The Motor Vehicles Act of 1988 makes it illegal to ride a bike without third-party insurance.
Sometimes, people may purchase their bike insurance coverage from unreliable sources to save money on premiums. Although you may not realise it when making the purchase, the claims process can be difficult. ##
Here are some methods for determining the validity of your bike insurance policy:
1. Consult Your Insurance Provider
The simplest way to find out if a policy is genuine in the first place is to contact the insurer. Nearly all the nation’s significant insurers can be reached by phone at toll-free numbers or email. You could always stop by the closest branch.
Establishing the practice of requesting receipts for all financial transactions is advised. Companies will give you a separate ticket for paying insurance premiums if you ask. Ensure you receive a policy receipt if you purchase it from an agent.
3. Look Into Specifics
When you receive a policy, carefully read the fine print. You should check the bike’s insured declared value (IDV), no claims bonuses (NCB), and the issue date.*
Always signing the proposal forms is an excellent habit for developing financial transactions or insurance. No one else should sign the documents in your place. It is crucial to read the policy’s features and advantages before signing the proposal form.
5. Verify Your Insurance
Confirming the insurer’s existence is crucial if you have purchased a policy from an unreliable source. The simplest way to do this is to visit the IRDAI ( India’s Insurance Regulatory and Development Authority) website. #
6. Link For Verification
On their websites, some of the larger insurers provide links for verification. Your purchase will be finished once you visit the link to confirm this one. This will allow you to verify the legitimacy of the insurance policy you are about to purchase.*
7. Trustworthy Source
The peace of mind that comes with purchasing policies from reputable companies is available to bike owners who want to ensure everything is clear.
8. Low Premium
People frequently search for the most cost-effective premiums for their bike insurance policies. Quickly examine the features and benefits offered if someone offers extremely low premiums. ##
9. Online Payment
Purchasing insurance from reliable sources is advised. And it gets even better if you pay online. Online transactions are a safe payment method and will protect you from fraud. If you are accustomed to writing checks, make it a point always to use the name of the insurer. A bike insurance calculator is an easy-to-use tool to determine the premium you need to pay.
10. Proposal Form
You must complete the information on the form as completely and accurately as possible, regardless of whether you want to renew or purchase a bike insurance policy. Missing out on small details like engine size or the precise model name can lead to problems in the future.
* Standard T&C Apply
Visit the official website of IRDAI for further details
All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.