How to choose the right motorcycle insurance for you-Since everyone’s needs are different, there isn’t a single bike insurance provider that is best for everyone. For some people, the best bike insurance provider is one with a larger network of cashless garages, while for others, the best two-wheeler insurer is one with the greatest claim settlement ratio. As a result, there are a lot of factors that determine which bike insurance company is appropriate for a person. The variables to consider when choosing a bike insurance company are as follows:
- Claim settlement ratio
A Two-Wheeler insurance company’s claim settlement ratio is the percentage of claims it settles out of the total number of claims it receives in a financial year. It is better if the claim settlement ratio is higher. As a result, you should go with a bike insurance company that has a high claim settlement rate.
- Network of cashless garages
Every two-wheeler insurance company has a network of garages where cashless claims are accepted. When choosing a bike insurance company, make sure to examine which garages are included in the insurer’s network (particularly those in your area).
- Add-on covers
Two-wheeler Insurance add-on covers are optional extras that can be added to own-damage or comprehensive two-wheeler insurance plans to increase the coverage of a normal bike insurance policy. These add-ons are available for a small additional fee. You should make sure that the insurance provider you choose provides the add-on coverages that you want to include in your standard Two-Wheeler insurance plan.
- Customer Support Service
Another crucial thing to consider when picking a Two-Wheeler insurance provider is the company’s customer service availability and quality. You should go with a company that provides customer service 24 hours a day, seven days a week. This facilitates the quick resolution of your issues and ensures that you receive immediate assistance as needed.
Types of two-wheeler insurance plans
Different firms provide three different types of bike insurance plans:
- Third-party bike insurance
This is a necessary and mandated insurance plan, according to the Motor Vehicles Act of 1988. Every bike owner must carry third-party bike insurance to cover financial damages suffered as a result of property damage or injuries, disability, or injury caused by their bike to another person. Property damage coverage is limited to Rs.7.5 lakh. In the case of bodily injury or death, the insurance company’s liability is infinite, but the compensation is determined by a court of law.
- Standalone own Damage cover
This coverage compensates you for any losses or damages to your bike that occur as a result of an accident, a natural disaster, or a fire, among other things. You may receive all-around coverage for your bike by purchasing both own damage and third-party liability insurance. To tailor your insurance coverage, you can choose from a variety of add-ons in addition to your own damage cover.
- Comprehensive two-wheeler cover
Because comprehensive bike insurance is a package policy that covers both third-party liability and own damage, it strengthens the bike insurance coverage.