Compare Bike Insurance

When you want a new shirt, do you just go to a fashion store and buy a random one? No, is the evident answer! You will be looking into the shirts available, compare them, choose one, go to the trial room and check if it looks good on you and fitting.

And before you go to the payment counter you will check if the shirt is intact or not and then do the payment. You should do the same before buying bike insurance, check the options available and choose the policy that suits you the most because you must not be interested in discovering unfavourable terms after paying for the policy.

It will only result in regret if you find a cheaper policy which could have been a better fit for your requirements. So checking and comparing multiple bike insurance policies is a must before you purchase one.

• Coverage: You should be sure about which type of cover you want for your bike out of Third-Party Bike Insurance policy and Comprehensive policy. In India, Third-party policy is mandatory and covers the insured against damage to a person or a property and the premium depends on the engine capacity and set by IRDAI. While the comprehensive policy covers both Own Damage and TP Liability. Look for an insurer who offers better Comprehensive Insurance with a lower premium.
• IDV: Insured’s Declared Value simply means, the market value of your bike as of today, minus the depreciation. Check if the company is providing an option to customize the IDV to increase or decrease the premium. If uninformed, there is a chance that your IDV might get reduced by insurer to attract you with a low premium price. Know more about IDV in Bike Insurance.
• Premium: Compare the quotes offered by the insurance companies under your consideration and settle for two-wheeler insurance that offers the highest coverage against a low premium. But keep in mind that low premium is not the best to opt always! So read and understand the terms thoroughly.
• Add-ons: Add-ons come independently with comprehensive insurance at their own cost to increase the scope of coverage. Check which insurer provides add-ons that suit your requirement and budget. Insurance companies provide different add-ons like Engine and Gear-box Protection, Zero-depreciation cover, Return to invoice, etc. Pro-tip: Only pay for an add-on if you really need it, otherwise it will increase the premium unnecessarily. Know more about Add-on Cover in Bike Insurance.
• Claim Process & Claim settlement Ratio: Make sure the claim process is simple and fast. It's a digital world so look for online paperless claim process. One of the main concerns of policy-holders is, if their claims will get settled on time or not when there is a need. The claim settlement ratio is calculated by dividing the number of claims received by the number of claims settled by the company. Hence, the higher the ratio, the more reliable the company is.
• Customer service availability: Once the premiums are committed to be paid, it may happen that some insurance companies get complacent. We have all been in that situation when we buy something enthusiastically only to find ourselves deserted when in need of customer support. The same is the case with insurance companies and good customer service availability is always a crucial aspect.
• Longer the term, lower is the premium: Insurance may be a tricky product for many! So make the most of whatever discount you can get your hands on. Opting for a longer tenure will waive a small amount as opposed to the one year policy.
• Garage network: A widespread network of garages across the country will allow you to avail cashless bike insurance facilities in case such a need arises. Looking for such authorized garages near your location becomes imperative to safeguarding your two-wheeler in the long run.
• Reviews: Like any other product you buy, even insurance policies need to be checked online for their reviews given by those who have already used them. Google reviews and Facebook ratings give you a real idea of the product and that can make your decision-making process much more easier and refined.
• What’s not covered: Though insurance companies display in bold the things that are covered in the insurance policy, it is important to probe a little here into what are the facilities ‘not’ included for coverage. Think about it, wouldn’t it be a rude shock to figure out what you need is not covered under the policy when you claim for it?
• Deductibles: Voluntary and compulsory deductibles come into the picture before your insurance coverage kicks in. It is basically, an amount that will be deducted from your claim amount. Hence, the higher the deductible on an insurance policy, the lower will be the premium amount and vice-versa.