Everyone loves to own a vehicle at some point in time, and bikes are one of the most prominent self-owned vehicles. However, what tends to troubles us is the vehicle’s maintenance, especially if you face unfortunate circumstances like bike accidents. It can partially or entirely damage your bike, so you mainly require an excellent online bike insurance policy. It not only helps you to recover the damages caused but also get the best options when thinking about alternatives.
In this blog, you will get to know more about bike insurance policies and the technical issues involved. But first, let’s learn a bit more about IDV.
What is IDV?
IDV or Insured Declared Value of a two-wheeler is the total amount insured by the insurer to guarantee compensation in case of damages caused. The value of IDV depends on many factors, like the bike’s selling price and depreciation value. Accordingly, you can recover the cracks with the help of IDV rates as applicable in various situations.
Have a look at the depreciation rates according to the age of the vehicle:
- Less than 6 months: 5%
- 6 months to 1 year: 15%
- 1 year to 2 years: 20%
- 2 years to 3 years: 30%
- 3 years to 4 years: 40%
- 4 years to 5 years: 50%
Thus, IDV particularly depends on the depreciation value of your vehicle. No matter what the condition of your bike is, you will be able to secure a definite amount of premium rate for your vehicle insurance.
IDV and Premium- Everything to Know About
The premium rate of two-wheeler insurance is directly related to the insured declared value. The more the IDV, the more the premium will be. Simply put, the older your vehicle is, the less likely it is to get the best premium options online. However, insurance companies can provide lower premium rates to attract customers by proclaiming discounts and other offers. However, jumping to conclusions without looking at the alternatives is not the best way to go. A lower premium value can be trusted only if you have the best IDV value for your vehicle. Or else, your entire insured declared value will not be taken care of. Look at the details before deciding on premium rates in online bike insurance.
Things to Keep in Mind While Looking For Best Premium Rates According to IDV
It is true that premium rates mainly depend on the condition of your vehicle and the insured declared value. However, this is not all there is to keep in mind. You also need to take care of certain factors in bike insurance policies to get the best online options. Here are the details:
- Make sure that the IDV of your vehicle is well-stated and accurate. If you feel that the premium rates need to be fixed for you, ensure you do not take part in the deal. It becomes tough to come out of an insurance policy once you have finalized your claims.
- Factors like natural protection cover and third-party involvements require careful attention and detailing. Ensure your bike insurance policy provides the best options regarding natural and artificial elements. Later, you might need more time and energy to go through the process again. Talk to an expert if you need help with your online bike insurance.
- Go for the insurance offers that covers personal insurance as well. It will be required in case the policyholder gets in an accident.
- Many people need clarification on whether long-term bike insurance is profitable or not. The main thing to remember is how helpful and necessary immediate insurance coverage proves to be during an emergency. Not only that, but you must also plan strategically so that your insurer cooperates with you in this regard. Therefore, long-term policies are always better with growing interest rates and premium options.
- Many insurance policies come with zero depreciation coverage. It means that your vehicle’s depreciation rate will not be considered while making the insurance policy. In this case, the insurance rates increase, enabling you to cover all your damages in no time. The initial investment may be increase, but you will bring long-term benefits without worrying about the age and quality of your vehicle at any point in time. Make sure you think about the core concepts before finalizing the deal.
If you are looking for the best options to buy two wheeler insurance online, you must focus on certain core aspects of your vehicle. The need mainly occurs in case of accidents where your bike can be severely damaged. To claim the damages, you need to establish the facts significantly. You should also have the best insurance covered for your vehicle so that you do not face financial troubles later. Finally, buy motorcycle insurance online only after looking into the details to avoid confusion during emergencies.