Traditionally, buying a bike insurance policy required you to talk to several insurance companies and receive quotes. Then, you could sit down with all the paperwork and compare policies to choose the best option. This was cumbersome, and many bike owners would purchase the policy recommended by the bike dealer.
However, since the advent of online insurance policies, buying and comparing them has become easier and more effective. But do you need to compare bike insurance policies? Yes. Here are some reasons why comparing bike insurance policies are necessary for bike owners.
In India, it is mandatory for bike owners to have an insurance policy that offers coverage against third-party liability. This means that if your bike meets with an accident or mishap and causes damage to a third person or property, then the insurance policy will bear the costs of the damage. However, these policies do not include damages to you or your bike. A comprehensive policy offers this coverage.
Also, there are many add-on covers that are designed to cater to the unique needs of bike owners. Therefore, when you start comparing policies, you discover the options available to you and can make an informed decision. Here are the advantages of comparing bike insurance.
Advantages of Comparing Bike Insurance
Here are the advantages of comparing bike insurance:
- Get the best coverage for your bike
There are many insurance companies offering different types of two-wheeler insurance plans in India. While, on the surface, these plans might seem the same, the coverage can vary based on a range of factors. Also, insurers usually offer various add-ons to help customise the policy as per your needs.
When you decide to buy insurance for a two-wheeler online, understand your requirements from the policy based on your anticipated use of the bike. Next, go online and look for sites that allow you to compare bike insurance online. Finally, you can use the bike insurance premium calculator to compare the premium once you have decided on the coverage needed by you too.
- Find the best policy for your needs
If you are new to riding bikes, then you might want to opt for a comprehensive bike insurance policy as it includes damages to you and your bike along with the mandatory third-party liability cover. In addition, these policies also cover damages to your bike due to natural and man-made calamities that make them ideal for costlier bikes. Hence, when you compare bike insurance policies, you can find one that is best suited to your needs.
- Opt for the best insurance company
Even if you buy the best policy but choose an insurance company that has a low claim settlement ratio, then you might not receive the benefits of the policy when you need them. When you compare bike insurance online, it allows you to compare insurance companies too. You can read reviews and even talk to existing customers to assess the reliability and customer-centricity of the insurance company before signing the dotted line. Look for the unique features offered by the insurance companies and check their reliability and reputation before making a decision. Also, ensure that the renewal of two-wheeler insurance is easy and quick.
- Avoids impulse buying
Since a two-wheeler insurance policy is mandatory in India, many bike owners purchase the first basic policy that they lay their eyes on. When the bike meets with a mishap or accident and the policy does not cover it, they realise the haste in which they had made the purchase. Comparing bike insurance policies allows you to avoid such impulse buying and helps you choose the best policy for your needs.
Riding a two-wheeler has risks. Even the safest rider cannot be assured of zero accidents or mishaps. In any such unfortunate event, the right bike insurance policy can ensure that the costs of damages or medical treatment don’t burn a hole in your pocket. First, however, it is important to buy a policy based on your use of the bike.
If you ride extensively on highways, then you might want to choose a policy and add-on covers that are designed for such rides. On the other hand, if you ride your bike for fun only on weekends, then you might need a different policy. When you compare bike insurance in India, you can look at various options available and choose a policy that offers the best coverage for you and your bike.