Given the different types of policies available in the market, it is always advised to compare and buy bike insurance online. When you compare two wheeler insurance policies, you get to find out the best policy which has good coverage features and also charges the lowest premium rates. Since the policies are available online, it becomes easy and convenient to compare bike insurance online. However, what most of you don’t know is how to compare. When comparing you look only at the premiums charged by different companies. But is the premium the only factor which should be considered when you compare two wheeler insurance?
No, there are other factors too which should be considered when you compare bike insurance online. Here are top 5 factors which are important comparison parameters –
1. Coverage vis-à-vis the Premium
When comparing, don’t look at the premium alone. Always consider the coverage features of the policy along with the premium charged. Look for additional in-built coverage offered by the different policies and choose a policy which has maximum coverage benefits. This would ensure a comprehensive scope of coverage. After ensuring maximum coverage, do two wheeler insurance price comparison and then buy that policy which offers the most inclusive coverage benefits at the lowest premium rates.
2. The Add-ons Offered and their Premium
Add-ons help increase the scope of coverage of your bike insurance policy. They are necessary and should be taken into consideration when you renew or buy bike insurance online. Compare the different add-ons offered by the policies to find which policy offers you the add-on you want. If the add-on is offered by many companies, compare the premiums charged for the add-on. The premiums vary and you should always choose a policy which charges the lowest premium for the add-on.
3. Available Discounts and their Rate
The next factor which you should compare is the discounts offered by the different plans. Look for the maximum discounting factors offered by the insurance companies. Besides the different types of discounts, their rates should also be compared. The discount rates vary across plans and if you want to reduce your bike insurance premium to the lowest possible rate, opt for a policy which has the highest rate of discount.
4. The Network of Preferred Garage
The last important factor to consider is the network of cashless garages of the insurance company in India. If you want a cashless settlement of your bike insurance claim, you should get your bike repaired at a networked garage. If the company has a large network of garages in India, finding a networked garage would become easier for you. This would also ease up your claim settlement as the insurance company would settle the claim directly with the garage sparing you from any financial burden. So, choose an insurer having the largest network to ensure speedy and easy claim settlement.
The nature of the insurance industry has changed over the years. Earlier, people used to find it difficult to understand insurance policies. Purchasing a policy involved a lot of documentation. There was scope for agents and middlemen to conceal information to meet personal goals. However, all that is in the past as people are now more informed. Digital insurers have made the entire insurance experience favorable by concentrating on the service quotient. Thus, look out for an insurer that is known for hassle-free claim settlement as well as a convenient insurance process at all stages.
These are the factors which you should keep in mind when you compare two wheeler insurance. If you buy a policy after judging it on these parameters, you would have the best policy at your disposal. So, know these parameters and then buy or renew your bike insurance plan.
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