Before getting a new bike, it is vital that you also consider the 2-wheeler insurance or 3rd party bike insurance options available to you. In India, bike owners are mandated to comply with the regulations for owning a bike under the Motor Vehicle Act of 1988. Owners of bikes are expected to take up third-party insurance as their minimum motorbike insurance coverage.
India is widely regarded as the country with the most number of roadworthy motorcycles, and for this reason alone, the activities of bikers are generally regulated to ensure sanity on the roads. Having insurance coverage for your motorbike is just the essential requirement in adherence to the motor vehicle laws in the country. But there are several two-wheeler insurance policy options, so you need to compare the plans available online to know which one is best suited to your needs.
Let’s learn more in detail below.
The Importance of Bike Insurance Coverage
Having coverage bestows you several advantages. For one, you are covered in the event of natural or artificial calamities causing damage to your vehicle. You do not have to use personal funds in your savings account to repair any damage to your bike, as the bike insurance policy activated by your annual premium payment covers all repair costs.
Also, the insurance coverage caters for the cost of damages arising from vandalism. Motorbike insurance also covers the theft of your vehicle and injuries to third parties or damages to their vehicles. Motorcycle insurance gives you the peace of mind and confidence needed to ride your bike.
Key Parameters for Comparing Bike Insurance Plans Online
Your main goal in comparing third party bike insurance coverages online should be to find one that offers you the best possible benefits but at the lowest possible premium cost.
In deciding on which plan to choose, you need to consider several key parameters, some of which include;
#1. The Premium: The annual premium you pay for any plan should be palatable to your budget. You should be able to afford the price of coverage without causing an adverse impact on your savings. The most affordable bike insurance plan is the 3rd party policy which is the basic insurance requirement for motorcycles, but this plan has limited coverage. However, the most expensive is a comprehensive plan, but this type of insurance policy provides much broader coverage.
#2. The Post-sales Services: It is not enough to consider the type of plan, premium payment and coverage. You also need to check out the post-sales services of the insurance company providing the motorbike insurance plan.
#3. The Speed of Execution: You can find out how quick it is for plans to be executed by the insurance companies. You can check out genuine customer reviews online for this. The last thing you need is to purchase a plan, and pay your premium on time, only to be faced with bureaucratic bottlenecks that frustrate the process and cause unnecessary hardship due to slow response in taking care of damages to your bike.
#4. The Scope of Coverage: A third party bike insurance plan covers damages to your bike caused by both natural and artificial factors. This plan also takes care of your liability in the case of accidents involving third parties, including medical expenses and the cost of damages to third-party vehicles. Comprehensive plans cover personal injuries, theft, natural, man-made, and third-party injuries and damages. You decide which plan suits your bike needs based on the scope of coverage available to you.
#5. The Level of Convenience: You should be able to buy motorcycle insurance online with relative ease. Your insurer should provide a user-friendly interface with specific requirements that can all be provided and fulfilled by you online.
#6. Customer Reviews: Never decide on a plan without first checking customer reviews. Compare insurance plans based on the number of good reviews compared to the bad reviews provided by new and old customers. Also, check out the response made by the insurance companies to complaints made by their customers. It is not just the insurance plan that is worth considering, the competence of the insurer is also essential.
#7. Checkout Cashless Garages: Compare motorcycle insurance plans based on the number of cashless garages the insurer offers. Go for those insurers with many cashless garages available in several locations across the length and breadth of the country.
You need to have a fair idea of the claims settlement ratio of 2-wheeler insurance providers. You can go for a 3rd party bike insurance plan that consistently offers a claims settlement ratio on high level. Insurers are dependable, reliable, and trustworthy, and it is worthwhile to compare plans using the parameters mentioned in this post.