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Buying two-wheeler insurance online can be a bit overwhelming for first-time buyers and even for policyholders with prior experience. While it is recommended to compare insurance plans before buying them, having some basic understanding will help you extract the most out of them. Here are some tips to help you get Two Wheeler Insurance Quotes Online:
Before you start to compare bike insurance plans, it is important to understand your requirements. You can either opt for a third-party liability policy or a comprehensive insurance plan. A third-party liability policy is usually lighter on the pockets but offers less coverage as well.
Similarly, though a comprehensive policy will set you back a bit more, it offers a lot for the price.
If you are someone who rarely uses their bike, a third-party liability policy would fit your requirement. On the other hand, if you use your bike day in and day out, a comprehensive policy is the way to go. With this basic understanding, you can compare insurance plans to get quotes online.
There is one fundamental parameter that you cannot skip when you compare bike insurance online. Insured Declared Value or IDV is essentially the current market value of your bike. In terms of traditional insurance policies, you can consider it as the sum assured.
In the event of a total loss, the insurer is liable to pay the IDV to the policyholder. As the age of a bike increases, its IDV will decrease and so will the premium. A policyholder has the liberty to play around with the IDV when they compare insurance plans, thereby increasing or decreasing the overall premium.
As you start to compare bike insurance plans, there is another factor that will pop up on your screen, add-ons. Add-ons or riders can enhance the capability of your bike insurance and help you customize the policy per your needs. As one needs to pay an additional premium for the same, it is recommended that you take a close look at riders.
Commonly used riders for bike insurance plans include zero depreciation cover, roadside assistance cover, etc. While it is not mandatory to opt for a rider, a smart choice can help you save money in the long run.
As you compare bike insurance online, there are a lot of benefits that you can avail of. For starters, you can secure a policy that will lighten up the mood of your wallet. As you view policies from different insurers, you can pick a policy with an adequate coverage that does not cost much. When you compare bike insurance online, you do not buy under the influence of an insurance agent, thus buying only what is needed. You also get to check the reliability of the insurance company.
Being aware of the basics of a bike insurance policy will aid you in the process of getting quotes online for your next policy.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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