Motorcycle Insurance: Be Motorcycle Before You Buy!

Motorcycle Insurance: Be Motorcycle Before You Buy!

What should be taken into consideration when choosing motorcycle insurance?

The most important criteria include the five “C”. Here is a brief description of each:

  • Claim Settlement Policy: The true proof of an insurance company is at the time of an actual insurance claim. This can be verified by looking at the company’s previous complaint resolution records. Now is the right time to see if current insurance can be taken to another insurance company without losing the benefits already paid.
  • Coverage: Which coverage is right for you? Usually, motorcycle insurance policies cover third party liability and damages themselves. In accordance with the Motor Vehicle Law, liability insurance coverage is mandatory, while self-harm is optional. Making a choice for both insurance is the standard procedure as they insure any damage as a result of accidents and losses due to third party risks. Many insurance firms offer “supplements” with the basic policy.
  • Customer service: With the help of technology, insurance plans are now provided on the spot. In addition, other challenges, such as policy changes or cancellations, are quickly processed. Cashless settlement is available in the case of a claim, so that post-repair delivery is quick without incurring workshop invoices. Therefore, it is important to check the insurance company’s network for this facility. The larger the network, the better the complainant’s options.
  • Communication access: Insurance company contact information should be easily accessible. If there is a problem, the insured should know who to contact and the procedure to follow.
  • Cost: Last but not least is price or premium. The motorcycle insurance premium is based on the “declared insured amount” or IDV and rate multiplier and depends on the motorcycle model, motorcycle age, daily mileage and site terrain. It is imperative to declare the correct IDV and choose a plan that provides the greatest IDV, even if you need to attract premium a higher.

In addition to the following, are the benefits you should look for:

  • Unclaimed Bonus: If no claim has been filed during the insurance period, a claim is offered without claim on coverage of the risk of self-harm at the time of policy renewal. For each consecutive year without complaint, the discount increases progressively. The point to remember is that unclaimed bonus eligibility is valid even if you purchase a new vehicle or renew existing insurance before the expiration date of another insurance provider.
  • Opt for deductible: Drivers with a good track record may opt for the “voluntary excess” or deductible to reduce premium payments in addition to the mandatory excess. In the event of a mandatory excess, the insured is deemed to make payment a particular amount if a claim is filed.
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