Bike insurance can provide significant protection to two-wheeler owners in case of an accident or theft. With the number of accidents increasing on a daily basis, it has become imperative for all two-wheeler owners to get their bikes insured. It not only secures you financially but also provides peace of mind, knowing that you are covered in case of any uncertainty.
If you are planning to buy bike insurance, you must have researched different insurance providers online and come across Tata AIG and ICICI Lombard car insurance renewal. Both of these insurers have excellent customer support and offer comprehensive policies that will fulfill all your needs.
So, let us explore all the essential tips for choosing the right bike insurance policy.
1. Understand the Coverage you Need
The first step to choosing the right bike insurance policy is to understand the coverage you need for your two-wheeler. Generally, insurance companies offer two types of policies- Third-Party Liability Insurance and Comprehensive Insurance.
Third-Party Liability Insurance covers you against any legal liabilities due to accidental damages to any third-party property, death, or injury caused by your two-wheeler. However, it does not cover any damages to your bike.
Comprehensive Insurance, on the other hand, offers coverage for both third-party damage and damages to your bike. Additionally, it also provides coverage for theft, natural calamities, and man-made disasters.
Understanding your coverage requirements would be the first step to finding out which policy would work best for you.
2. Compare and Choose
Once you have a clear understanding of the coverage you need, it’s time to compare policies online. Several insurance brokers and companies provide comparison tools that allow you to compare different policies’ features and prices.
While choosing an insurance policy, it is important to consider factors like your bike’s make and model, your age, and driving experience. Insurance premiums for older bikes are lower, and so are premiums for experienced riders.
It is essential to compare policies from multiple insurers before deciding on one to ensure that you get the best coverage at a reasonable price.
3. Check the Claim Settlement Ratio
The Claim Settlement Ratio (CSR) is the percentage of claims settled by the insurer against the total amount of claims received. Checking the CSR of an insurer is vital as it reflects how reliable they are in terms of settling claims.
Tata AIG car insurance and ICICI Lombard car insurance renewal are among the best companies in terms of CSR, making them a trusted option for bike insurance policies.
4. Network Garages
Network garages are garages with tie-ups with insurance companies. If your bike is damaged in an accident or any other situation, your insurer can provide you with a cashless settlement option if your bike is repaired at a network garage.
Therefore, it is essential to check if the insurer you choose has a network of garages in your area. Tata AIG and ICICI Lombard both have an extensive network of garages, which can help ease the process of filing for a claim.
5. Renewal
Renewing your bike insurance policy is equally important as purchasing one. Most bike insurance policies are valid for up to a year, and it is crucial to renew them before the expiry date to avoid any financial losses.
Renewal is also an excellent opportunity to review your policy and check if the coverage you have is appropriate for your needs.
6. Don’t Overlook the Fine Print
It is important to read and understand the policy document before purchasing insurance. The document primarily includes the terms and conditions, inclusions, exclusions, and limitations of the coverage provided by the insurer.
Understanding the fine print can help you avoid any confusion during the claims process.
Conclusion
Choosing the right bike insurance policy requires a bit of research and understanding your insurance requirements. Factors such as network garages, claim settlement ratios, and coverage play an essential role in selecting the appropriate policy for your two-wheeler.
If you are looking for reliable bike insurance, Tata AIG car insurance and ICICI Lombard car insurance renewal are among the top insurers in India. Moreover, the India Today website provides an extensive guide to choosing the right bike insurance policy, which can help you make an informed decision.
