Getting the best bike insurance policy can be a challenging task for you, unless you’re adept at it. Given the presence of more than 50 motor insurance companies in India and the availability of different types of bike insurance plans, you have your task cut out. Buying bike insurance online allows you to compare various options and select the policy that’s in line with your requirements and budget.
Below are the tips that can help you get the best bike insurance online:
1. Know the right type of policy for you
There are two types of bike insurance plans available in India – third-party bike insurance and comprehensive bike insurance. While third-party insurance provides coverage against the mandatory third-party liabilities that may arise in case of an accident, comprehensive bike insurance covers loss or damage to your bike in case of an unforeseen mishap.
Though third-party insurance is the cheaper of the two, it’s better to opt for a comprehensive insurance policy since it will prevent you from incurring financial losses if your bike gets stolen or damaged in the future.
2. Buy a policy from a reputed insurer only
As mentioned before, there are more than 50 insurance companies offering two-wheeler insurance in India. However, not every insurer carries the same reputation. If you buy bike insurance from an insurer who doesn’t have a very good reputation, you may face hassles at the time of claim.
Hence, buy a policy from an insurer that has a good reputation. Research about the background of the insurance company and read online reviews of its customers before buying a policy with it. Some of the most reputed motor insurance companies in India are ICICI Lombard, HDFC Ergo, Bajaj Allianz, Bharati AXA, Go Digit, and Edelweiss.
3. Look at the claim settlement ratio of the insurer
The claim settlement ratio of an insurance company reflects its ability to settle the claims of its customers. It’s the ratio of a total number of claims settled by the insurer to the total number of claims filed by its customers.
Ideally, you should buy a policy from an insurer only if it has a claim settlement ratio of above 95. This will ensure that in case you need to file a claim in future, your claim settlement will be efficient and hassle-free.
4. Get premium quotes from various insurers
One of the advantages of buying bike insurance online is that it allows you to get premium quotes from various insurers, compare them, and select the policy which provides the best value for money. You can browse through the websites of different insurance companies and check bike insurance prices by entering the details of your two-wheeler.
Do not simply go for the cheapest policy. Instead, look at the features, benefits, number of network garages where you can avail cashless repair facility, and the availability of add-on covers. Compare various offerings from different insurers and then choose the policy which is well within your budget and fits your precise requirements.
Always keep the above-mentioned points in your mind while purchasing bike insurance online. Considering these points will make it easy for you to choose the best policy for your bike, while also ensuring that you do not have to face unnecessary hassles when you file a claim in the future.
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