A good insurance company will always have your best interest in mind in terms of coverage for you and your bike. They also create additional services to take care of your needs in case of any mishap on the road. Most insurance put up some special insurance policies to provide benefits that its competitor might not provide. You should look out for these special policies as they give you greater value for your money.
The foremost thing you should look out for before picking any bike insurance is to ensure that your bike type is listed among the bikes that can be insured. Some popular bikes include: City bike, electric city bike, mountainbike, road bike and cargo bikes.
Any good bike insurance company must at least cover for theft and material damage of your bike. This coverage allows protects you and your bike. The bike insurance company pays the cost of a new bike if your bike gets stolen and refunds the cost of repairs when damages occur caused by an accident, vandalism, contact with animals or by natural event such as fire or flood.
A good bike insurance company would also provide you with a bunch of other services to ease the impact of any mishap at any point in time it happens.
One of the best services you should look out for is 24/7 assistance when any accident happens on the road. An emergency service to come to your aid if any form of trouble such as puncture, theft, accident or battery issues happens on the road.
Simply put, Insurance Declared Value (IDV) is the current market value of your bike. It is the maximum sum insured, which is provided to you in case of any theft or loss of your bike. At the point of registration, most companies would require you to upload a recent picture of your new or second-hand bike but Qover-me only asks for pictures only if the bike is older than 1 month.
However, a plan with high IDV means you get a high claim settlement if your bike is damaged or stolen. Choose a bike insurance company that has the highest IDV so that the value of your bike is preserved over a long period. The shocking truth is that Qover-me bike insurance company does not include depreciation of your bike value, the value remains intact.
An insurance premium is the monthly payment you make to an insurance company to keep your policy alive.
A good monthly insurance rate does not necessarily have to be extremely cheap or expensive. Premium rate should largely depend on the plan’s IDV and coverage features. If a plan contains high IDV, coverage features and additional features, paying higher premium isn’t a bad idea.
4. Secure Insurance Purchase and Seamless File Claim Settlement
The whole idea of getting your bike insured in the first place is to be able to purchase, file claim and receive file claim settlement if damage or theft happens. Make sure the insurance company has put in place secure means of payment on their website.
A good insurance company should have a file claim process of about 5 minutes. They should also have an easy and quick claim settlements through video and image uploads. You should also know the turn-around-time (TAT) of the insurance company and choose a policy that has the lowest TAT and most convenient file settlement process.
What past and active clients are saying about the bike insurance company is more important and valid than what the insurance company is saying about their services. Look out for insurance company with good reviews from clients about the insurance company and ensure they are rated high enough before you trust them with your bike. Also, read their policy to know if you agree with them.
By looking out for all of these factors, you are sure that you are entrusting your money and bike’s safety into the right hands. It would also help you decide what bike insurance policy is the best when you are comparing.