Proficient motor insurance is a necessary tool of financial aid that would help you during the time of unforeseen accidental situations. If you are planning to purchase 2-wheeler insurance for yourself, you need to choose the right plan from the best provider available in the Indian market. Be it third-party bike insurance or a comprehensive insurance plan, you need to keep in mind a lot of considerations before choosing the right insurer. To help you further, here are some best tips to choose a good bike insurance provider online. Read to know more!
Why it is necessary to have good bike insurance?
In India, it is compulsory to have at least a third-party bike insurance policy. For those unfamiliar with the law governing bike insurance, it is compulsory to purchase a third-party policy. There are monetary penalties for failing to comply with this law. Non-compliance can also result in jail time. Furthermore, if an uninsured bike causes an accident, the legal consequences can be severe. So it is very essential to have a good 2 wheeler insurance provider which will assist you in a tough time and offer a lot of services at a low premium.
Best tips to choose a good bike insurance provider online
1. Check the insurance terms carefully
In order to buy 2-wheeler insurance online, it is helpful to know the various terms used in the insurance business:
- IDV: Insured’s Declared Value is calculated based on the ex-showroom price of a two-wheeler and is determined by the make, model, sub-model, and registration date of the vehicle.
- Deductible: The deductible is the sum that you must pay for each and every claim. A mandatory deduction applies here. No matter the CC (Cubic Capacity) of the vehicle, the deductible for all two-wheelers is Rs. 100. In order to receive an additional reduction on the premium when purchasing or renewing the insurance, you can also choose the voluntary deductible, which is the sum you decide to pay out of pocket for each claim you file.
- NCB: The No Claim Bonus is a discount that the insurance company gives you for each year of your coverage that you prevent filing a claim. The OD (Own Damage) premium is the only one eligible for this discount.
- Third-party bike insurance: The Motor Vehicles Act mandates compulsory insurance coverage for your bike. It covers loss, damage, and other liabilities that may result from your two-wheeler.
2. Compare the insurance online
Another main step to picking out the best plan from the best insurance provider is by comparing the plans, inclusions, exclusions, prices, and all other terms and conditions online. By comparing the available insurance online, you can easily get to understand which is better for you and choose accordingly. It helps you in making a prudent and beneficial purchase.
2. Check on the network of cashless garages
The network garages where you can receive cashless claims coverage are listed by each insurance company. Check the list of network garages to see if the garages closer to your location are included as well or not. It is better for you to receive cashless claims service if there are more garages insured. Acclaimed insurance providers like Bajaj Allianz has around 6500+ network of garages for cashless services for the benefit of customers.
3. Customer service
Choose an insurance company that offers 24*7 customer service. This ensures that if you need any help in the middle of the night, you can contact the insurance company and get help immediately. The majority of insurance providers have a separate designated customer care line for their clients.
4. Claim settlement ratio
There is a claim settlement ratio that reflects how many claims have been settled out of the total amount of claims. The higher the ratio, the better. It helps build a sense of confidence by ensuring that your claim won’t be arbitrarily denied.
5. Availability of add-on covers
You can choose add-ons like engine protection, zero depreciation, etc. by paying an additional cost to increase the policy’s coverage. Consider the list of available add-ons before selecting a third party bike insurance provider online because doing so can help you avoid paying additional costs in the event of a claim.
6. Check on ratings and reviews
Check out the ratings and reviews before considering an online provider of 2-wheeler insurance. You will gain a better understanding of the customer service, coverage, and level of satisfaction with customers offered by the insurance provider as a result. Check the coverage, cost, purchase and renewal procedures, insured declared value, riders, and other factors before choosing bike insurance. Also, don’t forget to browse online for the best deals. Spend some time and do some research to find the top insurance company to protect your two-wheeler.