Whether you are buying a fresh bike insurance policy or renewing your existing bike insurance policy, you should know how to choose the best bike insurance policy. Here is a quick guide on how to choose the best & compare bike insurance policy for your needs.
These days, an insurance policy is an inevitable requirement if you want to insure your bike. With the increasing number of theft cases, there are many insurance companies who offer you a comprehensive bike insurance plan for your bike. However, since there are many such policies available in the market, it becomes difficult for you to understand and compare them. When buying a policy, it is essential that you compare several plans to find out the one that is most suitable to your needs. Here is how you should go about it:
Look at the coverage features
Looking at the best motorcycle insurance company in India is very important for all the two-wheeler enthusiasts. It is one of the most crucial investments a biker makes when buying a bike. A good policy would not only make you ride with peace of mind but also make sure that there are no hassles while claiming any assistance. When comparing online bike insurance plans, it is important to compare the benefits and add-ons offered by different bike insurance companies. In a nutshell, there should be no compromise on quality and features of a policy.
Consider the Insured Declared Value too
While buying a bike, understanding your need well is your first step. Use the insurance to protect your bike from theft, accidents and other calamities. Bike insurance plans are very much needed because they help you when you need it the most. It is always wise to buy a bike insurance policy after considering all possible features, pros and cons, and prices. Let us compare two top rated motorcycle insurance plan companies and their trustworthy plans in the market:
The premium rate
comparing bike insurance insurance plans based on the premium alone is not enough. The premium should be examined together with the IDV and coverage benefits of the plan. For instance, a plan that offers high IDV and comprehensive coverage may come with higher premiums. It then pays to compare bike insurance based on more than just premiums alone.
Discounts allowed
Bike insurance is useful if you ride regularly. Get a high discount on premium rates by choosing voluntary deductible as compared to the standard deductible and the premium will come down considerably. Another useful tip is that the insurance company will offer you low premium rates if you modify your bike to make it disabled-friendly.
Ease of claim settlement
Some insurance companies have introduced easy and quick claim settlements through video and image uploads. These policies would be best as they would ensure quick claim settlements. Moreover, understand the claim turn-around-time (TAT) of the company and choose a policy which has the lowest TAT and most convenient claim settlement process.
Add-ons allowed
Add-ons in MIBL bike insurance make it easier for you to get covered. They make it convenient for the policyholder as well. While comparing add-ons, look for the type of add-on offered, and the extra premium payable for the same. Compare these features in different bike insurance plans and choose the one that will suit your requirement.
