How to Find a Bike Insurance Quote Online?
A bike insurance quote refers to a formal statement sent by the insurer that includes the cost of insuring your bike. You can easily customize this quote as per your need and budget. To find the best bike insurance quote online, you can follow the below steps-
Know the type of coverage requirement
Before you start looking for the insurance quotes offered by the different insurers, it is essential to know the type of coverage you need. In India, there are 2 types of two-wheeler insurance policies- third-party liability policy and comprehensive insurance policy.
As per the Indian Motor Vehicle Act 1988, two-wheeler owners must have at least a third-party bike insurance policy. As the name suggests, this type of policy provides coverage for third-party liabilities arising out of your insured vehicle during an accident.
While on the other hand, a comprehensive bike insurance policy offers financial coverage for both own damages and third-party liabilities. Hence, it gives wide coverage and can be purchased by paying a higher premium than usual.
Know the IDV (Insured Declared Value)
The IDV or Insured Declared Value refers to the current market value of your vehicle. The IDV is the maximum payout amount that your insurer will pay at the time of theft or the total loss of your insured two-wheeler. While calculating IDV, the depreciation factor is considered as it lowers the IDV over time and also reduces the bike insurance premium. Therefore, an IDV is a key player as it impacts the premium and payout amount.
Know your add-on coverage requirement
To make your comprehensive bike insurance more exhaustive, buy the add-on covers sensibly. To buy an add-on cover, you have to pay a nominal additional premium. Therefore, it is important to search for relatable and valuable add-on coverage so you can pay the additional premium accordingly.
Find a reputed insurance provider
While doing online shopping you always choose a trustworthy brand, similarly, while purchasing a bike insurance policy, choose a reputed insurer. Read their feedback and reviews given by verified customers. Always check the claim settlement process and settlement ratio to know their efficiency. Choosing a reputable brand justifies your purchase decision.
Find an affordable plan
The 'price' factor plays a vital role when choosing a bike insurance policy. The insurance premium is the amount you will have to pay to receive coverage benefits. Therefore, you must check the coverage benefits, inclusions, exclusions, terms & conditions, etc., before finalizing the plan. All these factors decide the price of the insurance plan.
Compare Bike Insurance Online
The last step in finding the bike insurance quotes online is comparing the available plans online to get the best quote. You can start this by browsing the best bike insurance online plans available on the internet. For a hassle-free experience, visit Policybazaar.com and compare multiple insurance plans offered by various insurers based on several factors, including price, coverage, etc.
4 Benefits of Finding Bike Insurance Quotes Online
Approaching the insurance company directly on the internet is the best way to find insurance quotes. By doing so, you will get the right coverage without the interruption of an agent. Here are the 4 major benefits of finding insurance quotes online-
- You can compare, choose and customize the plans offered by different insurers.
- You can save time as this can be done using a smartphone or a laptop and a good internet connection.
- You can also save money as there no involvement of any agent or intermediaries. Therefore, no brokerage fees or commissions.
- You can get 24X7 assistance from the customer support team when you choose to do it online.
5 Things to Keep in Mind While Checking a Bike Insurance Quote
To get the best deal, you must keep a few things in mind while checking bike insurance quotes online-
- Ensure that you are on the official website of the insurer.
- Always cross-check your details while filling out the query forms.
- Be transparent while sharing the information with the insurer.
- Wisely choose the type of plan and add-on covers as it directly impacts your premium.
- Do not forget to add a Personal Accident (PA) Cover as it is mandated by law.It gives you an accident cover of Rs 15 Lakh in case of an unforeseen event.
Your bike insurance quotes closely depend upon the type of coverage chosen. However, it is understood that you get the best bike insurance quotes online. Also, these quotes are free of cost, but be sure that you have shared the correct information while checking it online.
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