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Buying bike insurance is an important step in protecting yourself and your two-wheeler from unexpected accidents, damage, or theft. In India, where road safety is a concern, having the right insurance can give you peace of mind. Before you decide to buy bike insurance in India, there are a few things you need to consider to ensure you are making the best choice.
Here are the top 5 factors to keep in mind:
The first thing you should check is the type of coverage you need. There are mainly two types of bike insurance:
Third-Party Insurance: This is the minimum requirement by law. It covers damage or injury to others in case of an accident caused by your bike. However, it doesn’t cover damages to your bike or injuries you might suffer.
Comprehensive Insurance: This is a more complete coverage that protects both third-party claims and damages to your bike. It’s a better option if you want full protection.
When you buy bike insurance online, make sure you choose the coverage that best suits your needs.
The premium is the amount you pay for the insurance coverage. It’s important to compare different insurance providers and the premiums they offer before making a decision. The premium is influenced by factors like your bike’s make and model, age, and how often you use it. A lower premium might seem attractive, but it may offer limited coverage. Ensure you’re getting the best value for your money by balancing the premium with the coverage.
The claim settlement ratio is the percentage of claims settled by an insurance company. It’s essential to choose a company with a high claim settlement ratio because this shows how reliable the insurer is when it comes to handling claims. Before you buy bike insurance in India, check the insurance company’s claim settlement ratio to ensure a smooth and timely claim process in case of an accident.
Many insurance providers offer add-ons that can be included with your bike insurance for extra protection. These can include:
Zero Depreciation Cover: This ensures that your bike’s parts are replaced without considering depreciation, which can be helpful in the event of an accident.
Engine Protection: This covers damage to the engine, which isn’t typically covered under a basic plan.
Roadside Assistance: This provides help if your bike breaks down while you’re on the road.
Before you buy bike insurance online, consider these add-ons based on your needs.
Finally, it’s important to choose an insurance company with good customer service. Check online reviews and ratings to understand how well the insurer handles customer queries, claims, and complaints. Good customer support can make your experience much easier if you need help filing a claim or understanding your policy details.