One of the most common things that we all share in our lives is travelling. Commuting to different places for work, chores, etc., is apart of our daily routine. However, with the growing population and the scarcity of empty spaces, travelling has become cumbersome, and relying on public transportation is not always feasible. Therefore, to deal with daily commutes for short distances, a two-wheeler is one of the best options. Two-wheelers are ideal options because of the maneuverability they offer and the stress-free parking. However, with the growing popularity of two-wheelers and vehicles for transportation, you must take steps towards ensuring their safety. One of the optimal ways to safeguard your bike’s safety is through bike insurance.
Why Do You Need Bike Insurance?
Bike insurance is an insurance plan that helps you meet all the financial obligations which may arise because of an accident or any other mishaps like theft,etc. As per the Indian Motor Vehicle Act (MVA), every two-wheeler has a legal obligation to have an insurance policy (if not a comprehensive plan, then a third-party policy would suffice). You can get bike insurance by applying online or visiting the insurer’s office. One of the most crucial factors of purchasing a bike insurance plan is picking the right insurance company.
How To Pick The Right Two-Wheeler Insurance Company In India
There are numerous two-wheeler insurance companies available in the insurance market, and there is no single particular insurance plan which can fulfil all requirements. This is because every individual has specific needs and requirements from the bike insurance policies. However, if you want to select the right bike insurance company for you, you can follow the tips given below.
Here are five tips that can assist you in choosing the right bike insurance company:
1. Reliability
One of the most primary aspects you must consider when searching for a bike insurance company to purchase an insurance plan is its reliability. When you are planning to buy an insurance plan, you must select an insurance company with a good reputation in the insurance market based on its ability to settle claims. To learn about a company's reliability in the market, you can speak to people you know who have opted for the insurance company and learn about their experience with the company. You can also go online and read the reviews written about the insurer's claim services. You must keep an eye out for the company's claim settlement service and get an idea about the amount of time the insurance company will take to settle the claim.
2. Insurance Policies Available
You must look through the different insurance policies and the coverage offered by the company. It would help if you compared the plans based on the features, benefits, and exclusions offered by them to understand their coverage better. Comparing the different policies will help you understand which policies offer you better benefits and are suitable for your requirements. Before you begin comparing the insurance plans, it would help if you analyzed your insurance requirements.
3. Premiums
When you compare the different benefits and features of bike insurance plans offered by various insurance companies, you must ensure that you also compare the premium amount charged by them. It is quite probable that you may come across multiple plans offering the same amount of coverage but costing different two-wheeler insurance rates. When you compare the plans in such a manner, it will help you get the best insurance coverage at the best possible price. Many insurance companies like TATA AIG bike insurance provide a bike insurance calculator on their website, which can help you understand the calculations behind the premiums.
4. Riders Available
Riders are add-ons you can include in your bike insurance policy. The inclusion of the rider will provide you with enhanced insurance coverage based on the rider you have selected. You can include the riders both for a comprehensive plan and a third-party plan. You must learn about the different riders available in the market as it will help you understand which riders you can include in your insurance plan. Therefore, when selecting an insurance policy, you must look through the different riders they provide and look for the ones you wish to include to maximize your vehicle’s coverage.
5. Network Of Cashless Bike Garages
Insurance companies generally have tie-ups with some of the two-wheeler garages or workshops. These workshops are known as network garages or network workshops of the insurance companies. If you’re in a situation where your two-wheeler was damaged due to an accident, and you wish to get it fixed, you can take it to any of the network garages that come under your insurer. With a network garage, you can opt for a cashless claim. Therefore, when selecting an insurance company, you must look through their list of network garages. The insurance company that covers a high number of garages and has garages close to your vicinity may be suitable for you.
Final Thoughts On Bike Insurance Policies
In conclusion, two-wheelers are effective choices for commuting smoothly through congested traffic and narrow spaces. However, you must ensure the safety of your vehicle with bike insurance. The insurance plan will provide you with financial support if something happens to your vehicle. A crucial part of purchasing the plan is selecting a decent bike insurance company. To pick the optimal motorcycle insurance company for your plan, you must follow the tips mentioned above, like reading about the insurer's reliability, their cashless network garages, etc. Following these tips will make sure you get the best possible plan for your motorbike vehicle.
