Two wheeler insurance should be a priority for anyone who owns a bike or a scooter. But buying any two-wheeler insurance will not do. Your policy should be able to match your requirements and offer the best possible cover for your money. That’s why you should always compare two wheeler insurance before you buy a policy.
If you haven’t compared insurance policies before, not to worry! This article will help you learn all the steps needed to weed out the rest and settle on the best. There are numerous insurance companies offering bike insurance, but not all of them will suit your particular needs. Why not? Find out in our section below.
Why Compare Two Wheeler Insurance Before You Purchase It?
While the essence of any purchase should be diligence before investment, there are still plenty of riders who get their insurance from their dealer. Unfortunately, that might leave you to regret later. Here’s why:
The coverage refers to the benefits and situations which are protected by the insurance company. While there is a general similarity in the coverage offered, the maximum cap and the finer details tend to vary. For example, not all insurance providers allow 24×7 road assistance.
Similarly, there are benefits like engine security, consumables cover, and depreciation cover, whose applicability varies from one company to another. The best way to find the right solution for you is to compare two wheeler insurance policies.
#2 Sum Assured
The sum assured represents the monetary amount of protection you have in a single year. It’s generally determined by factoring in the make of the bike, engine capacity, manufacturer’s price, and other details. The range of sum assured varies from one company to another and as a result, not any policy will do. If you want to have the best protection for your bike, it’s typical to compare the sum assured ranges offered by different companies.
The premium of a policy depends on multiple factors – sum assured, coverage, the age of the bike, and rider experience among other factors. When researching policies on their company website, it can become tedious to compare the quotes.
But now you can use aggregator sites like Coverfox.com to compare two wheeler insurance quotes online. Without comparison, you are likely to pay more for a policy which could have been purchased at a lesser price. Additionally, sites like Coverfox offer discounts on the premium when the policy is bought online.
#4 Network garage
When talking about bike insurance, one of the most important factors is the network garage size. The reason behind it is the fact that getting your bike repaired at a network garage is cashless. On the contrary, using a garage of your choice will need you to pay out of pocket before submitting your reimbursement claim.
That’s why larger the number of network garages covered by the insurance company, the better it is for the policyholder. Like other information mentioned above, this too can be compared online.
One of the most underestimated and ignored aspect of insurance is the exclusions list. The list mentions the various scenarios and aspects which are not covered by the policy. As such, in case you encounter any of these situations, the damage to your two-wheeler will not be covered by the company. To ensure that you get a policy that is lenient and works best to cover you against probable scenarios, the exclusions list needs to be compared as well.
Tricks to Compare Two Wheeler Insurance
In order to compare two wheeler insurance in 2018, your best bet is using aggregator sites online. Visit a site like Coverfox.com and fill in your requirements. It will ask you for your vehicle number and then a few other details to get the best deal for you. Once that’s done, you’ll get a list of the insurance providers who can offer you the sum assured and range of coverage you are looking for. You can compare their features, coverage, and premium right on the same page.
Once you are happy with a particular insurance company, you can now head on to buy the policy from the same website. In fact, you’ll even get a discount on your premium and you can renew your policy from the same website.