With the advent of the internet, the whole process of two-wheeler bike insurance has been revolutionized. It has become simple, quick, and convenient to get an online bike policy with the numerous online bike insurance policies available in the market. With numerous options available, it is essential to compare insurance policies and choose one that best serves your needs.
While making an online bike insurance comparison, it is crucial to choose an insurance plan with the most attractive features and the lowest rate of premiums. Here are some of the best ways to select your two-wheeler insurance plan as per your budget and requirements.
– Assess your needs
The first step involved in selecting an online bike policy is the assessment of your requirements and budget. You need to sit down and properly plan how much you can afford to pay in premium and check your requirements before you compare insurance policies.
Always keep in mind to never go beyond what you need. Assess the usage of your two-wheeler, your expenses, and other liabilities before selecting an online bike policy, and ensure that your two-wheeler bike insurance covers it all.
– Two-wheeler’s engine cubic capacity
Another factor that affects the two-wheeler bike insurance policy is the cubic capacity (CC) of your bike. Your bike’s cubic capacity is the prime determinant of the insurance premium. There are three categories as per the India Motor Tariff – 0-150cc, 150-350cc, and 350cc and above. Your insurance policy premium depends on the category that your bike falls. If your bike falls in the higher capacity category, you will likely get a higher premium.
– Know your bike’s IDV
Insured Declared Value (IDV) is an amount decided based on the age of the bike and its value in the market. It is the sum assured, in case you lose your bike. As the two-wheeler ages, the insured declared value declines due to wear and tear to the vehicle, which reflects on the premium amount. The higher your bike IDV, the higher the insurance premium.
– Choosing Add-ons
Although your premium may slightly increase, it significantly enhances the coverage of your online bike policy. It is imperative to know and choose the right add-ons while making an online bike insurance comparison. Look for two-wheeler bike insurance’s add-ons that best serve your needs.
– Check customer reviews
Before zeroing in on two-wheeler bike insurance, check your insurance company’s customer reviews, which offer great insight into the insurer’s reputation and services. You will have an idea of the benefits and after-sales services offered by insurers, especially when you need to claim your insurance amount.
– Always compare insurance policy online
Another advantage of comparing an insurance policy online is that you get to know the premium almost instantly. You can use the online bike insurance calculator that enables you to determine your insurance premium based on the values of IDV. You can change the IDV values and add/remove add-ons to figure out an affordable premium.
– Look for the claim settlement ratio
The claim settlement ratio is obtained from the Insurance Regulatory Development Authority (IRDA). It indicates the number of claims the insurer has honoured compared to the number of requests made in a financial year.
Always check the claim settlement ratio to understand the reliability of the insurance company. Make sure the claim settlement ratio is at least 1.5.