What to Consider When Choosing the right bike insurance policy?
When you use your hard-earned money to buy something very important in your life, you will want to protect it from any risks that might threaten it. For example, a house is an expensive purchase. So you may want your home to be protected from unwanted risks. Similarly, a motorcycle can be an important part of your daily life. When you buy a motorcycle, it is important to buy motorcycle insurance with it. However, how to choose a policy that provides comprehensive protection for your vehicle?
Let's take a look at the factors that might help you in choosing the right policy.
How to choose the right policy?
As a motorcycle owner for the first time, it is natural that you are not very familiar with the rules related to purchasing motorcycle insurance. To facilitate your understanding, here are some factors you need to consider when looking for the right policy for your motorcycle:
Claims Settlement Ratio
A motorcycle insurance policy offers compensation for own damage and third party damage. This compensation is provided by the insurance company after you have filed a claim, and the claim is successfully settled. The claims settlement ratio indicates the number of claims successfully settled by the insured compared to the number of claims filed in one year. For example, if there are 1000 claims filed and insurer A processes and resolves 850 claims, that represents a settlement ratio of 85%. If insurer B only processes 600 claims, that is a ratio of 60%. The higher the claim settlement ratio, the more likely it is that your claim will be settled. Research the insurance company's claims settlement ratio before choosing one.
Types Of Police
There are two options for purchasing motorcycle insurance: third party and comprehensive. You may also get your own damage insurance option. Third party motorcycle insurance offers financial protection for third party damage, while comprehensive motorcycle insurance coverage covers self-damage as well as third party damage. In addition, you can add extras in your policy to increase its coverage. It is important to note that additional additions in the policy will increase its cost. The self-damage policy provides coverage only for self-damage and does not cover third-party damage. Understand your coverage needs before choosing a policy type.
Network Workshop
Insurance companies have agreements with various workshops. These workshops are referred to as network workshops. Basically, you can use the cashless claim facility at a network workshop, so you don't have to pay directly. The insurance company has a network of repair shops all over India, ensuring you get quick help if your vehicle runs into trouble. Pay attention to the number of network repair shops offered by your insurance company before choosing one of them.
Policy Cost
Motorcycle insurance coverage is a determining factor in the cost of your policy. The cost of the policy depends on the type of policy you purchase. Since the insurance regulatory authorities set the price of third-party insurance, its cost is low and affordable for everyone. On the other hand, a comprehensive policy is more expensive because the coverage offered in it covers both third-party damage and own damage. In addition, extras that offer wider coverage can also increase the cost of the policy. If you choose comprehensive insurance, make sure you choose the extras needed to keep the cost of the policy within your budget.
Purchase Method
When buying motorcycle insurance, you have two options: online and offline. But which one is better? With online purchases, you have the advantage in terms of convenience. You can buy a policy from home or work, at any time, and you can use your computer or mobile phone for the purchase. There are no hidden or additional costs with online purchases. You can also customize the policy according to your preferences. In offline purchases, insurance agents may charge a commission, which increases the cost of your policy. However, you get personalized service when you use an agent.
* Standard T&Cs apply
Additional Tips for you as a buyer
Compare insurance companies online to get an idea of what they offer individually.
Read reviews from actual policyholders to understand their personal experiences.
Contact a broker or agent to understand the basic terms in the policy and avoid confusion.
Adjust your policy to suit your needs, but don't include features that you may rarely take advantage of.
If the insurance company offers a multi-year policy, choose it if the cost is within your budget.
Conclusion
With these tips, you may find it easier to purchase a suitable policy that offers comprehensive protection for your new motorcycle. You can also use the two wheeler motorcycle insurance premium calculator to get a police quote
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