Simple mantra for getting the best two-wheeler insurance
Manju went to a store to buy a smartphone. Once she zeroed in on one model, she started comparing its price, features, and reviews on various online shopping apps. She found the best deal online at a lower price with add-ons and made the purchase within minutes! Sound familiar? Clothing, phone, bags, shoes, decoration, jewellery… we compare almost everything online before buying. So why do we buy two-wheeler insurance without comparing?
Two-wheelers are a very popular form of transport in India. In addition to being affordable, two-wheelers allow you to travel long distances comfortably and are easy to handle without taking up too much space on the roads. While there are several benefits to owning a bike, a crucial part of ownership is complementing your bike with a valid bike insurance policy. The Motor Vehicles Act 1988 states that all two wheelers must be covered by at least one third party liability insurance scheme.
Why compare bike insurance online?
A bicycle insurance plan essentially protects the vehicle owner from any financial burden resulting from an accident, theft, or natural disaster. With the different types of policies available in the market, it is important to compare price and benefits and then purchase the right policy that will meet your needs. Although the comparison can be done offline, it is a cumbersome and tedious process in which you will either depend on agents and their recommendations or visit multiple insurance providers for plan details. available. However, in the case of an online comparison, you have direct access to information with one click, allowing you to make an informed decision from the comfort of your own home.
Checklist for comparing bike insurance online:
When buying insurance, we usually consider the amount of the premium as an essential decision-making factor. While important, various other factors should be considered before zeroing in on the right policy. Here are seven factors that will help you compare bike insurance online and make the right choice:
1. Maximum profit, minimum price: Different policies have different premiums which should be considered according to one’s budget. When comparing premiums, pay attention to the extent of coverage offered before making the final decision. Keep in mind that a low premium is not always the best option as it may not cover all your needs.
2. Scope of coverage: You should compare different bike insurance plans based on the type of coverage they offer. Third-party bicycle insurance third-party and vehicle injury coverage, Own Damage insurance plans cover damage to your vehicle, and Comprehensive Bike Insurance plans are a combination of Third Party and Own Damage insurance also insuring your vehicle against civil liability as damage or loss caused to your vehicle due to a possible accident or natural calamity. As you can see, some give you basic coverage while others provide extended coverage. So keep in mind which cover suits your needs.
3. Claims Process and Claims Settlement Ratio: One of the main concerns of policyholders is that the claims process is often lengthy, which delays settlement times. Ensure that the claims process is simple, instant and paperless and that the Claims Settlement Ratio (CSR) is high. The formula to find the CSR for a fiscal year = Number of complaints received divided by the number of complaints settled by the company. This indicates the reliability of the insurer.
4. Network of Cashless Garages: Just like when buying medical insurance, policyholders look for a wide network of hospitals, while buying bike insurance, look for a network of garages to take advantage of cashless facilities. The wider the network, the better the access to these garages to experience cashless ease.
5. Online Reviews: Just as before buying anything we look for reviews, so before buying bike insurance it is important to check the reviews posted by other policyholders online. This will help you get an idea of their experiences with the insurance provider, the product, and any fine print that you may have missed. Positive reviews will reassure you of the product’s value, while negative reviews will raise issues and potential setbacks, helping you make an informed call.
6. Deductibles: Deductibles are mainly the part of the repair bill that you have to bear when settling claims. Therefore, the higher the deductible of an insurance policy, the lower the premium will be, which will increase the amount to be paid upon settlement and vice versa. So, compare deductibles before taking out insurance.
7. Read the fine print: The fine print or terms and conditions in the case of insurance are extremely important. You must ensure that you read and understand every piece of communication – from inclusions, coverage, benefits to exclusions. After all, you don’t want to ignore clauses that would result in your claim being rejected.
Although the factors mentioned above are a guideline, each factor should be evaluated based on your type of vehicle, your budget and your needs or what you expect from your two-wheeler insurance.
Steps to compare a two-wheeler insurance policy:
Step 1: Download the PhonePe app
2nd step: Click it Insurance tab on the home page
Step 3: Select Bike from the Car and Travel Insurance category
Step 4: Enter your bike number or click on the Don’t remember your bike number option if you can’t remember your bike’s registration number
Step 5: Enter all the required details, tap View Plans and get started.
Comparing bike insurance policies online is as important as buying or renewing the policy. After all, comparing is saving! So go ahead and enjoy stress-free road trips by getting the right insurance policy to protect your two-wheeler.