Buying the right bike insurance online can turn out to be quite difficult if you do not understand some of the commonly used terms. Owing to this lack of information, many times people are unable to pick the right insurance types and end up paying more in accident damages or have a higher maintenance charge for their bike.

Nonetheless, to help you understand two-wheeler insurances better, here are 7 of the most commonly used jargons to know when looking for bike insurance online -

1) Insured Declared Value (IDV) - This is the approximate market value of your bike. An IDV is nothing but the maximum insurance amount covered for your bike. Your IDV is directly proportional to the monthly premium you need to pay. A larger IDV means a higher premium and vice versa.

2) Deductibles - These represent the financial contribution the bike owners gives when making a claim alongside the insurance company. Voluntary deductibles and compulsory deductibles are the two types of deductible in the insurance market right now. Choosing a voluntary deductible significantly reduces the premium paid at regular intervals but also remarkably reduces the amount of money the insurance company pays to cover claim bills.

3) Add-on or riders - Add-ons, also known as riders, are the extra services that one can avail to make the most out of their Motorcycle Insurance Online. Increasing the number of add-ons increases the premium you pay but it also allows you to save money in other avenues related to your bike. Availing the popular engine protection and zero-depreciation add-ons would definitely increase your premium by a little bit in return it would help you to save a significant amount of money in the longer run.

Original Content - 7 Jargons to know when Looking for Online Two Wheeler Insurance