Two-wheeler insurance policy acts as a safety shield against probable losses that can be incurred due to theft, natural damages, third party damages and other manmade calamities. It offers you the much-needed security on the harsh conditions of our roads and yields significant savings in case of extensive repairs or loss of your two-wheeler.
Compare and Choose the Best
A two-wheeler insurance policy is an essential tool to guarantee safety and financial security. However, buying is not so easy with myriad of options in the market to choose. You need to check all the nuances of the insurance plans to select the best-suited one, according to your requirements.
This is where a third party insurance comparison website comes in handy. They automate and simplify the comparison process by bringing all the different providers under one roof. It offers a bird's eye view of all the different choices of insurance plans. You can then go on to explore each of the plans in detail to make a selection.
Factors to Look for in an Insurance Policy
1. Brand Reputation – You need to know whether it is a reliable company to invest. It should be a decent player in the market with brand resilience. An insurance company with a bad track record of claim settlement is not recommended
2. Budget – Pick an insurance apt for your two-wheeler. If your bike is relatively new and expensive model, then consider opting for comprehensive coverage and other add-ons, if needed. Set a budget that you can afford to pay and select accordingly. If your bike is very old, then you might just want to opt for the mandatory third party liability only coverage.
3. Network Garages and Cashless Facility – The whole point of two-wheeler insurance is to protect you from probable financial losses in the event of unforeseen circumstance. The best way to avoid losses is through a cashless facility wherein you need not pay anything upfront for extensive repairs and inspection. The bill is settled between the insurance company and the network garage, and you are liable to pay the excess if any.
4. Add-on covers – If you feel that you need additional protection for your bike, then opt for any add-on covers that you think can yield long-term savings.
5. Coverage and Exclusions – Stay informed about all the exceptions that might not entitle you to insurance coverage under certain circumstance. It is better to inspect the policy document to check the coverage in detail so that there are no regrets or misunderstanding later.
6. No Claim Bonus & Other Discounts – The most favorite for all of us are discounts and deals. Check if the provider offers specific discounts on the premium. Also, be aware that when you do not make any claim during the year, you are entitled for a No Claim Discount on your next renewal.
7. Online Premium Payment & Renewal – The insurance provider should enable quick payments and renewal online to make it a hassle-free process for the buyers.
8. Customer Service – There should be a dedicated customer service team to guide with your claim settlement process and other assistance, whenever needed.