All bike owners are aware about the requirement of a bike insurance policy. But the myriad insurance plans make it difficult to come to terms which is the right policy for you. And thus, comparison is essential before you finalise on one. Even before you start comparing, you must know of the available options.
There are two types of policies to choose from—a third-party cover or a comprehensive cover. Third-party policy or liability-only plan provides coverage for legal liabilities that are payable in the event of an accident causing third-party injury or property damage. This policy, however, does not provide own-damage cover. To insure the damages against your bike, you can buy a comprehensive policy.
In order to evaluate a plethora of policies all in one place, you can compare bike insurance online. Price isn’t the only consideration to keep in mind, but also policy features, coverage, and also the exclusions. This article mentions some of the factors that make comparison a critical point:
Policy coverage vis-à-vis the premium
The foremost pillar of comparing a policy is the coverage as compared to the premium charged. You must not consider the premium in isolation, but in tandem with the coverage offered. This comparison will help you weigh the benefits vis-à-vis its cost. It is a prudent choice to buy the policy offering maximum coverage. It will help ensure maximum coverage to your bike.
Add-ons and the premium
Next, you must compare the premium with the add-on coverage offered. A comprehensive two-wheeler insurance policy offers add-on faciality. These add-ons are over and above the standard policy coverage extending your policy’s scope. But since they are optional features, they increase the premium too. Also, the insurers price them differently. Thus, comparing the available add-on according to their impact on the premium can help you make a pocket friendly as well as smart choice in enhancing the scope of your bike insurance plan. * Standard T&C Apply
Another factor to consider in comparing the available bike insurance plans is the concession that an insurer has on offer. Some insurance companies offer a markdown for being a part of automotive associations. On the other hand, a few insurers offer online exclusive deals too. Choosing the policy that offers maximum savings helps in the long run. Not just that, you can also make use of the no-claim bonus during two wheeler insurance renewal. * Standard T&C Apply
Chain of network garages
Comprehensive policies offer cashless claim facility. This facility enables to make claims without having to pay for the repair costs at first. Instead, the insurer directly settles the claim with the service garage. However, these cashless claims are only possible at a network garage that is affiliated with the insurance company. Hence, make sure to check the list of network garages so that it is a hassle-free experience to make a claim.
These are some of the factors basis which comparison of insurance policies must be made. Not only they help selecting the right policy, but also a policy that offers real advantage when required.
In this comparison, a bike insurance calculator can come handy helping you balance the benefits and the cost of the insurance policy.
Please note that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.