While third-party bike insurance is mandatory, you may be looking for a comprehensive cover to protect your finances better during difficult times. Whether you’re purchasing a brand-new two-wheeler or looking to switch policies during renewal, make sure to compare bike insurance plans. From getting you the most affordable deal to ensuring maximum coverage benefits, there are many reasons to compare bike insurance before you sign up. Here are 6 key factors that can help you compare bike insurance like a pro.
Inclusions and exclusions
First and foremost, compare bike insurance by checking the coverage you can get against the premium you need to pay. See if the inclusions offer you any additional benefits, be it towing or roadside assistance or even the ability to make cashless claims.
Next, check what is not covered by seeing the exclusions. This is important so that you aren’t surprised when you plan to make a claim.
Network of service centres
Remember, you can enjoy a cashless settlement process only if you get repairs done at a network garage. This is a servicing centre that is in the insurer’s network. So, compare bike insurance by checking the number of such garages across locations offered by different providers.
You can also see which two-wheeler insurance plan has your preferred garages. This will help you make the right decision and reduce your out-of-pocket expense.
Claim settlement process
While you can make claims online, the process differs across insurers. Some ask for videos and photos and limit the documents you need to submit. Others may require a lot of paperwork and take more time to process claims.
Compare bike insurance keeping all these parameters in mind so that you have a stress-free experience when you need to make a claim.
No Claim Bonus and other discounts
Every year that goes by without you making a claim makes you eligible for a No Claim Bonus. This gets you a discount on your premium for the next term. Every insurer offers a different benefit in this regard so compare bike insurance with this in mind.
Similarly, there may be certain discounts you can get by purchasing motorbike insurance online. Check for these as well as discounts on the premium related to installing anti-theft devices or other features. By knowing how insurers reduce your premiums with a quick comparison, you can choose the most affordable plan.
Riders and add-ons as well as their cost
Increasing your coverage is easy when you add riders to customise your policy to your needs. While they come at a cost, their benefits can help you save more. Compare bike insurance by seeing the available add-ons and their cost.
See which ones are most useful for you such as:
- Zero depreciation cover
- No Claim Bonus retention rider
- Personal accident cover for pillion riders
- Consumables cover
- Daily allowance benefit
Insurer’s claim settlement ratio and customers reviews
Two of best ways to forecast how smooth your experience will be with a particular insurer is to check their ratio for claim settlement and what customers have said about them. Make sure to compare bike insurance keeping these in mind.
By identifying an insurer with a high number of settled claims against the total claims, you will know how likely they are to honour claims. Similarly, by spending time to read online testimonials or complaints, you can better analyse the customer service of the insurer.
All these factors not only help you choose the most affordable bike insurance, but also help you get the most benefits and ensure a smooth journey in the future. So, get started today and compare bike insurance plans online!
