New Bike Insurance

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All about New Bike Insurance Explained

Finally got that two-wheeler? We’re happy for you! but as an expert, we would like you to also think about its protection. And it's very simple, you can protect it by simply getting it insured and we’re here to guide you through just that.

Firstly, there are generally two types of bike insurance, a Comprehensive bike insurance and Third-Party bike insurance. 

New Bike Insurance plans in India

Third Party

A Third-party Bike Insurance is one of the most common types of bike insurance;in which only damages & losses caused to a third-party person, vehicle or property are covered.

Comprehensive

A Comprehensive Bike Insurance is one of the most valuable types of bike insurance that covers both third-party liabilities and damages to your own bike as well.

Importance of IDV when choosing the Bike Insurance Policy

IDV- the Insured Declared Value, is the maximum amount your insurer will give you, in case your bike is completely damaged or stolen. We know low premiums are luring but it will not give you maximum financial benefit. That’s why you should always check the IDV you are being offered and not just the premium.

We suggest you choose higher IDV, you know why? In the case of the total loss of your bike, a higher IDV leads to higher reimbursements.

At Digit, we let you customise your IDV as per your choice because we want you to make the right decision without any compromises.

Things to consider when buying New Bike Insurance

There are several factors to keep in mind when buying bike insurance for your new bike. Paying attention to them will ensure that you fetch an ideal level of cover. Some of these factors are given below:

# Claim procedure - This is very important; this process should be super-fast and hassle-free. Check the claim history of the insurer from sources such as their social media channels, official website and customer reviews.

# Policy type - Know the policy types, it is very important to know the options you have to make an appropriate decision. Choose third-party insurance or a comprehensive plan depending on your insurance needs. 

# Add-Ons - Choosing the right add-ons along with your policy can give you maximum benefits. Some of these are, Zero Depreciation cover, NCB cover, Return to Invoice Cover and Engine Protect cover. Learn about add-ons and choose the right ones. 

# Right IDV - Right IDV plays an important role in choosing or renewing your bike policy. Higher the IDV, higher is the compensation at the time of unforeseen situations. At Digit, we believe in complete transparency and let you customise your IDV. 

# Compare rates online - Go online for comparing the rates, you can also buy your policy online, there are varied options available. The best part of buying a policy online especially with us is there is no paperwork involved, just put down your details online and you are sorted. You can use our Bike Insurance Calculator to calculate and compare the premium.

Is it a good idea to buy New Bike Insurance from the Dealer?

Many people are tempted to escape all the time, energy that will go into looking for the right insurance company online or offline.  So most of the owners take the insurance policy offered by their bike dealers itself. It saves time and of course, it is convenient! But is it the right thing to do? Let’s see what can go wrong if you plan to buy a policy from your dealer. 

# You will get limited options - Once you’ve purchased your two-wheeler from your dealer, the second thing they’re likely to sell you is a bike insurance policy for the same. While this may be convenient, it comes with the disadvantage of limited options, as compared to options online. Additionally, your dealer will probably have tie-ups with specific insurance companies and will offer you insurance solutions provided by these companies only.

# Best Add-ons - You won’t have the freedom to choose from a wide range of add-ons that can give your bike better coverage. Buying a bike insurance online gives you the benefit of customizing your plan with different add-ons to choose from. 

# Can’t compare rates - Comparing rates is very important but when you plan to buy insurance from a dealer you will not get this opportunity. 

We recommend go online, do some research or better, directly buy your bike insurance policy online. The process is fast, there’s no paperwork and the best part- you know exactly what to expect out of your bike insurance since you’ll be the one choosing it! 

How to Buy New Bike Insurance Online?

Step 1 - Go to Bike Insurance page, Fill your Vehicle’s Make, Model, Variant, Registration Date (select new bike). Press ‘Get Quote’ and choose your choice of Plan.

Step 2 - Choose between a Third-Party Liability Only or a Standard Package (Comprehensive Insurance).

Step 3 - Give us details about your previous No Claim Bonus earned.

Step 4 - You will get quote for your premium. If you have chosen a Standard Plan you can customize it further by selecting add-on’s, setting the IDV. You will see the final premium on the next page.