Having bike insurance is satisfying in itself, but some areas may leave you dissatisfied. The claim process can be cumbersome if the policy coverage, the insurer, or anything else is not up to your expectations. So, it's high time to assess the reliability of your insurance cover.
Here are the five things to determine if you are satisfied with your insurance plan or not!
Premium is one of the most crucial factors when comparing different insurance plans. The lowest premium may attract you the most but may not suffice the coverage you want. Verify twice to see if the premium you are paying equates to the solutions you receive.
2. Terms and Conditions
You need to evaluate the terms and conditions of your bike insurance plan in detail to understand the coverage provided. The knowledge of the inclusions and exclusions of your insurance policy is of utmost importance. It helps ensure a smooth claim process.
3. The Credibility of the Insurer
Covering your two-wheeler with a dependable insurance provider helps in efficient claim settlement. At the time of claim settlement, if the services provided by your insurer are not satisfactory, it results in frustration. Hence, assess its credibility in-depth for a hassle-free journey. For this, you can check out the customer reviews on its website or its social handles. A claim settlement ratio can also give you a glimpse of the insurer's credibility.
4. After-sales Services
Every insurer will serve its best up to the time of selling its policies to you. Once sold, only a few will help you in times of need. If your insurer serves you whenever you need it, you have chosen the right provider. Be it the renewal process, claim settling process, or any other service, a good service provider will try their best to satisfy their customers.
There are various methods to save money on bike insurance, and many insurance firms provide them to recruit new clients. Consider these discount alternatives when deciding which insurance plan and insurer is best for you.
After assessing the above factors, it's time to switch your plan if you are unsatisfied with your existing insurance policy. Do keep in mind the following ten steps before switching to the new one:
Steps Before Switching to the New Insurance Policy
Step 1: Identify your requirement for damage cover. The main motive for buying insurance is to protect your own interest and third-party liability.
Step 2: Do research and explore the market thoroughly. To make your research successful, you need to familiarise yourself with the terminology of the insurance market.
Step 3: Make an effective comparison between different insurance plans. While making this comparison, you must ensure the chosen policy matches your requirements.
Step 4: More than thirty providers operate in India selling general insurance. Choosing an appropriate service provider is crucial as it will be the intermediary between you and the insurance benefits.
Before sales or after-sales services, customer reviews, and claim settlement ratio are some factors to consider while choosing the service provider.
Step 5: Select the type of insurance plan, viz., comprehensive cover, third-party cover, or standalone bike insurance cover. Once selected, fill in the details of your bike.
Step 6: Calculate your two-wheeler's insured declared value (IDV). The IDV is the vehicle's current market value minus depreciation. Insurers allow you to choose between the IDV ranges. So, choosing a high IDV yet keeping the premium affordable is the way forward for you.
How a two-wheeler's IDV is determined:
IDV: The ex-showroom price of manufacturer + goods and services tax + cost of components not included in the listed price - depreciation charges - the cost of insurance and registration
Step 7: In this step, you can choose add-ons to enhance your two-wheeler insurance policy. Add-ons are the additional features available in exchange for an extra premium. A two-wheeler insurance policy's commonly observed add-on benefits are:
- Emergency assistance cover
- Zero depreciation cover
- Pillion rider protection
- Roadside assistance cover
Step 8: Go through the policy document thoroughly. It helps in easing the claim process. You need to read the declaration page, inclusions & exclusions, geographical limit, other terms of the policy, etc.
Step 9: Complete all the relevant details, upload the documents, and verify the preview. Once you fill in all the personal information and the details of your two-wheeler, you need to confirm whether the details are keyed-in correctly. Once verified, save a copy of the same.
Step 10: Pay the premium, and it's done!
You will get a copy of the two-wheeler insurance policy in your email upon premium payment. You can take a printout and keep it with your vehicle.
The Bottom Line
An insurance cover is essential to protect your bike from any damage, to comply with the legal requirements, and for mental peace. Hence, it is imperative to examine if you are satisfied with your bike insurance plan and the insurer too! If not, do not hesitate to switch to a different one that better fits your requirements.