Two-Wheeler Insurance Comparison
It is said that comparison is the thief of joy. But, in the case of bike insurance policies, not comparing can steal your peace of mind. You can end up with an inadequate or inappropriate cover if you buy a policy blindly. Hence, buying a two-wheeler insurance policy after comparing all the possible options is a must in order to secure your financial interest.
What’s the point in sticking to your current policy, if there are better options available? Hence, by comparing two-wheeler insurance policies, you can make sure that the policy you’ve bought for your bike is the best deal in terms of price and coverage features.
Why Should You Compare Bike Insurance?
To make an informed decision about purchasing an insurance that will financially cover your bike, you need to compare multiple two-wheeler insurance policies. This is how comparing help:
- Saves Money
- Makes You Aware of the Coverage
- Cautions You about the Exclusions
Saves Money:
- When you compare, you get an idea about the prevailing premium rates of various companies.
- In this way, you don’t end up paying more than what is required.
Makes You Aware of the Coverage:
- You want to be financially protected in the event of a mishap or accident involving your two-wheeler. To know what all covers are available, you must compare the different policies available.
- You, thus, don’t settle with a limited or inadequate cover.
Cautions You about the Exclusions:
- When you read the policy fine print, you are well aware of the liabilities that aren’t covered. In this way, you are not left flustered if an invalid claim is rejected.
Steps to Compare Bike Insurance
| Offline | Online |
|---|---|
| - Approach the insurance broker. - Give him all the relevant information such as your vehicle’s brand name, its engine specifications, its value, etc. - The agent will come up with various quotes from different insurers after a thorough research. | - Check the websites offering comparisons online. - Enter all the information correctly. You must have your bike documents ready. Also, enter the add-ons that you need. - Such information is run through different insurer’s website and you get a list of their quotes. |
Things to Remember While Comparing Bike Insurance
The first and the most important step in buying bike insurance policy is to compare policies, whereas paying the premium is the last step. Keep the following things in mind while comparing:
- The Cheapest May Not Be the Best
- Know What Covers Your Needs
- Have a Good Knowledge of the Insurer’s Claim Settlement History
- Ascertain the Premium and Calculate the Deductible
- Check the Exclusions
The Cheapest May Not Be the Best
Get two-wheeler insurance quotes from different insurers. While doing so, pay attention to the covers that they offer. Company X might have the lowest quote; however, it may not meet all your insurance requirements. So, it is important to compare the offerings of other companies as well before you take the final decision.
Know What Covers Your Need
No two plans can be the same. Some give you a basic cover, while others have an extended coverage. Also, there are add-ons to enhance your bike’s insurance cover. While comparing, keep in mind the coverage and the add-on covers that suit your needs.
Have a Good Knowledge of the Insurer’s Claim Settlement History
Check for the efficiency of the insurer when it comes to claim settlement. You could read customer reviews, grievances and the solutions offered on their websites. Also, check their claim settlement ratio of the past years. A good knowledge of their customer service will keep you stress-free.
Ascertain the Premium and Calculate the Deductible
A deductible is that portion of the repair bill that you pay from your pocket at the time of claims. A certain amount is charged as compulsory deductible at the time of claims. You could opt for a ‘voluntary deductible’, which is the amount you agree to pay before the claim is settled. You opt for this deductible option at the time of buying the bike insurance policy. By opting for this deductible, you could lower the premium to some extent. However, this affects the claim amount you receive from the insurance company. So, make sure you take the deductible amount into consideration while comparing quotes. You will then get an idea about the amount that you must pay during claims.
Check the Exclusions
The real details lie in the policy coverage and exclusions. It is important to go through the list of what’s included and what’s not in your two-wheeler insurance policy. These can give you an idea whether the insurance plan is worth the buck.
Comparing various insurance policies before finalizing one for your two-wheeler is the need of the hour. It ensures that you get the required coverage at an economical premium. Thus, providing you a financial shield after a mishap or accident involving your two-wheeler.
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