It’s really very tough to select the best two-wheeler insurance policy. There are many insurance companies operating in India and there are different plans and features available.
We should think what is the main purpose of the insurance policy. First, one is the legal requirement. Second, we want to claim financial loss in case of any incident. We would like to have the policy from the company that can provide the claim easy and hassle-free.
What else? Premium, Features and add on covers are the other factors which you should consider while buying insurance for your bike.
Following are some important factors which can help you to buy the best two-wheeler Comprehensive insurance policy:
1- Check Own Damage And Third Party Covers
You should check both the component own damage and third party properly. Check that the owner-driver cover is added in policy or not.
If not added then please ask your agent to add the personal accident cover for the owner-driver. It may cost you a small additional premium but it is a very important factor of the best two-wheeler insurance policy.
2- Do Compare
Either you are purchasing a policy for the first time or renewing it you should always do the comparison. Select five to six companies and take the quotations from each. Online and offline both the options are available. You can take the help of your agent.
Compare all the premiums, features, benefits and claim processes, etc. Check which company is giving maximum benefits and minimum premiums.
3- Check IDV
IDV means an Insured’s Declared Value. It is the current value of your bike which is fixed by the company after depreciation (Depends on Age of Vehicle). Check what is the IDV of your bike.
Sometimes agent offers you very less IDV to give you quotation of low premium. It is directly associated with your premium. As much as you will reduce the IDV the insurance premium will also reduce and it will increase on increasing IDV.
4- Discount Negotiation
As you know that there are many companies in insurance. Check some of the quotations and have a look at the discount available in it.
If you have a good record then try to increase your discount. Ask your agent to provide you some extra discount or exceptional discount if available any.
5- No Claim Bonus
If you have not made any claim in full policy year then You get a no claim bonus at the time of renewal. It is a minimum of 20% when you don’t have any claim for one year and a maximum of 50% if no claim for five consecutive years.
Check your claim status and get your No Claim Bonus Discount if you are eligible for it. Even if you are selling the existing bike and purchasing a new one then also you can transfer existing No Claim Bonus to a new bike insurance policy also.
Please note you only claim NCB reward when you really eligible for it. Please do not provide any wrong claim status to the company.
6- Add-On Covers
It is a good idea to have some additional features also. There are several types of add on like Zero Depreciation, Return to Invoice, Consumable Cover, Engine protect, Roadside Assistance, Daily Cash Allowance, n others available.
Select the best suitable for your bike. If your bike is under three-year-old then you should opt for zero depreciation, Return to Invoice, etc. You can also take roadside assistance also.
7- Long Term Policy
If your budget allows then you take a multi-year policy. You can select an option for your bike like 1, 2, or 3 years term. If you take long term policy it will be beneficial for you because you can get some extra discount.
Suppose you choose 3 years term policy then there is no chance to get your policy lapsed after one or two years.
8- Provide the Correct Information
When you buy insurance, the policy provides all the details correct. Your vehicle details, personal details, NCB status, and other each detail should be correct.
Any incorrect information may be the reason for claim rejection or delay in it.
9- Claim Process and Settlement Ratio
Do some research about the claim process and claim settlement ratio of the company. If the claim settlement ratio is high it means the company is paying the maximum number of claims.
Check the company reputation either it is good or not. You should not have any problem getting any endorsement and claim related service.
Search for some details of the company’s customer care and network garage list. It will be good to have a high number of cashless garages to get the claim easily.