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How to Choose a Two-Wheeler Insurance Policy Online?
As we proceed in this guide, you will learn how to select a two-wheeler insurance policy online. It will help you decide by explaining each step of the process in detail.
Top Tips on Choosing an Ideal Two-Wheeler Insurance
1. Understand the Basics of Two-Wheeler Insurance
Before diving into the selection process, it's essential to understand the basics of two-wheeler insurance. In India, two types of insurance policies are available:
Third-Party Liability Insurance : This insurance covers any losses or injuries caused by your two-wheeler to a third party. In India, this insurance is mandatory by law. However, it does not cover damages to your own vehicle or any personal injuries you may suffer.
Comprehensive Insurance : A comprehensive bike insurance offers more extensive coverage. It involves third parties and should cover your vehicle, any harm that befalls it, theft, natural calamities, and personal injuries. It is more expensive than third-party insurance, but the coverage it offers for the vehicle is much more extensive.
2. Assess Your Needs for Two-Wheeler Insurance
The next question to be answered is about your particular requirements. Consider the following questions:
Are you looking for just legal protection?
Are you looking for insurance for loss/ damage to your bike?
Do you require other features, such as roadside assistance or zero depreciation?
If all your biking is local, then simple third-party insurance might be enough for your needs. However, a plan with additional endorsement might be more suitable if you use your two-wheeler for a regular commute.
3. Research Different Insurers
After identifying the type of policy required, the next step is to look for various insurance companies. Choose those insurance companies with a sound reputation in the treatment of clients as well as in the handling of claims. Here are a few things to consider:
Claim Settlement Ratio: This is the percentage of claims settled by the insurer out of the total claims received. A higher claim settlement ratio indicates the insurer is reliable and likely to settle claims efficiently.
Customer Reviews: Make sure that you read other customers' feedback as contained in their posts on their blogs or social media pages. Search for responses regarding the claim processing, customer services, and the level of satisfaction. Such reviews may have details that help assess the performance of the insurer.
4. Compare Premiums
It is important to compare premiums while choosing a bike insurance policy online. Different insurers offer different premiums based on several factors: Different insurers offer different premiums based on several factors:
Type of Coverage: Third-party plans are cheaper compared to comprehensive plans.
Vehicle Model: The insurance premium depends on the bike model you own and its road price.
Location: The premiums may vary depending on the region in which you reside.
Add-Ons: Low-cost accessories such as zero depreciation or roadside assistance will also tend to have a higher premium.
You should always cross-check their premiums from different insurance companies using online comparison tools. Such tools enable you to key in your details and get different quotes from the available providers to ensure you purchase a policy you can afford.
5. Check for Discounts
Many insurers offer discounts that can lower your premium. Common discounts include:
No-Claim Bonus (NCB): If you have not been involved in any instances that would warrant you to make claims during the policy term, your renewal premium may be cheaper.
Online Purchase Discount: There are cases where the insurer may charge a lesser premium if you purchase the policy directly through the website.
Safe Rider Discount: You may be eligible for a lower price if you do not have any past driving violations.
It is also recommended to always ask about existing discounts when looking at different policies.
6. Evaluate Add-On Covers
The add-ons go beyond the standard policy to offer a comprehensive cover. Although they upgrade the price of the premium, they are worth it in the long run. Common add-ons include:
Zero Depreciation Cover: This cover entitles you to the total value of parts replaced during a claim without any of them being deemed to be depreciated.
Personal Accident Cover: This cover pays if the rider dies or gets immobilised from an accident.
Roadside Assistance: Regarding the bike's breakdown or towing, this add-on provides the necessary help.
Engine Protection: It shields the engine from water spoilage or any other factor that may arise.
Select add-ons that meet your requirements. For instance, if you reside in an area prone to floods, engine protection might be wise.
7. Read the Policy Document Carefully
This policy guide should be read carefully before deciding to pay for the policy. The document will outline the terms and conditions, including:
Coverage Details: What you get to have and what you don't get to have.
Exclusions: Exclusions are circumstances or losses not covered under the policy.
Claim Process: Information on filing a claim and the necessary paperwork.
Renewal Terms: The details that explain how and when the policy can be renewed and the costs involved.
Ensure that you grasp these aspects to avoid encountering a surprise later.
8. Check the Claim Process
Easy to understand and smooth processing of the claim is crucial. Search for insurers whose procedures for filing a claim are accessible online. Many insurers now offer:
Online Claim Filing: File claims online without the need to visit the office.
Cashless Garages: Affiliated heaves where one can get the vehicle fixed without depositing some cash. The insurer pays the garage bill.
24/7 Customer Support: Check that the insurer provides 24/7 customer care, which may be needed to help with a claim at any time.
A smooth claim process can save you time and stress in an accident.
9. Consider the Policy Renewal Process
Ensuring your policy is renewed immediately for insurance coverage is also essential. Many insurers offer:
Automatic Renewal Reminders: Send messages as reminders that your policy is expiring through SMS or mail.
Grace Period: Some insurers allow the policyholder to renew the policy after its expiration while keeping features such as the No-Claim Bonus.
Online Renewal: Renew your policy hassle-free with just a few clicks.
A convenient renewal process ensures you stay protected without interruption.
Read the policy document carefully and choose add-ons that enhance your protection. With the right policy, you can ride confidently, knowing you and your two-wheeler are protected.
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