Authored By : Smriti Gala
While buying a new vehicle you always consider various factors like make, model, mileage, pricing, engine power etc. Similarly, you need to consider some factors while looking for bike insurance quotes online so that you get the best two wheeler insurance policy as per your needs.
Here are the factors you should consider:
- Compare plans online: One of the most important aspects for getting the best bike insurance quotes is to compare bike insurance online. You can compare plans from different companies online and choose the plan that includes all your necessary features, add-on covers etc. at the best price possible. You can simply visit an aggregators website, go to their two-wheeler insurance page and add some details about your vehicles. You will then be shown all the plans that are available and best suited for your vehicle.
- Type of coverage: Before you start comparing insurance, you first need to know the types of coverage available. There are two types of bike insurance policies available in India: Comprehensive insurance and third-party insurance. As per the law, owners must have at least a valid third-party bike insurance that covers third party liabilities.
However, comprehensive bike insurance provides coverage to own damage as well as third party liabilities. The premium is higher than usual for this policy. - Add-on covers requirement: Buying add-on covers also means that you will have to pay an additional premium amount for them. Some people go on buying add-on covers even if they are not helpful for them and end up paying huge premiums. You must first assess your needs and driving style while selecting the add-on covers to make your comprehensive bike insurance more exhaustive that also fits your budget.
- IDV value of your bike: Insured Declared Value (IDV) is the current market value of your two wheeler. It is the maximum amount that your insurer will pay in case of theft or total loss of your two wheeler. When calculating IDV, depreciation factor is also taken into consideration as it reduces the insurance premium of your bike.
- Reputed insurer: There are a lot of insurance companies offering two-wheeler insurance. However, you must always choose a reputed, trustworthy insurer for your vehicle. You can check this by visiting the insurer’s website, check reviews by other people, go through their claim settlement process and settlement ratio. Do not choose an insurer just because they provide cheaper insurance as compared to others.
- Affordable plan: Lastly you must choose an affordable plan that suits your needs and provides enough coverage for your vehicle as well as yourself. However, you must also not compromise your needs of add-on covers in the wake of buying an affordable two wheeler insurance plan.
- No claim bonus: NCB or no claim bonus in bike insurance is the bonus that is passed on to you if you haven’t made any claim in the past year. This bonus helps in reducing the premium of your two-wheeler insurance policy. This bonus is usually added automatically when you enter the details of your two-wheeler. However, you must ensure this before making the final payment.
With so many insurance providers and policies available in the market, it has become difficult for consumers to choose the right insurer as well as right insurance policy. However, keeping in mind the above factors will help you get the best bike insurance quotes online. Choose wisely!
Author Bio: Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less traveled territories.
