Although bike insurance is compulsory to ride a bike in India legally, it protects you financially and legally against third-party liabilities, open damages, theft, etc. However, when you want to buy bike insurance, you will come across several options online.
Hence, you must compare the policies of different insurance companies and choose the plan that offers extensive coverage at an affordable premium. In this blog, we will walk you through certain things you must compare when selecting the best bike insurance plan.
6 Things to Compare Online When Choosing the Best Bike Insurance
As several insurance companies offer online bike insurance, it becomes easier for you to compare their features and coverages. Here is a list of things you can compare to choose the ideal bike insurance according to your insurance requirements:
1. Compare the Coverage
One of the significant factors to focus on when choosing the best bike insurance policy is coverage. You must compare the coverages offered by different insurance companies and their plans to select the ideal plan. For instance, you can check the policies’ inclusion and exclusion lists to understand the coverage. It will help you shortlist various insurance companies and their plans, allowing you to select the ideal one.
2. Consider the Add-Ons
You will not receive extensive coverage benefits with a basic bike insurance plan. Hence, you can look for insurance companies that offer you to include add-ons in your basic plans. It allows you to increase the scope of your preferred bike insurance plan by covering all damages that are not included. You can compare the add-ons of various insurance companies and select the insurer that aligns with your specifics.
3. Check the Network Garages
While the bike insurance premium has a significant role in selecting the insurance plan, you must not overlook the network garages of insurance companies. The network garages are crucial when you opt for a cashless bike insurance claim facility. Hence, you must compare the network garages of multiple insurance companies listed on their website. You must choose an insurer with several network garages across India, as it gets easier to find the nearest one and enjoy a stress-free claim settlement procedure.
4. Weigh Up the Premium
Another crucial factor you must compare to choose the ideal bike insurance plan online is your preferred plan’s premium amount. Usually, different insurance companies have different premiums for their bike insurance policies. You can look for the plan that offers the best coverage at an affordable interest rate. For instance, ACKO offers a comprehensive bike insurance plan at an affordable premium, enabling you to utilise maximum benefits during an unfortunate event with your bike.
5. Compare the Claim Settlement Ratio
When comparing online bike insurance plans, you must have a look at the insurance companies’ claim settlement ratio. A company with a higher claim settlement ratio indicates its reliability in successfully settling insurance claims. It gives you an idea of which insurer has successfully settled insurance claims most successfully. Hence, you can choose the one with a high claim settlement ratio to enjoy a fast and reliable settlement when you file a claim.
6. Check the Reviews
Another crucial factor to look into when comparing bike insurance policies online is going through the reviews left by others about these insurers’. It gives you insights into the insurance companies and how they treat their policyholders. You can visit the websites of these insurance companies or other domains to get insights into the experiences of other bike insurance policyholders. It will help you distinguish the best bike insurance company and buy insurance from it to fulfil your requirements.
Why is it Crucial to Check Bike Insurances Online?
As several insurance companies offer bike insurance nowadays, it becomes crucial for you to compare the plans and choose the ideal one. Here are a few reasons why you should check bike insurance online:
1. Saves Your Time
When you look for bike insurance online, you learn about various coverages, benefits, exclusions, premiums payable, etc., which allows you to compare and choose the ideal plan.
2. Eliminates the Requirement of Agents
Opting for an online comparison of bike insurance plans, you get direct access to various information, such as benefits, coverage, premium amount, etc., reducing the requirements of agents.
3. Helps You Make an Informed Decision
With several bike insurance options available online, you can compare the policies and make an informed and unbiased decision in choosing the best insurance without the influence of agents.
Final Words
Overall, selecting the right bike insurance is a decision that requires careful consideration of several factors. Thanks to the digital age, you can compare the various bike insurance plans online offered by multiple insurers and choose the one that fits your insurance requirements and features a seamless claim procedure.