Two-wheeler insurance policies offer you the safety and freedom to ride your bike without any stress. The Government of India mandates every two-wheeler owner to have third-party insurance at the least. Third-party insurance covers all the legal liabilities in case of any damages sustained by the third-party. It covers the vehicle, property as well as the loss of life of the third-party.
You may think that third-party insurance is all you need. But a Comprehensive Two-Wheeler Insurance policy has more benefits than you think. This policy gives you a full financial cover for your two-wheeler against any financial loss arising due to accidents, fires, thefts, etc. The price of spare parts, especially obscure ones, can be costly. Even slight damage to your bike can cost you more than you expect. So, it is best to take full-coverage comprehensive bike insurance online so that you can save your future. Buying a comprehensive bike insurance policy online is not as difficult as you would imagine. We offer you four ways to buy the best bike insurance online:
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 don’t have to set up meetings with your agents to know about two-wheeler insurance policies. You don’t have to pay hefty commissions for the limited choices they give you and the biased opinions they offer. 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’ 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.
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.
The insurance industry has various players competing for your attention. So, they frequently shell out limited-time offers and deals to get you to buy their policy. You can keep an eye out for such offers which will significantly reduce your premium. Some of these deals offer add-on benefits without an additional premium. So, if you want full coverage on a low premium, this is one of the best ways.
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
- Claim Settlement Ratio: A higher ratio ensures that the insurance company will not wrongfully reject your claims
- 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?
These pointers will build your trust in the insurance company, and by extension, in the bike insurance policy.
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.