you can pay your bike insurance premiums in EMIs?

Posted in Bike Insurance Blogs By Bajaj Markets-Dec 19,2019
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Third party insurance is a mandatory requirement for those wishing to ride their bikes on Indian premiums. Considering the condition of Indian roads, it is best to opt for a comprehensive bike insurance policy since you never know which pothole will next result in an expensive dent on your bike.

While a low-cost premium is one of the aspects to consider while buying bike insurance, the price should not be the most important consideration towards selecting the ideal bike insurance policy. Though the premiums on comprehensive policies is slightly higher, Bajaj Markets allows for a bike insurance solution that is easy on the pocket by providing comprehensive coverage through No Cost EMIs. With this comprehensive insurance policy, you can protect the bike against a range of man-made and natural disasters; while also protecting the rider in case of any accidents. Additionally, the insurance allows you to avail 24×7 roadside assistance, so regardless of where you are, you can always reach out for assistance in case of any accidents.

Different factors you should consider before you opt to buy bike insurance online.

  1. Understand Your Requirements:

Since it is now possible to buy bike insurance online, you should use the time you save to instead browse for more options. Before you start doing that, understand your own requirements with regard to insurance. Decide whether you wish to opt for rider insurance as well as insurance only for the bike, as this will drive the premium costs.

  1. Know the Bike’s IDV:

The Insured Declared Value (IDV) of a bike is its current market value. It is the price fixed at the time of purchasing the policy, and is the value that the insurer will pay upon theft or loss of the bike. With time, the bike’s IDV will drop as the depreciation costs increase. In line with this, bike insurance premiums will also drop. However, it is necessary for you to know the bike’s IDV before you approach the insurer since this will allow you to know the fair price before you buy bike insurance online.

  1. Know what Riders you Need:

Bike insurance offers several riders along with the basic insurance policy. For instance, while third party insurance is a mandatory requirement, comprehensive insurance policy would be something you can choose. Along with this, you can choose riders such as those which offer protection to the rider in case of accidents or even zero depreciation covers which allow you to claim the original IDV of the bike without accounting for depreciation. These factors will increase the bike insurance premium you pay, but the overall costs can be reduced by paying bike insurance on EMI. By opting for a bike insurance on Bajaj Markets, you can pay your bike insurance premiums through No Cost EMIs which allow you to avail a comprehensive coverage without worrying about the price.

  1. Opt for a Reputed Insurer:

While many different insurers offer different insurance policies, it is advisable to choose an insurer that has a good reputation in the market. Make sure to check the insurer’s claim settlement ratio before you begin paying bike insurance premiums. The claim settlement ratio indicates the percentage of claims settled by the insurer as a percentage of the total claims raised. This will allow you to gauge how reliable the insurer is.

  1. Research and Compare Insurance Policies:

In continuation of the previous point, it should be noted that the customer needs to thoroughly understand their options before opting for a bike insurance policy. It is necessary to not just conduct research on the companies offering insurance policies, but also understand the costs of the premium in relation to the riders and other benefits they are offering. Compare what insurers are offering to you in the form of bike insurance premiums, and everything that it will cover, before you come to a decision regarding the insurance policy you want to opt for. You could also compare the convenience factor, such as whether you need to visit a store to activate your insurance policy or whether you can buy bike insurance online. The lesser time and effort an insurance policy requires to become active is also a factor that you could consider while searching for the ideal bike insurance policy.

With bike insurance on EMI becoming accessible to people, it has become much easier and affordable to pay bike insurance premium. With price out of the way, the other factors such as those mentioned above should be seriously considered before opting for a bike insurance policy.

Bajaj Markets from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!

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