Simple mantra to get the best Two-wheeler Insurance
Manju went to a store to buy a smartphone. Once she zeroed in on a model, she started comparing its price, features, and reviews across various online shopping apps. She found the best deal online at a lesser price and made the purchase in minutes! Sounds familiar? Apparel, phone, bags, shoes, home décor, jewellery…we compare almost everything online before buying. Then, why do we buy two-wheeler insurance without comparing?
Two-wheelers are a very popular mode of transportation in India. Besides being affordable, two-wheelers help to travel long distances comfortably and are easy to handle without taking up too much space on the roads. While there are several benefits of owning a bike, a crucial element of the ownership is to complement your bike with a valid bike insurance policy. The Motor Vehicles Act of 1988 mandates all two-wheelers must be covered by at least a third-party insurance plan.
Why compare bike insurance online?
A bike insurance plan essentially shields the vehicle owner from any financial burden resulting from an accident, theft, or natural disaster. Given the different types of policies available in the market, it is important to compare the price and benefits and then buy the right policy that will suit your requirements. While comparison can be undertaken offline, it is a time-consuming and cumbersome process wherein you will either depend on agents and their recommendations or visit multiple insurance providers to get details on available plans. However, in the case of online comparison, you have direct access to information at a click of a button, making you self-sufficient in taking an informed decision from the comfort of your home.
Checklist to compare bike insurance online:
When buying insurance, we habitually look at the premium amount as an essential decision-making factor. While it is important various other factors need to be considered before zeroing on the right policy. Here are seven factors that will help you compare bike insurance policies online and make the right choice:
- Maximum benefit, minimum price: Different policies have different premiums which must be considered as per one’s budget. While comparing premiums, pay attention to the extent of coverage that is offered before you make the final decision. Do keep in mind that a low premium is not always the best option as it may not cover all your requirements.
- Extent of Coverage: You must compare different bike insurance plans by the kind of coverage they provide. Third-party bike insurance plans cover against injury to a third-party person and vehicle, Own Damage insurance plans cover for damage caused to your vehicle, and Comprehensive bike insurance plans are a combination of Third-party and Own damage insurance insuring your vehicle against third-party liability as well as damage or loss caused to your vehicle due to any possible accident or natural calamity. As you can see, some give you a basic cover while others offer extended coverage. So, keep in mind the coverage that suits your needs.
- Claim Process & Claim Settlement Ratio: One of the main concerns of policyholders is that the claim process is often long drawn, delaying the settlement timelines. Make sure the claim process is easy, instant, and paperless and the claim settlement ratio (CSR) is high. The formula for finding CSR for a financial year = Number of Claims received divided by Number of claims settled by the company. This indicates the reliability of the insurance provider.
- Network of Cashless Garages: Just like while buying medical insurance policyholders look for a wide network of hospitals while buying bike insurance look for a network of garages to avail cashless facilities. The wider the network, the better the access to these garages to experience a cashless facility.
- Online Reviews: Just like before we buy anything we look for reviews, similarly before buying bike insurance it is important to check reviews posted by other policyholders online. It will help you get a view of their experiences with the insurance provider, the product, and any fine print you may have missed. Positive reviews will reassure you of the product’s worth, while negative reviews bring forth issues and potential setbacks, helping you make an educated call.
- Deductibles: Deductibles are primarily the portion of the repair bill that you must bear while settling claims. Hence, the higher the deductible on an insurance policy, the lower will be the premium that will increase the payable amount during settlement and vice versa. Thus, compare the deductibles before buying insurance.
- Read the fine print: Fine print or terms and conditions in the case of insurance, are extremely important. You should make sure that you read and understand every piece of communication — from inclusions, coverage, and benefits to exclusions. After all, you don’t want to be unaware of any clauses that would lead to the rejection of your claim.
While the above-mentioned factors are a guardrail, each factor needs to be evaluated based on your vehicle type, your budget, and your requirements or what you want out of your two-wheeler insurance.
Steps to compare two-wheeler insurance policy:
● Step 1: Download the PhonePe app
● Step 2: Click the Insurance tab on the homepage
● Step 3: Select Bike in the Motor and Travel Insurance category
● Step 4: Enter your Bike number
● Step 5: Enter all required details, tap view plans, and get started.
Online bike insurance policy comparison is as important as purchasing or renewing the policy. After all, comparing is saving! So, go ahead and enjoy road trips tension-free as you buy the right insurance policy to protect your two-wheeler.