Best ways to Compare 3 Types of Bike Insurance Plans in 2021

3 min read

Riding your bike without a bike insurance policy can have detrimental effects. For starters, you are liable to pay a hefty fine for riding without a valid policy. In the event of any mishap, you will end up paying for the damages from your pocket. To avoid these and ensure peace of mind, it is recommended to buy a bike insurance policy at the earliest.

Types of Bike Insurance Plans

Before you can compare two wheeler insurance plans, it is important to be aware of the different types of plans on offer.

1.Third-Party Liability

It is a minimal bike insurance plan. In the event of an accident, the policy will cover any damages or injuries to vehicles, third-party individuals, or properties. The policy also covers any legal liabilities arising out of the events.

2.Comprehensive Plan

As you compare two wheeler insurance plans, you will come across comprehensive bike insurance policies. A comprehensive plan offers coverage against third-party liabilities and damage to own vehicles as well. The premiums for a comprehensive plan are higher than third-party liability plans but they offer so much more as well.

3.Stand Alone Own Damage

When you compare insurance brokers, you will come across stand-alone own damage policies as well. As the name suggests, the policy only offers cover for damages to your bike. The damages could be due to an accident, natural calamities such as cyclone, flood, earthquake, etc., or caused by other humans such as riots, vandalism, theft, etc. However, you can opt for these only if you have a valid third-party-only plan.

Top 3 ways to Compare Two Wheeler Insurance Plans

As a policy buyer, you can gain a lot when you compare insurance brokers and their plans. The following will help you extract the most out of your bike insurance plan.

1.Policy Premiums

As you compare 2 wheeler insurance online, premiums prices are almost a no-brainer. However, the cheapest policy might not always be the best option. A quick look at the features on offer versus the premium being charged is a good approach.

2.Riders

Compare insurance brokers and look at the different riders on offer along with the premiums for each of them. The addition of a rider can greatly enhance the capability of your policy at a small premium. There are some common riders that most insurers offer. Thus, you can compare and get the best deal possible.

3.Preferred Garages

All insurance companies have their list of preferred network garages. As you compare 2 wheeler insurance online, it is advisable to take a look at the list of garages near your house. A visit to these preferred garages would ensure a hassle-free experience and let you exercise cashless claims. If due to some reason you are unable to go for cashless claims, the reimbursement process in such garages is swift as well.

Once you are aware of the different types of policies that insurers offer, you can compare 2 wheeler insurance online and save a considerable amount of money, and secure the best policy out there.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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