Buying a third-party insurance policy for bikes (which covers the liabilities arising from loss or damage to the third party’s life or property) is mandatory in India.
However, there are two other types of bike insurance policies as well. One is a comprehensive policy that offers extensive coverage, and the other is own damage cover bike insurance that offers coverage to your own bike only. Most people prefer to buy the comprehensive bike policy as it provides liability against third parties and own damages.
But, before buying any of these policies, have you thought of comparing them? Traditionally, when you visit the insurance company to buy insurance for the bike, it might be a difficult task to compare them. But with the introduction of digitalisation, you can easily compare 2 wheeler insurance online before buying one.
Now, the question is, why comparing bike insurance online is important. To know this, let us understand the three main benefits you can get by comparing bike insurance before investing in one. Moreover, in this article, we will also go to learn a few simple steps of how to compare policies online.
3 Key Benefits Of Motorcycle Insurance Comparison
1. You Will End Up Saving a Lot of Money
We all know that for any type of insurance we buy, we have to pay the premium on that. But could you cut this cost or save money? The answer to this question is yes. But how? Simply by comparing the policy.
When you buy an online two-wheeler policy, different insurance providers offer you the required coverages at different premiums.
- You can find various discounts and offers from several insurance companies.
- If not in monetary terms, you will save money by leveraging more coverage benefits at the same prices offered by the different providers.
- You can also look for the high NCB or Non-Claim Bonus (incentives offered to policyholders who refrain from filing claims for a duration) benefits.
So, all of these combined ways will help you to save a lot of money. But it all can be possible when you compare the different insurance quotes.
However, to make this process easy, you can use the bike insurance premium calculators of reliable companies like Tata AIG and get the estimated price, which will further help you to invest in the best policy at a reasonable price.
2. You Will End Up Buying the Most Suitable and Tailored Bike Policy
Investing in the right policy gives you peace of mind and reduces the financial burden significantly.
But what is the right policy? The right insurance is the one which is well-aligned and uniquely created to cater for your particular needs.
So, here, with the comparison of the bike insurance, you can find the insurance policy and provider that gives you the higher flexibility of choosing the coverages, deductible amount, and additional benefits and the customisation option for setting up their coverage limits.
It is what will help you to buy the most suitable and personalised insurance for your bike.
3. You Will End Up Finding the Best Insurance Provider
Investing in a bike policy from the right and reliable insurance provider is a boon in itself. However, finding the right insurance provider is only possible by comparing them by reading reviews and recommendations online.
A trustworthy and financially stable insurance provider offers much more than just a policy.
- They offer additional value, which is worth more than your investment.
- They offer exceptional customer support and services through various mediums like live chat, messages and more.
- They offer a quick and hassle-free claim settlement process.
- They respect your loyalty to their company, which will give you extra benefits.
So, comparing the insurance providers will help to leverage the maximum benefits.
Steps To Compare Motorbike Insurance
1. Assess Your Needs Carefully
First, assess your bike insurance needs, such as type of coverage, minimum insurance requirements, and deductible amount. It will help you to filter out the policies.
2. Collect Your Bike Details
Collect the required information regarding your bikes (model make, age, etc.) and personal details and habits.
3. Research Insurance Providers
You can take advice from your friends and relatives, and you can leverage the advantage of online portals and resources to learn about the reviews of different insurance provider services.
4. Get Multiple Quotes and Compare
Contact your filtered insurance provider to get their quotes and, after that, compare the coverage option, their limits, deductibles and additional benefits offered by each insurer. And pay attention to exclusions, limitations, special conditions, etc.
5. Consider Customer Service and Cost
Check the company’s reputation in the market and customer reviews. Also, pay attention to the premium they charge for the policy.
6. Assess Financial Strength
Check the financial strength of the insurance company by looking for ratings from independent agencies like A.M. Best or Standard & Poor’s.
7. Make a Decision
Now it’s time to decide which insurance policy goes best with your needs and budget. Select and buy it on the insurance provider’s portal.
In a nutshell, comparing the different bike insurance policies and providers will help you to make an informed and rational decision about whether things will be in your favour.
So, it is always advisable to compare the different plans by following the above-mentioned steps and buying the right insurance policy to embark on the journey with your bike worry-free.