Your bike is not only a mode of transport, but it is one of your most prized possessions. Now, a prized possession deserves utmost care and security. The best way to care for a bike is to buy a sturdy and wholesome two-wheeler bike insurance policy. A comprehensive two-wheeler insurance policy will offer you and your bike the coverage you require. It will cover all losses incurred by accidents, thefts, fire, natural calamity, man-made calamity, etc.
The cost of spare parts, especially for high-end bikes, are soaring through the roof. The smallest damage sustained by your bike can cost you more than you can afford. If unfortunately, you lose your bike to theft or fire, it shouldn’t result in a financial loss too. A two-wheeler insurance policy protects you, and in most cases, your bike in such situations. Not to forget, the additional coverage of third-party liability. But how do you choose which insurance plan is best for your two-wheeler?
Here are 5 helpful tips for choosing the best bike insurance online:
1. Prioritize:
Different plans offer policies upon different priorities. Ensure that the policy meets your priorities in all the services. Look for the ones that are absolutely necessary and eliminate others accordingly. If there are a lot of benefits which you don’t need, you can consider dropping them. These add-on benefits will only increase your premium. Focus on your requirements and choose a plan that meets perfectly.
2. Compare Insurance Policies
Now that insurance policies are available online, the process of buying, renewing and making insurance claims has become so much simpler. You can simply log on to the internet and buy an insurance plan which suits your requirements.
Several websites play the role of an aggregator. These websites ask for some details about your requirements and bring you a list of curated two-wheeler insurance plans online within seconds. You can take your time and view each policy, its benefits and its exclusions. The key here to finding the best policy is to shortlist three to by doing some research before narrowing down on one. Once you have your list of insurance plans that offer varying benefits, you can make a comparison. These websites offer you the ‘compare bike insurance online’ feature which gives you a comprehensive table of your selected policies. You can view all their features, benefits and shortcomings in one table. This is one of the best ways to choose an insurance plan which suits your requirements perfectly.
3. Look for Offers and Discounts
The Insurance Regulatory and Development Authority of India approves of several discounts on bike insurance policies. For example, if you are a member of any approved automobile association, have an anti-theft device installed on your vehicle, you are eligible for a discount percentage on your insurance. If you have a No Claim Bonus, several insurance companies give you the option of lessening your premium for the subsequent year.
4. Research
Choosing the right insurance company is as important as buying the right insurance policy. You must do a thorough background check on the insurance company offering you insurance policy. There are three things you must know about the company
Check Owners Manual to find out what your insurance company cover and what the manufacturer covers.
- Claim Settlement Ratio: A higher ratio ensures that your claims will not be wrongfully rejected by the insurance company
- Solvency Ratio: A solvency ratio greater than 1.5 (Required by the IRDAI) ensures that the company has the funds to reimburse your claims
- Market Reputation: Check what your world is saying about the company. What is their grievance redressal rate? How quickly do they offer assistance? What is their claims process?
5. Opt for Voluntary Deductibles
If your comprehensive policy’s premium is increasing due to the add-on benefits, you can opt for voluntary deductibles. A deductible is a part you pay for your repairs. If you are a safe rider, a higher deductible can cut down your premium by almost 30%. You can get a comprehensive bike insurance policy without paying higher on your premiums.
Two-Wheeler insurance policies are a great way to secure your financial future and the health of your two-wheeler.