5 Factors to Compare Bike Insurance Online

Since there are different types of bike insurance policies available in the market, you must find, compare and then buy a bike insurance policy that offers maximum coverage at an affordable premium. However, there are several other factors that you must consider when you compare bike insurance online. Read on to understand all those factors.

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  • Save up to 85% by comparing plans
    Save up to 85%# by comparing plans
  • 20+ Insurers to choose from
    20+ Insurers to choose from
  • 1.2 Crore+ Bike Insured
    1.2 Crore+ Bike Insured
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Compare Bike Insurance Online With These 5 Important Factors

As per the Motor Vehicle Act, all bike owners must have at least third-party bike insurance. When you compare bike insurance online, you can understand how one insurer offers better coverage at the most affordable premium rates than other insurers.

As these bike insurance plans are available online, you can easily compare them. Moreover, you can also visit Policybazaar Insurance Brokers Limited's official website and compare multiple policies in one place without any hassles.

Here are the essential factors that you must consider while comparing different bike insurance online-

  1. Compare coverage and premium

    Do not overlook the coverage factor while comparing bike insurance policies. Instead, compare the inclusions and exclusions of the bike insurance policy with respect to the premium amount to be paid. At last, you can shortlist various plans offered by several insurers and select the one best suited for your bike.

    Get the ideal combination of adequate coverage and cost-effective price.

  2. Check the add-on covers along with their premium

    An add-on cover enhances the scope of the bike insurance policy coverage so that you can cover all those damages that are not part of your comprehensive policy. You can add these to your standard policy by paying an extra nominal premium.

    You must compare different add-ons offered by insurers and find a policy that offers you the right cover at an affordable premium. Usually, the premiums may vary for the same add-on cover given by the different insurers. Therefore, choosing your add-on covers an insurer wisely.

  3. The network garages

    The network garages play a significant role in fixing your bike without any hassles. If you want a cashless claim settlement of your bike then you must consider the number of network garages listed under a particular insurer.

    If your insurer has several network of cashless garages across the country, finding the nearest one would become easier for you. Therefore, ensure a large number of network garages as it will let you enjoy a speedy and stress-free claim settlement process anywhere.

  4. Check the Claim Settlement Ratio (CSR)

    Choose an insurer with a higher claim ratio, as they settle your claims in lesser time. A CSR is a ratio between the number of claims raised and the number of claims resolved within a financial year by an insurer.

  5. Customer Support Service

    While choosing an insurance provider, always consider the customer support service, as it will ensure quick solutions for your grievances. You can start this by checking the customer feedback, reviews, and ratings of different insurers on the internet and their social media handles.

    The right insurer assists right from selecting an appropriate plan that caters to all your requirements and making the claim settlement process seamless.

You can also read- 6 Tips to Find the Best Bike Insurance Quotes Online

Which Type of Bike Insurance Policy is the Best?

Usually, insurers recommend a comprehensive insurance policy as it includes both mandatory third-party bike insurance and own damage coverage. Moreover, you can also buy any appropriate add-on cover with this policy to enhance the coverage.

Conclusion

Before finalizing the deal, you must check features like a quick, paperless, and streamlined buying & claim settlement process. If you are planning to buy bike insurance online, you must follow the tips discussed in this article and find the best deal in your budget.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis