These points will help you in choosing the best two wheeler insurance policy
Like health and life insurance, vehicle insurance too are equally important. The primary use of it is to provide financial protection or aid against all liabilities related with a motorcycle like physical damages in traffic collisions, reckless driving, mishaps in natural calamities and even when lost in theft. Therefore, taking a two-wheeler insurance is mandatory on Indian roads. Choosing an optimum and well benefited insurance package requires an extra care and attention.
Here we are summarizing some of the important points that is to be taken care of before taking one insurance policy.1. Claim Settlement Ratio
Choosing an insurance company with a high claim settlement ratio is always healthy as there is a high probability of settling your claims by that company. Higher the claim settlement ratio, more reliable the insurer is.2. Network Garage
Always get your two-wheeler repaired from a garage having wide network in the country. By doing so the insurer will pay full claim of your accident or theft. A wider network garages will gives you multiple options as well as it ensures quick claim settlement.3. Customer Service And Support
Customer service is considered to be the most important criteria. There should be 24X7 customer support so that you can contact the insurance company whenever you need it. One could easily make sure about this policy by comparing and asking people around you for their experiences with a particular insurer before finalizing the policy.4. Add-Ons Needed Or Not
Add-ons like personal accident cover are often offered by many insurers. Opt them only if the extra premium doesn't pinch you much as it would expand your coverage.5. Coverage
Choose the right insurance policy that suits your requirements. A standard bike insurance consists of a third-party liability cover and an own damage cover. According to Indian law, it is mandatory to have a third-party liability cover. However, it is strongly advised to go for both the policies to get a comprehensive cover, including coverage for accidental damages and third party losses.6. Tenure
Most of them buy their policies for 1 year, but it is better to go with long term policies offering coverage for 2- 3 years as it can save you from the hassles of renewing your policy every year. Also, you can redeem discounts on premium damage rates and stay away from the annual hike in premium rates, if any.7. Price
Always pick a premium that suits you and your ride. Don't jump over the premium by seeing the cost alone. Age of the vehicle, geographic locations and driving skills should be always keep in mind before making a decision over a package.8. Exclusions
While it is imperative to know, what is included in the policy, it is equally important to know what is not. You don't want your claim to get rejected just because it falls under the exclusion list.