Insurers allow modifying IDV value within a certain range to arrive at apt sums covering costs of total loss or theft.
Riding is a passion for millions across India, but it simultaneously brings vulnerabilities against road risks. Hence, prudent bikers invest in robust two-wheeler insurance, delivering extensive financial cushions against accidents, thefts and third-party claims.
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However, with dozens of generic policies and providers in the market, finding adequate coverage at optimal value gets tricky for owners. This guide delves into smart tips for comparing bike insurance online and settling for plans meeting specific protection needs and budgets.
Steps to Compare Two-Wheeler Insurance Policies
Searching suitable bike covers digitally makes finding the optimum fit convenient by benchmarking offerings across parameters. Follow these steps for informed policy selection:
Step 1: Visit the online insurance provider’s website or insurance marketplaces, allowing instant multi-insurer quote comparison.
Step 2: Enter bike details like make, model, year, registration location and previous policy.
Step 3: Alter slider values for coverage aspects like IDV, PA cover and add-ons to see premiums change.
Step 4: Compare quotes on metrics like inclusions, exclusions, discounts and limitations.
Step 5: Contact the preferred insurer directly for purchasing and customisation.
Key Aspects to Consider When Comparing Bike Covers
While scrutinising various quotes, keep these essential aspects in mind before locking in on suitable plans:
Premium Value
Shortlist plans to offer robust protections at justifiable premiums. Opt for bigger covers even if costs are higher since claiming inadequacies later has higher long-term expenses.
Coverage Adequacy
Assess policy scopes spanning own damage, third-party liability, personal accident, and other offerings in detail. Account for usage, storage locations, and past claims while deciding apt covers.
Claim Settlement Ratios
Check insurers' past claim settlement history. Those resolving over 90% of claims inspire reliability for future contingencies. Also, examine the associated processing duration.
Network Garages
Insurers with bigger networks offer more options for cashless servicing. All good policies cover costs post-claim approval minus direct payment hassles.
Exclusions
Pay attention to non-covered scenarios like drunk driving, unlicensed riding, etc. Avoid policies sidestepping key responsibilities via sub-limits or blanket exclusions.
Add-On Benefits
Include optional assistance services for augmented protection strengths. Roadside assistance, invoice covers, and consumable expense reimbursements prove useful for only a nominal extra.
Choosing the Best Two-Wheeler Insurance Plan
Using online bike insurance calculators that provide real-time premiums against flexible input combinations makes decision-making easier. But besides crunching numbers, it also accounts for qualitative aspects in chosen providers for maximum fulfilment.
Gauge Insurance Needs
Define current coverage requirements accounting for bike usage frequencies, riding distances, parking locales, past claims or transferred NCB to pick suitable plans. Young riders wanting basic financial security can opt for third-party covers, but those logging long daily commutes need own damage coverage. If the vehicle is parked in accident-prone dense areas overnight, add-on vandalism protection seems prudent.
Bike Cubic Capacity Considerations
Engine displacements influence risk perceptions, thereby impacting calculated premiums. Lower engine capacity bikes have lower third-party damage risks compared to heavier vehicles with higher displacement. So, premiums correlate directly with engine capacities.
Calculate Ideal IDV
Insurers allow modifying IDV value within a certain range to arrive at apt sums covering costs of total loss or theft. Ensure IDVs exceed showroom prices, accounting for accessories minus relevant depreciations. This allows for securing current asset value without paying for needless buffers. With the right inputs, online calculators give precise IDV-based premiums.
Include Crucial Add-Ons
While basic plans cover accident costs, value-added offerings assist during other uncertainties. Roadside assistance provides towing services, fuel delivery, etc., during break-downs within defined limits.
Benefits of Buying Online Two-Wheeler Insurance
With robust digital processes, transparent pricing and top-notch assisted services, ACKO strives to deliver maximum fulfilment to bike owners through insurance the way it should be.
Save Time & Effort
The unified digital medium allows policy purchase, customisation and claims intimation without tedious paperwork, physical signatures or prolonged documentation.
Attractive Premiums
Dynamic online quotes help nail down optimum coverage at the best possible pricing after comparing market options.
Cashless Garage Access
Tie-ups with 3500+ network workshops across India ensure convenient repairs without upfront payments before direct insurer settlements.
Prompt Claim Assistance
From registering notifications to assessing damage to processing payouts, trained experts assist during each step, thereby simplifying claim journeys.
The Bottom Line
While India's roads throw up uncertainties, prudent riders can enjoy biking without financial strains by investing in adequate two-wheeler insurance plans. Instead of settling for basic third-party liability covers merely meeting legal compliance, go the extra mile to identify policies delivering robust protection at justifiable costs.
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