When you spend your hard-earned money on anything essential in your life, you want it to be protected from any harm that may come its way. A home, for example, is a costly buy. As a result, you may wish to secure your home against potential hazards. A two-wheeler, similarly, may be a significant part of your everyday life. It may be necessary to get two-wheeler insurance while purchasing a two-wheeler. However, how do you go about purchasing a policy that offers comprehensive coverage for your vehicle? Let’s have a look at the elements that could help you choose the right coverage.
How Do I Select the Best Policy?
It is normal for a first-time two-wheeler owner to be unfamiliar with the dos and don’ts of purchasing two-wheeler insurance. To help you understand, here are some elements to consider while shopping for the best coverage for your two-wheeler:
Ratio of Claim Settlement<a
A bike insurance coverage covers both your personal and third-party damages. The insurer provides this reimbursement when you make a claim and the claim is settled. The claim settlement ratio compares the number of claims successfully resolved by the insured to the number of claims submitted in a given year. For instance, if 1000 claims were made and insurer A processed and settled 850 of them, the settlement ratio would be 85%. If insurer B only handled 600 claims, the ratio is 60%. The greater the settlement ratio, the more likely your claim will be settled. Before choosing an insurer, investigate its settlement ratio.
There are two types of bike insurance available: third-party and comprehensive. You may also be able to obtain own-damage bike insurance. Third-party bike insurance provides financial coverage for third-party losses, whereas comprehensive two-wheeler insurance covers both third-party and own-damage damages. You may also add riders to your insurance to expand its coverage. It is crucial to note that adding riders to the policy raises the cost. The own-damage policy covers just own-damage and does not cover third-party damages. Before you choose a policy, consider your coverage requirements.
Garages for Networks
Insurance companies have arrangements with several garages. These garages are referred to as network garages. Essentially, you may use the cashless claim option at a network garage without having to pay out of pocket. Insurers maintain a network of garages across India, ensuring that you receive timely help if your vehicle breaks down. Before you choose one, consider the number of network garages provided by your insurer.
The Policy’s Cost
The cost of your policy is determined by the coverage provided for two-wheelers. The insurance’s coverage is determined by the type of policy you acquire. Because the price of third-party insurance is established by the insurance regulating authority, it is cheap and affordable for everyone. Comprehensive policies, on the other hand, are more expensive owing to the coverage provided. It covers both third-party and personal injuries. Furthermore, riders that provide expanded coverage may raise the cost of the insurance. If you choose comprehensive insurance, be sure you choose the necessary add-ons to keep the cost of your policy within your budget.
There are two ways to get bike insurance: online and offline. But which is superior? You have the advantage of convenience when you buy online. You may buy your coverage from the comfort of your own home or workplace, at any time of day or night, using your computer or mobile device. There are no hidden or additional fees when purchasing online. You may also tailor your coverage to your specific needs. Insurance brokers may charge commission on offline purchases, which raises the cost of your coverage. When you go via an agent, though, you get personalized treatment. *Standard terms and conditions apply.
- Additional Suggestions for You As a Purchaser
- Compare insurers online to get a sense of what they have to offer.
- Read reviews from actual policyholders to get a sense of their own experience.
- Contact a broker or agent to clarify the policy’s fundamental terms and avoid misunderstanding.
- Customize your policy to meet your needs, but avoid include services you may not use frequently.
- If the insurer offers a multi-year coverage at a reasonable price, go for it.