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The Key Pillars of Comparison When Selecting a Two-Wheeler Insurance
Nov 6, 2023

The Key Pillars of Comparison When Selecting a Two-Wheeler Insurance Policy

One of the first few things that you ought to do after taking charge of your new bike is to get it insured. For the uninitiated, this could be somewhat overwhelming. There are a couple of bike insurance types to select from, not to mention the various covers you could add to your original plan. This, combined with the option available in the market where each one varies slightly from the other, can leave the consumer spoilt for choice. One may be faced with the same sort of dilemma when renewing their bike. insurance online or offline. Selecting the right two-wheeler insurance policy is essential for every bike owner. It provides financial protection against unforeseen events and safeguards your asset. With the advent of digital platforms, bike insurance online has become easily accessible. Purchase, as well as renewal, is now within your reach, be it via your laptop or your phone. This can allow two-wheeler owners to compare bike insurance plans and make informed decisions.

When Choosing A Two-Wheeler Insurance Plan

Choosing a plan that is right for someone may not necessarily be right for you. So, how do you choose the proper insurance cover for your bike? Let’s discuss the key pillars of comparison when selecting a two-wheeler insurance policy. This includes a bike insurance premium calculator, coverage benefits, and more.

- Bike Insurance Premium Amount

One of the primary factors to consider while choosing a two-wheeler insurance policy is the premium amount. Insurance providers evaluate several variables to determine the premium, such as the bike's make and model, age, geographical location, and the policyholder's riding experience. To simplify the process, many insurance companies offer online bike insurance premium calculator. These tools allow you to estimate the premium based on your bike's details and coverage preferences. By comparing premium quotes from different policy types, you can find an affordable plan that meets your budgetary requirements.

- Coverage Benefits

The coverage benefits offered by a two-wheeler insurance policy are crucial to ensure comprehensive protection. When comparing different policies, pay attention to the following coverage aspects: Third-Party Liability Coverage: As mandated by law, every two-wheeler insurance policy should provide coverage for third-party liability. It protects you against legal and financial liabilities arising from bodily injury, death, or property damage caused to a third party in an accident involving your bike. Claims are subject to terms and conditions set forth under motor insurance policy. Own Damage Coverage: This coverage protects your bike against damages caused by accidents, theft, natural calamities, fire, or vandalism. Ensure that the policy you choose offers adequate own damage coverage to meet your needs. While this type of policy is not mandatory, it might help you deal with loss to your two-wheeler, as well as allow you to fortify the plan with add-ons. Claims are subject to terms and conditions set forth under motor insurance policy. Personal Accident Cover: A personal accident cover provides financial support in case of accidental injuries or death of the policyholder while riding the insured bike. Consider the coverage amount and terms related to personal accident cover while comparing policies. This type of policy is also a requirement. Claims are subject to terms and conditions set forth under motor insurance policy. Add-On Covers: Additional covers, known as add-ons, enhance the policy's coverage. Popular add-on options include zero depreciation cover, engine protection, roadside assistance, and consumables cover. Evaluate the add-ons available and choose those that align with your requirements. Claims are subject to terms and conditions set forth under motor insurance policy.

- Claim Settlement Ratio

The claim settlement ratio is an important parameter to evaluate the reliability of an insurance provider. It indicates the percentage of claims settled by the insurer against those filed. It is commonly considered that the higher the CSR value, the better the company is at successfully settling claims.

- Customer Support

Additionally, assess the customer support provided by the insurance company. A responsive and customer-friendly approach can make a significant difference when it comes to handling queries, claim processing, and policy servicing. Look for insurers with a good reputation for customer support to ensure a hassle-free experience.

- Mode of Purchase

Policies today are available online as well as offline. You may find that buying a two-wheeler insurance policy online can mean slightly more cost-effective premiums as well as a relatively hassle-free process of purchase. Selecting the right two-wheeler insurance policy is a decision that requires careful consideration of various factors. Utilising online resources, such as bike insurance premium calculators, can help you determine the premium based on your bike's details and coverage preferences. When comparing policies, evaluate the coverage benefits, including third-party liability coverage, own damage coverage, personal accident cover, and add-on options. Furthermore, consider the claim settlement ratio and the customer support provided by the insurance company to ensure a reliable and efficient experience throughout your policy tenure. By considering these key pillars of comparison, you can make an informed decision and secure the best two wheeler insurance benefits with the right policy that offers comprehensive coverage and peace of mind.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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