Tips to Compare and Buy Two-wheeler Insurance from Valuable Company

Riding a motorbike is regarded riskier than driving a car since a person on a bike is more vulnerable to danger than someone driving a car. Two-wheeler insurance is a coverage that you can buy to protect your bike against damage and losses, as well as protecting yourself from third-party liability. But the best two-wheeler insurance isn’t always easy to find. In this article, we will walk you through the main components you’ll need to compare two-wheeler insurance online so that you can be sure to get the most bangs for your buck.

Main components of two-wheeler insurance comparison

1. Coverage

Purchasing bike insurance is a complex process. Before choosing the right insurance for your needs, numerous things must be addressed. You must, for example, determine if you want standalone own damage coverage or third-party liability coverage. The former protects you against damage to the bike, whilst the latter protects you against the legal obligation for compensating a third party if the insured bike causes damage to their property. Third-party liability automobile insurance is compulsory in India for all automobiles. 

To receive better coverage, you may also consider a comprehensive or bundled vehicle insurance policy. Comprehensive coverage pays for damage to your bike as well as third-party liabilities. This provides you with peace of mind in knowing that there will be no surprises when it comes time to submit a claim because both are covered by this plan. A bundled insurance plan offers new bike owners 5 years of third-party liability coverage and 1 year of standalone own damage coverage.

2. Exclusions

One typical mistake that insurance consumers make is reading about the policy’s benefits but failing to read about the conditions that the policy does not cover. As a consequence, in order to make an informed decision, make sure to understand both inclusions and exclusions. General bike insurance exclusions include drunk driving, driving without a license, accidents outside country limits, regular wear and tear of bike parts, and others. 

3. Available Riders

Expanding your policy coverage with riders is a great way to keep your automobile safe. Car insurance add-ons are additional coverage options that may be added to existing policies at the time of purchase or renewal for an additional price. Riders protect you against unanticipated risks and expenditures, so you should learn everything you can about them before choosing the best form of insurance for you.

4. NCB Rates

Insurers provide No Claim Bonus on annual premium amounts for every claim-free year. The rate is different for every plan but it is usually around 20% for the first year and it grows to around 50% in the fifth consecutive claim-free year.

5. Claim Settlement Ratio

The last thing you want after a bike breakdown is to be left stranded, unsure of what to do next. The key to avoiding this scenario is having the appropriate insurance provider. The claim settlement ratio is one of the most essential criteria to consider when choosing an insurer. It is the ratio of settled claims to total claims received in a financial year. It is one of the most reliable indications of whether or not an insurer handles client claims correctly, and it is undoubtedly one of your top considerations when you compare two-wheeler insurance products.

Conclusion

When it comes to buying a new bike, the cost of insurance is often overlooked. In reality, purchasing bike insurance should be just as important because if something happens and your bike gets stolen or damaged you may have no way to get around. This is why you need two-wheeler insurance plans to be covered for this unfortunate occurrence. With so many different vendors out there offering various levels of coverage for prices that vary accordingly based on what type of rider you are, it can be difficult knowing which one will give you the most value on your budget. You should compare insurance policies before buying one.

Oct 22, 2021
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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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