How to Compare Insurance Policies for New Bike?
Comparing bike insurance is not as tedious as it was before the internet came into the picture. Now it is simple and quick. Bike insurance comparison is looked at as a hygienic step before buying a bike insurance policy.
How to compare bike insurance policies online?
Thanks to the technological advancements, you can easily compare bike insurance with a click of a button. Earlier, this process took a decent amount of time and effort as one had to compare bike insurance manually. The offline process involved personally getting in touch with the insurance company, an insurance agent or a broker. They would give you new bike insurance plans that may suit your requirements. Comparing plans in this manner would not always be fruitful as you may overlook certain important factors.
Nowadays, bike insurance plans can be compared by using online tools. All you have to do is punch in your details and the toll would suggest the most suitable plans by highlighting their prominent features. Here are steps to compare bike insurance online:
Step 1: Research
You need to carry out quick research on what you need from your bike insurance policy. This includes identifying which type of policy you need, what should be the IDV of your bike, what additional coverages do you require, etc.
Step 2: Insurance company
You need to compare various insurance companies if you are not satisfied with the services of your current insurer. You can compare bike insurance companies by taking a look at their customer reviews and services. Visit their social media handles for this purpose.
Step 3: Compare Coverage
Compare bike insurance policies based on the coverage they offer. Insurance companies may offer slightly different coverage. Select the most suitable one.
Step 4: Purchase
After following the above-mentioned steps you need to proceed to make payment. If your bike does not require inspection, the new bike insurance policy will be instantly sent to your registered email address.
Things to consider while comparing bike insurance
When you buy two wheeler insurance, there are certain steps you need to take which will help you buy better coverage and an affordable policy. To help you compare bike insurance, we have listed a few things you can do before you buy two wheeler insurance:
The first and the most important thing to consider while comparing bike insurance are the situations that are covered under the policy. Common inclusions of a comprehensive bike insurance policy are – third-party liabilities, coverage for theft, fire, natural calamities, man-made calamities, etc.
Time and again insurance companies may offer various discounts on bike insurance. Keep an eye out for such discounts.
Different insurance companies may offer a different range for the IDV (Insured Declared Value) of your bike. It is upon you to set the correct value. IDV is the approximate current market value of your bike. It is not to be confused with the resale value of the bike.
Terms of the policy
Don’t forget to go through the terms and conditions of each policy when comparing. Certain companies may or may not include situations that can be covered under the policy. This will help you in case of an unfortunate event and will avoid claim rejection.
One should look at buying bike insurance same as buying a product that you need. It should fulfill the requirements and should come at an affordable price. It is possible that you may not have to raise a claim against your policy, in this case, you will be given a No Claim Bonus. As the name suggests, it is a discount for not raising a claim. Thus, drive safe and avoid insurance claims.