Getting two-wheeler insurance online is paramount and is integral to following the legal compliance stated by the Motor Vehicles Act, 1988. But, with the plethora of insurers offering a myriad of bike insurance quotes, choosing the right alternative can be tough for you.
First, you must do your homework well and compare various policies offered by different vendors before purchasing your bike insurance online. You must check the companies' characteristics, claim process, reviews and feedback from existing customers, and of course, the premium that you will need to pay to get covered. Therefore, buying a two-wheeler insurance policy online is not a one-off obligation but a recurring and periodic fulfillment.
Here are some tips for comparing bike insurance quotes and policies online.
Factors to Consider When Comparing Bike Insurance Online
Here are the top factors that are important benchmarks:
Comparison of Coverage Provided and the Premium Asked for
You don’t mind paying more when you get bigger benefits. You must follow this rule while deciding on your bike insurance policy online. So, don’t go for a cheap or an affordable policy; instead, opt for a comprehensive bike insurance policy that gives you maximum features and benefits, even if that means paying a little extra.
After securing maximum coverage, compare the prices of two-wheeler insurance policies and buy bike insurance that offers maximum benefits at the lowest premium rates.
Check the Type of Bike Insurance Plan
Third-party plans provide restricted coverage for legal liability arising from mishaps, while a comprehensive bike insurance policy includes personal injury protection and third-party bike insurance coverage. It's important to research all the benefits of each policy, based on your needs, before deciding on one. Also, don't settle for the cheapest option; try to cover all the risks you wish to insure.
Add-ons Offered and Their Premiums
Add-ons are necessary as they enhance your two-wheeler insurance coverage. You can avail of extra add-ons while purchasing or on bike insurance renewal. Compare the price quoted by different insurers when adding those benefits and then decide based on the premiums.
Use a Two-wheeler Insurance Premium Calculator
While comparing two policies, always consider using an effective bike insurance premium calculator. You can calculate the premium and settle for the one that offers you the maximum benefits for the least premium.
Compare the No-claim Bonus (NCB)
You can significantly reduce your two-wheeler insurance premium with NCB. If you extend your two-wheeler insurance and make no claims in the first year, you may be eligible for a 20% NCB. This can go up to 50% in the fifth year if your bike has suffered no damage in the last year.
Available Discounts
Another crucial element while buying a bike insurance online policy is the deals and discounts offered by bike insurance companies. Be aware of the maximum reduction factors and compare bike insurance prices of different vendors. Discount rates vary by plan, so settle for a bike insurance policy with the highest discount rate.
The Preferred Garage Network
If there is a contingency, you would want a two-wheeler insurance claim without paying for the same upfront. So, you must check the bike insurance company's cashless garage network available in India. This would also facilitate a seamless claim settlement as the insurance company will settle the repair bills directly with the workshop, saving you from upfront payments and making you wait for reimbursements.
Customer Service
Purchasing a bike insurance policy online requires time, effort, patience and documentation. Gone are the days when insurance agents would mask relevant information for personal gain. Everything is available online so you can go for hassle-free claim handling and a smooth all-stage insurance process.
Don't Forget to Read Online Reviews
Checking reviews, ratings, testimonials and customer feedback regarding insurers and their services is essential to making the right insurance decision. Getting a good deal from a bike insurance company but reading about negative reviews regarding their bike insurance claim is a warning for you. However, as customer experiences can differ, don't get an impression of the insurer with a few negative words against it. If most people are found raving about an insurer, you can surely go ahead with it.
Conclusion
Considering the above parameters, you can compare several leading insurers in India and choose a two-wheeler online policy that offers the best value for money. Make sure you go through the blueprint proactively and avoid missing any important points. You can visit Paytm Insurance to compare bike insurance policies from leading insurers in India.
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