There are many variations in bike insurance policies available in India. Hence, it is important to compare and buy bike insurance that is best suited to your needs. While assessing your insurance requirements is the first thing that you must do, there are many factors that can be compared to find the perfect policy. Today, we will talk about five important factors that you must compare before buying bike insurance in India.
Factor 1. The coverage offered for the premium
Most bike owners make the mistake of only comparing the premiums of various bike insurance policies. This can be counterproductive since a two-wheeler insurance premium depends on the coverage offered by the policy. Hence, it is important to compare premiums while looking at the coverage offered by different policies. The idea is to find a policy offering maximum coverage in the most cost-efficient manner. Look for features that you need and compare premiums of policies that offer the kind of coverage you need.
Factor 2. Add-ons and their costs
When you buy a comprehensive bike insurance policy, you can choose from a range of add-ons that help you increase the coverage based on your needs. Each add-on comes at a cost and increases the premium of your policy. One popular add-on is a zero depreciation cover where the insurer does not deduct depreciation of the bike or its parts while settling a claim. Although this is standard across most insurance companies, the premium for the add-on can vary. Hence, it is important to compare the costs of all add-ons before buying the policy.
Factor 3. Discounts and other benefits
Insurance companies extend discounts via different plans. Once you have determined the coverage and add-ons you need and compare policies based on the above two factors, look for discounts offered by them. The idea is to buy a policy that offers you the most comprehensive cover at the lowest premium rate. Also, if you are renewing your bike insurance and have not filed any claim in the policy term, ensure that you apply for and receive the No Claim Bonus (NCB)
Factor 4. The network of cashless garages
Most bike insurance companies offer cashless repairs of your two-wheeler via a network of authorized garages. This is an important feature since it ensures that if your bike meets with an accident or mishap, you don’t have to pay for the repairs and wait for the claim to get settled and reimbursed. When you get your vehicle repaired through an authorized garage, you don’t have to spend any money as the insurance company directly pays the garage. Hence, while buying a bike insurance policy, it is important to look for a provider that has an extensive network of cashless garages, especially around the regions where you frequently ride your bike. This can ensure quick and hassle-free claim settlement.
Factor 5. Quality of Service
Over the years, the insurance industry has undergone a lot of changes. Today, people are more conversant about insurance policies and the terms associated with them. Also, traditionally, insurance agents were the only way to buy a policy. Hence, there was a huge scope for miscommunication and incorrect information being provided to the policyholder. Today, with digitization, all these roadblocks have been crossed. You can visit any insurance company’s website and read everything that you want to know about the policy that you wish to buy. In such a landscape, the quality of service offered by the provider becomes an important differentiating factor. Read some reviews about the insurer and see what existing policyholders are saying about the company. The buying process, query resolution, and claim settlement processes should be hassle-free and simple.
If you are worried about how to check bike insurance policies and find the best one for you, then these five factors can help you find the perfect one. Remember, every bike owner is unique and has a specific requirement from the insurance policy. Before you launch your hunt, assess your requirements, and make a list of features that you need in the policy. This will help you find the right one with ease.
Summing Up
Riding a two-wheeler in India is risky due to heavy traffic and an overall poor condition of the road network. Hence, a bike insurance policy that offers the maximum coverage is a must. While a third-party policy is mandatory, it only covers damages or losses to third-party property or person (s) and not to you or your vehicle. A comprehensive policy, on the other hand, offers you the flexibility to customize the policy as per your requirement. Once you know what you want, it’s a matter of researching the options available to you and comparing the features that you want along with the premium rates. Remember, you are protecting yourself and your family against potential financial losses arising from a variety of factors. Hence, don’t rush into things. Compare well and make an informed decision. Good Luck!