A vehicle insurance policy in India is mandatory to secure your vehicle financially against unforeseen circumstances. Whether it’s a car or bike insurance policy, you must consider several key factors to ensure you choose the best coverage for your vehicle. Understanding your coverage requirements is crucial to provide adequate financial security for your precious vehicle. You should evaluate the insurer’s reputation, customer service, claims process, premium costs, discounts, etc, to make an informed decision. By carefully assessing these factors, you can secure a vehicle insurance policy that offers protection and value. So, let’s discuss these factors in detail.
Factors to Keep in Mind While Buying a Bike Insurance Policy
Some of the factors that you should keep in mind while buying a two-wheeler or bike insurance policy are as follows:
- Online Process: You need to choose between the online and offline process of buying a vehicle insurance policy. On buying a vehicle insurance online, you will be saved from the hassle of going to the insurer’s office and then purchasing a suitable policy. The online process is also cost-effective. Thus, you must be clear whether you want to buy the policy online or offline.
- Type of Policy: While a third-party vehicle insurance policy is mandatory in India, there are other types that you can also buy, including standalone and comprehensive policies. To buy the most suitable policy, you should analyse which one best suits your vehicle coverage needs.
- Add-ons Availability: While buying insurance for four wheeler, you must be clear about which add-ons you want to include. With multiple add-ons available, it can often become confusing to decide which are most essential. A few add-ons that you can consider including in your bike insurance plan include Zero Depreciation Cover, No Claim Bonus Protector, Consumables Cover, Roadside Assistance Cover, etc.
- Cashless Feature: In vehicle insurance, a cashless feature allows policyholders to get their vehicle repaired without spending anything from their own pocket. At Cashless garages, policyholders can simply take their vehicle and get it repaired without worrying about the expenses. So, while buying a car or bike insurance policy, you must check the availability of cashless garages with your insurer.
- Claim Settlement Ratio: In vehicle insurance, the claim settlement ratio refers to the ratio between the number of claims raised to the number of claims settled by an insurance company. When buying a car or bike insurance policy, you should choose an insurer with a higher claim settlement ratio. This will help you get the claim request settled in a hassle-free manner.
- Discounts: Whenever you buy a car or bike insurance policy, you must look for all the available discounts. This will help you get the vehicle insurance policy at the most affordable premiums without compromising coverage.
- Customer Support: When buying a vehicle insurance policy, you must also check the insurer’s customer support service. You should choose an insurer with a 24/7 customer support team available to answer your questions whenever needed.
- Premium Amount: One of the most crucial factors you need to consider while buying a bike insurance policy is the premium. The premium is the amount the policyholder agrees to pay to get car or bike insurance coverage. You must speak to your insurer and customise the policy so that the premium best fits your budget.
- Anti-theft Devices: Installing anti-theft devices increases the vehicle’s overall safety and helps lower the premium. But remember to install only those devices approved by the Automotive Research Association of India (ARAI).
- Vehicle Modifications: If you modify your vehicle, you must inform your insurer. This is important because any modification can significantly impact the overall premium amount, and the insurer needs to be informed to chart out the premium details accordingly.
Summing Up
Thus, follow all the above factors when buying a vehicle insurance policy. This is important so that you get adequate coverage for your vehicle at the most affordable premium amount.
