Top 3 Benefits of Comparing Online Bike Insurance

Maintaining an active bike insurance policy is one of the major prerequisites of owning a two-wheeler. As per the current mandate of the Motor Vehicles Department, failing to maintain a valid insurance policy is a punishable offence leading to a heavy penalty. Amidst such digital trends, buying and renewing bike insurance policy has become quite simple. You can get the job done with just a few clicks on your smartphone or laptop/computer.

Why compare bike insurance online?

1. Checking the reliability of the insurer

When you compare insurance companies based on their rankings and popularity, you know about other people’s opinions and experiences. It is best if you compare insurance policy carefully before settling for any particular plan. This practice will reveal the true status and requirements and how they will be fulfilled. You can also compare insurance brokers online.

2. Policy terms and conditions

Online policy comparison reveals the concerning policy terms. You can easily avail all the relevant information from the official website of the insurance company. Without the help of an external agent, you can make your own unbiased choice and decide accordingly as per your requirements.

3. Claim process compatibility

When you carefully research and compare insurance policy, insurance brokers online, you get the true picture of the best compatible claim process, so that you are aligned to it.

4. Affordability

This is one of the strongest reasons for comparison. You will want to choose the most cost-effective deal that will serve your purpose best.

5. Discounts

With proper research, you get to know about the available discounts and offers.

What factors to consider while opting for an online bike insurance plan?

The bike coverage:

Before you buy, you must ascertain your coverage limit and the type of coverage—Third Party Insurance or Comprehensive Policy.

The optimal IDV:

IDV stands for the Insurer’s Declared Value, which is calculated based on the current market price of your vehicle without the depreciation. When you compare insurance policy, you know the true status

Premium:

This is one of the most important factors at the time of opting for a two-wheeler plan. Your choice is largely dependent on the premium cost as it needs to be paid on an annual basis. Hence, consider it carefully and then choose.

Add-ons:

These are the multiple additional benefits offered by the companies enhancing the coverage scope.

The Insurer’s claim settlement ratio:

An advance study of the claim settlement procedure and claim settlement ratio clears several probable confusions.

What are the advantages of online comparison?

1. Quick and easy :

Online comparison of bike insurance policy is simple and fast. When you have all the relevant details handy, the online comparison is just a matter of minutes. The availability of insurance brokers online is another added advantage. The policy document is emailed to you instantly.>

Online premium calculator:

On the digital platform, you get the facility of calculating the premium amount. This removes a lot of confusion. Moreover, you can do the task at your convenience.

3. User-friendly :

During the online comparison, you get the scope to choose among many policies. When your targets and requirements are clear, you can quickly make the decision. With proper choice and careful consideration, you can reduce your premium and choose those particular risks that you need to be covered.

This is a comprehensive guide regarding the benefits of online bike insurance comparison. It is fast, simple, handy and wholesome. Without any external interference, you can buy/renew your two-wheeler plan from the comfort of your home, according to your comfortability and affordability.

Jul 14, 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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