Two Wheeler Insurance Comparison

Introduction

It is said that comparison is the thief of joy. But, in the case of bike insurance policies, not comparing can steal your happiness.

What’s the point in getting a cheap deal, if there are better options available? 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 two-wheeler insurance policies from multiple options. This is how comparing helps:

Saves money:

  • When you compare, you get an idea about the prevailing premium rates.
  • You, thus, don’t end up paying more than what is required.

Makes you aware of the coverage:

  • You want to be financially protected during the hard times. To know what all covers are available, you must compare.
  • You, thus, don’t settle with a limited cover.

Cautions you about the exclusions:

  • When you read the policy fine print, you are well aware of the liabilities that aren’t covered. Like this you are not left flustered if an invalid claim is rejected.

How Bike Insurance Comparison Should Be Done?

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- Approach the insurance broker.

- Give him all the relevant information such as your vehicle’s brand name, its engine specifications, its value, etc.

- The broker will then do a comprehensive search and come up with quotes from different companies.
- 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

Paying the premium is the last step of buying a bike insurance policy. The first and the most important step is to compare policies. Keep the following things in mind while comparing:

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. If nothing else, compare how the offerings of Company X are better than those of other companies.

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 add-on covers that you might need.

Have a good knowledge of the insurer’s claim settlement history

You must know how efficient your insurer is when it comes to settling claims. Go to their websites and read the customer reviews, their grievances, the solutions offered. 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 repairs bill that you pay from your pocket at the time of claims. You could opt for a ‘voluntary deductible’, which the amount you agree to pay before the claims are settled. You opt for this deductible option at the time of buying the bike insurance policy. By opting for this deductible you could lower premium to some extent. However, remember that this affects the claim amount settled by the insurance company. While comparing the quotes, take the deductible amount into consideration. You will 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. Go through the list of everything that is not covered by a two-wheeler insurance policy. Also, check the circumstances in which the usually covered damages get excluded. These can give you an idea whether the insurance plan is worth the buck.

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