As consumers, we are spoilt for choices. Let’s look at a simple example of buying a shoe. You will a shoe store (online or offline), look at various makes and models, try them (offline), and buy the best one. However, most people don’t look for options before buying a bike insurance policy. In fact, most bike owners are unaware of the range of options available to them in two-wheeler insurance. Today, we will talk about why you should compare bike insurance and how you can choose the best one for your needs.
In recent years, digitisation has changed the way we do business. Most insurance providers offer online platforms to help bike owners purchase two-wheeler insurance. There are various platforms, including insurance company websites, which allow them to compare policies across providers and choose the one that is best suited to their needs. These platforms also provide a bike insurance premium calculator to help you determine the best premium for your specific insurance needs.
Why Should You Compare Bike Insurance Policies?
Here are some reasons to consider comparing bike insurance policies before making the purchase:
- Understanding policy terms: Insurance policies have a range of terms, conditions, inclusions, and exclusions. It is important to understand them to have a clear picture of the coverage you are purchasing. Then, when you compare policies, you get a better understanding of these terms and can choose the best policy for your needs.
- Finding a reliable provider: A good insurance company is one that offers top-notch service and settles claims efficiently. By comparing policies, you can read reviews and assess the reliability of the insurance provider before signing the dotted line.
- Finding a cost-efficient policy: Online insurance for the bike offers coverage against damages and losses for a premium. When you compare policies, you can compare premiums and coverage and find the most cost-efficient option for your site.
- Get discounts: Insurance providers tend to offer discounts on policies from time to time. By comparing policies, you can check the different types of discounts on offer and choose the ones that are the best for you.
Factors to Consider While Comparing Bike Insurance Online
When you compare bike insurance online, here are some factors that you can keep in mind:
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Coverage
There are two major categories of two-wheeler insurance policies available – Third Party Liability insurance and Comprehensive insurance. While the third-party policies offer coverage from third-party damages and are mandated by the IRDAI, it does not offer protection from their own damage. A Comprehensive Policy, on the other hand, offers protection from third-party liability and own damage. Make sure that you choose the coverage based on your needs.
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Insured Declared Value (IDV)
A two-wheeler goes through depreciation. The IDV of a bike is its current market value minus the depreciation. It has a direct impact on the sum insured and the premium of the policy. Sometimes, insurers reduce the IDV of your vehicle to offer policies at lower premiums. Make sure that you are aware of the market value of your bike before looking for an insurance policy.
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Premium
Insurance providers offer a range of features and services for a premium. Make sure that you compare 2 wheeler insurance policies and features with the premium charged by the insurer.
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Add-on Covers
When you opt for a comprehensive policy, the insurer offers a range of add-on covers that can help you customise the plan as per your unique needs. However, add-on covers increase the premium of the policy. Hence, make sure that you choose them carefully.
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Claim Settlement
Look for insurers that offer online and paperless claim settlements with a high claim settlement ratio. This is an important aspect of a policy as you need to be confident that your claim will get settled in a reasonable time.
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Customer Service
This is a crucial aspect of an insurance policy. A good customer service team ensures that all your queries are handled quickly and to your satisfaction. Make sure that you compare providers based on the service they offer too.
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Policy tenure
Look for long-term policies as they can offer discounts on premiums and better benefits.
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Network garages
Most insurers offer cashless services at their network garages. Look at the network of garages of the provider and look for one that has garages closer to your place of residence, work, and usual routes.
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Exclusions
While most providers advertise the inclusions, the exclusions are specified on the policy document and not highlighted much. So make sure that you look at policy exclusions across insurers and plans.
Summing Up
Remember, the two-wheeler insurance policy must provide coverage based on your needs. For example, if you are opting for a comprehensive policy and plan to travel long distances on your bike, then the features you need in your bike insurance policy will be different compared to someone who plans to use the bike for local use only. Therefore, make sure that you assess your use and compare providers and policies to find the best one for your bike. Good Luck!
