Bike insurance refers to an insurance policy taken to cover the risk against any unforeseen event like accident, theft and natural calamity. The policy covers the damage occur due to any of the mentioned reason for the bike or the rider. The bike insurance cover provides protection to all two-wheelers like a motorcycle, bike, and moped no matter the purpose of the vehicle is personal or commercial. Like the personal insurance policy, the vehicle insurance policy is also must to have.
In this article, we will discuss the best online bike insurance providers in India. You love you two wheeler like your baby. you wash it every Sunday and make it shine like a star. You go zooming around on the bike every day and it becomes an integral part of your life. You care about your bike more than you care about your self. If this is you, then this article is for you.
Points to consider before choosing an online bike insurance policy in India
Before finalizing the insurance policy providers for your bike, please check below points which will help you to choose the best insurance policy for your bike.
This is the first and foremost points you should check and compare before choosing the policy. The premium will be calculated based on the certain factors like your location, your past claim history, your bike condition etc. Choose the one which provides the policy at the best affordable and competitive rate.
Check the policy features thoroughly and compare it with other insurance company. Read the policy document in detail and understand the benefits and features of the policy. There are some features which sound good but you really don’t need them. So you can ignore that particular feature while comparing the policy. Check for add-ons and discounts these companies are offering. Choose the best suitable for you.
Claim Settlement Ratio
Claim settlement ratio is the yardstick for the measurement of the insurance company. With the help of the claim settlement ratio, you can find out how fairly the company is passing the insurance claim. There might be the case that the company is offering a coverage at the cheapest rates but its claim settlement ratio is very poor. Don’t go for such cheap plans as it may cost you heavily in the future when actually you need to use the policy. Don’t compromise on the claim settlement ratio for few bucks.
Do your research before purchase
For choosing the best insurance company you need to do some homework. Talk to the people around you, take their opinion. Check online and compare the features and price of the different companies. There are several online portals like PolicyBazaar.com where you can check and compare the features and rates of the insurance policy.
Don’t choose the cheap insurance plan which may not suit your need. Instead look for the plan which covers all your requirements at the best competitive rates in the market.
Why you should have bike insurance
Any insurance is, of course, to protect us against any financial loss. The bike is an asset which you are going to use for at least 10 years. During this period, there are chances of any damage or loss due to external factors. At that time if you have taken the insurance policy, you rest assured and can enjoy the bike ride without worrying about the expenses.
Here is why you must have a bike insurance policy.
Abide by the law of the land
As per the motor vehicle act, driving a bike without insurance policy is illegal in the country. So to abide by the law, you must have an insurance policy. If the accident occurs and you don’t have an insurance policy you will be in trouble.
Protection against financial loss
The policy will help you to protect against any financial expenses due to an accident or theft of the bike. All the expenses will be taken care of by the insurance company so that you don’t have to worry about it.
An accident can lead to physical injuries to you if you took a comprehensive policy which will help you to pay your medical bills in case of any injuries, legal expenses. The policy can take care of all your medical expenses along with the bike repair expenses.