Make the right decision with the right two wheeler insurance policy
The general insurance market is brimming with two wheeler insurance products offering various discounts and coverage. Be it a third party liability insurance which is mandatory, or comprehensive cover, you are spoilt for choices both online and offline to insure your beloved two wheeler.
Speaking of online insurance, gone are the days when you had to depend on your insurance agent or visit the insurer’s office to get a policy. Now, you simply have to visit the insurer’s website, anytime anywhere, get a quote and pay online.
At the same time, as there is a plethora of insurers, even with the ease of online transactions you can be confused. While an insurer may offer you attractive discounts, another may have a unique add-on as per your need. Which is why, you need a set of guidelines to compare and decide upon a plan you deserve:
Type of Insurance
Third party insurance is mandatory and covers you against damages done by your vehicle to a third party. The second type is the comprehensive two-wheeler insurance, which covers expenses for own damage on vehicle and injuries. It also includes third party insurance along with several benefits and add-ons for your protection, which makes it a must-have policy.
Claim Settlement Ratio and Insurance Provider
Higher the Claim Settlement Ratio (CSR) of a company, higher the chances of your claim being paid and hassle-free claim settlement. That being said, choose an insurance provider that has a wide network of cashless garages and good reputation regarding deductibles. An insurer that allows easy addition and removal of add-ons or features will be beneficial in the long run.
Look for an insurer that provides 24*7 claim support. Reviews and testimonials from genuine customers will also help you narrow down an insurance provider that you can rely on in your time of need.
Premium and Coverage
Go for a comprehensive coverage for a long term of 3 years. The premium will be comparatively less than yearly policies. However, please note that lower premium does not mean that a policy is beneficial. You may not be covered against certain contingencies, which can lead to unpleasant surprises in your time of need. Hence, read your policy document carefully before going for a plan, on a price-basis.
Special Discounts and Offers
Choose deductibles that let you pay a part of the claim from your pocket, while the rest is taken care of by the insurance company. Fixed deductibles also help reduce your premium amount. However, while deductibles are lucrative, select one wisely to avoid paying a large sum.
What’s more, in case of long term two-wheeler policies you are saved from the hassle of paying yearly, which also saves the administration charges for the insurer. These savings are often transferred to the customer in form of discounts.