July 7th, 2021 | Updated on July 19th, 2021
If you own a bike, it is quite natural that you would want the best for your precious two wheeler vehicle. Besides regular maintenance, it is also important to keep a solid amount of funds ready in case your bike was to suffer serious damages.
This can be done through the purchase of a good insurance policy. However, there are several insurance policies in the market. It may get difficult and time-consuming to go through each of them to get to the best one.
To help you in the process, we have listed out 5 tips that you can utilize to find the best two wheeler insurance policy for your bike.
1. Look At The Number Of Network Garages
A network garage is where you can access cashless repairs for your bike. Cashless services remove the need for you to shelve out large amounts of cash for repairs and wait for days to receive reimbursement.
A good motor insurance company should have a solid number of network garages spread throughout the country. So, whether it is in your home town or on a long road trip to remote regions, you can rest assured that if anything were to happen to your bike, there will be a network garage nearby.
2. Check The Claim Settlement Ratio Of The Insurer
Facing rejection of your claim when your bike has been seriously damaged can put off one’s trust from the insurer. Therefore, check the claim settlement ratio of the insurance company before purchasing the policy.
It shows the commitment of the insurer towards settling the claims of its policyholders. A higher CSR, above 90%, is usually considered as a good sign. This will go a long way in helping you get the best two wheeler insurance experience.
3. Opt For The Right Add-Ons
Looking at the array of add-ons on offer, you may be tempted to buy more than what you require. However, that would also mean a high premium.
To avoid this, note down the uses you have planned for your bike. This will help you get a thorough understanding of the coverage you want.
4. Buy The Insurance Policy Online
There is a higher chance of you getting the best two-wheeler insurance when you purchase online rather than offline. When buying online, you get a wider variety of choices and you also have more information at hand.
The buying process is easier, convenient and consumes much lesser time. Plus, you may also get a discount when you buy the policy online.
5. Use An Insurance Premium Calculator
This handy tool gives you an estimate of the premium you will be paying for the coverage you want. When using this tool, you can adjust factors such as the coverage or the deductible so that the result matches the budget you have set.
This helps you curate your policy such that it suits your requirements. This can be used for comprehensive policies as well as for third party insurance.
The most important tip of all is that you should always read the policy wording carefully so that you know what exactly you are signing up for.
Now that you are aware of these tips, when are you going ahead with implementing them and getting the best two wheeler insurance for your bike?