As a vehicle owner, you must be aware that insurance is a regulatory compliance for your car or bike. Without one, you attract hefty fines and instead, buying a policy offers greater benefits — in terms of being on the right side of the law as well as having a safety net for your vehicle. Thus, skipping on insurance is not a good idea.
But many buyers look at only one side of buying an insurance plan, which is the legal compliance, and end up buying a policy that is priced the lowest. It solves the problem of being compliant with the Motor Vehicles Act, but the coverage offered by such an insurance plan may not always be enough for you. Your actual needs may vary and will often cost more money.
This article elaborates the different factors to consider (other than the premiums) when buying a bike insurance
policy. Continue reading to know more.
Factors to consider when buying a bike insurance plan
While the cost of the policy is a limiting factor based on your insurance budget, it often will restrict the other features that you can avail otherwise. These are some other factors to keep in mind:
- Simplicity of purchase
Other than the premium of your bike insurance policy, you must also look at how tedious the overall buying process is. A cumbersome insurance application will often trouble you at the time of purchase as well as renewal. Additionally, if the policy requires you to submit physical documents, the time lag for the coverage to begin also increases.
Many insurance companies these days offer the option of online purchase and renewal, that do not require you to either visit the insurance company’s branch office or meet an insurance agent. In addition, all the documents can be uploaded online, thereby offering quicker insurance covers. *
- Complexity of insurance products
Another consideration to look for, other than bike insurance price,
is how simple it is to understand the policy. A few years ago, insurance plans used to be riddled with different jargons that not only made it difficult to understand them, but also made it necessary to seek assistance from an insurance agent. This scenario is now changing.
Insurance companies aim to simplify the policy in easy-to-understand terms for the layman, helping an individual choose the policy in a better way (and without any dependence). Further, queries are addressed by insurance companies via chat or telephonic support. This helps to simplify the entire purchase for you as a buyer. *
- Insurance claim process
Since a bike insurance policy is designed to provide financial coverage for losses and damages, a simplified claim process will help to have a seamless claim experience. Hence, it is also advised to understand the claim process even before paying its premium. *
- Documentation formalities
If an insurance company allows you to buy or renew policies along with raising an insurance claim with minimum documentation formalities, it can help smoothen the entire purchase journey. Thus, other than the premiums, you must also look at the documentation required in the overall process. Some insurance companies even allow you to report the claim from their mobile application, further simplifying the process. *
* Standard T&C Apply
While these are some factors to consider along with the premium amount, it helps avail a comprehensive understanding of the policy and what you need to do when the time comes. To strike a balance between the premium and its policy features is essential, and you can use a two wheeler insurance premium calculator
for that. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.