Two Wheeler insurance is not just a legal requirement but also an equally vital way to safeguard your finances. With increased traffic, accidents, theft, and damages have also become quite customary. Therefore, choosing the right 2 wheeler insurance has become highly crucial. The guide will take one through a maze of complexities in choosing the best 2-wheeler insurance policy, right from understanding the different types of coverage available to comparing the best providers in the market.
Understanding 2 Wheeler Insurance
Two-wheeler insurance covers your bike against financial losses due to accidents, theft, or damage. It protects not only the vehicle but also the rider. The coverage of at least third-party insurance is compulsory in India for your bike. However, comprehensive insurance may be better with more comprehensive protection since it includes third-party liabilities combined with damages to your own vehicle.
Types of 2 Wheeler Insurance:
Third-Party Liability Insurance:
This is the most basic form of 2 wheeler insurance and is legally compulsory under Indian law. It covers damages caused to a third party’s property or vehicle, in addition to providing compensation in case of injury/death of a third party due to an accident involving your bike.
Comprehensive Insurance:
A comprehensive policy provides a greater scope of coverage, comprising third-party liability and damages to your own vehicle. This includes theft, natural disasters, man-made calamities, and personal accident cover for the rider.
Own Damage Insurance:
It is specifically designed as a policy to cover your own vehicle damages from accidents, theft, fire, or any other perils. There is no third-party liability that it will cover; hence, it is usually bought as an addition to a third-party policy.
Key Factors to Consider When Choosing 2 Wheeler Insurance
Coverage:
Of importance will be the amount of the cover. Though true, the compulsion of third-party insurance, a comprehensive policy offers a more significant amount of cover. Your usage, the environment which you ride in, and your budget will play a part in the coverage that you choose.
Cost of Premium:
It would all depend on various factors like the kind of cover, model and make of your bike, age and even location. While this might be very tempting, just make sure you do not skimp on important coverage.
Claim Settlement Ratio:
The claims settlement ratio of an insurance company speaks to their reliability. The higher the ratio, the better and speedier the insurance company is at settling the claims. This is one of the key determining factors in choosing a provider.
Add-Ons:
Now, with the availability of many add-ons that insurance companies offer, it adds a lot of efficiency to your policy. Some of the common add-ons available in the market include zero depreciation cover, engine protection, roadside assistance cover, and pillion rider cover. Consider necessary add-ons w.r.t your riding style and terrain.
No claim Bonus:
NCB is the discount on premium that the insurer grants in case no claims are filed during the policy period. Over the years, it could grow into quite a handsome savings. Consider insurers that offer a good NCB structure.
Network Garages:
Insurance companies have tie-ups with network garages where you can get cashless repairs. Get an insurer with a wide network of garages, especially in your locality, for hassle-free servicing.
Renewal Process:
The renewal process is quite smooth and easy. A few insurance companies have come up with online renewals through which one can renew a policy by sitting at home. One should always try to renew the policy on date to avoid penalties and enjoy continuity of cover.
Comparison Chart of Best 2 Wheeler Insurance Providers
Insurer A:
Cover: Comprehensive, available add-on covers.
Premium: Competitive, flexible pay-out options.
Claim Settlement Ratio: 95%
Insurer B:
Coverage: Comprehensive, covers majorly urban riders.
Premium: A bit higher, yet reasonable with the variant coverage options it offers.
Claim Settlement Ratio: 90% Network Garages: Most of the network garages are concentrated in metropolitan cities. Renewal Process: Fast and hassle-free online renewal process.
Provider C:
Coverage: There is standard comprehensive coverage; add-ons are limited, though.
Premium: It is cheaper; hence, its target is riders on a budget.
Claim Settlement Ratio: 88%
Network Garages: Let’s just say the network is good in all major cities.
How It Works: Renewal process is manual with limited options online.
Provider D:
Coverage: Policies are customized with add-ons.
Premium: Mid-range premiums, seasonal discounts.
Claim Settlement Ratio: 93%
Network Garages: All over the country, even in the remotest of areas.
Renewal Process: Hybrid system- both online and offline.
The Role of Aapkapolicywala
Aapkapolicywala makes choosing the best two-wheeler insurance hassle-free and quite easy. Aapkapolicywala offers an opportunity to compare policies by various insurers for finding the one that best fits your requirement and need, yet stays within your budget. It guides you regarding how to claim a policy, guides you through heaps of paperwork involved, and helps you accomplish the procedures without much hassle. Be it renewal of the existing policy or switching to a new policy, Aapkapolicywala does everything for you in an effortless and user-friendly way.
Going Digital: The Future of 2 Wheeler Insurance
Digital platforms made it as easy as pie to buy and manage cheapest 2 wheeler insurance. Insurers opened an online platform for customers where they could buy, even renew, and also make claims by clicking on their computers. Going digital not only streamlined the operations but also facilitated other benefits like immediate issuance of policy papers, hassle-free premium payments, and reminders for due renewal of policies.
Key Benefits of Buying Bike Insurance Online:
Convenience:
Buy or renew bike insurance online your policy while you sit in the comfort of your home, and without any hassle of physical paperwork.
Instant Policy Issuance:
Instant issuance of a policy document right after one has completed the purchase online saves a lot of waiting time and gets you started just about right.
Comparison:
Helps in comparing different policies and selecting the best-suited policy according to one’s needs and requirements.
Discounts:
Online purchase normally has some discount, and hence the purchase becomes economical.
A comprehensive analysis has to be done regarding the coverage amount, cost of premium, settlement ratio of claim and additional features for selecting the most appropriate two-wheeler insurance. Understand your particular needs and compare what various providers have in offer to find the best value-for-money policy. Be it buying insurance for a brand new bike or renewing an old one, this guide will take you through the insights that will help in making an informed decision. The right insurance will protect your bike and at the same time will help in keeping your peace of mind intact while riding. You may want to consider comparing policies via Aapkapolicywala and taking the best one that fits your needs.