Bike insurance is crucial for all bike owners. But the question for everybody is: which bike insurance to buy? After all, there are many options to choose from. Comparing different bike insurance policies before getting one is important, but it is also important to know what factors to look for while getting one. So, in this blog, we will discuss how to compare and ultimately select the best bike insurance policy for your bike.
Factors to Consider When Comparing Different Bike Insurance Policies
Here are some factors to consider when comparing bike insurance policies:
● Coverage
Coverage offered by bike insurance defines its usefulness. You have to check and compare the coverage offered by different bike insurance policies to decide which policy is best for you.
● Premium
Premium is the amount you pay to buy an insurance policy. It depends on the coverage the policy offers and can vary across insurance companies. A greater coverage entails a higher premium. So you must compare the premium that you will pay and the coverage you will get to decide which bike insurance is right for you.
● Add-Ons
You can buy add-ons to further increase the coverage under your insurance. Comparing add-ons and coverage across policies helps you judge the utility of options.
● Deductibles
Deductibles represent the amount you will pay before an insurance company settles your claim. A higher deductible can reduce your premium but lead to a greater payment from your end while settling your claim.
● Claim Settlement Ratio (CSR)
A claim settlement ratio (CSR) represents the ratio between the number of claims settled and the number of claims received by an insurance company. A higher CSR indicates that the insurance provider is trustworthy and reliable.
● Exclusions
You must thoroughly understand what is not covered by an insurance policy. If you think not much is excluded by an insurance policy for the premium you are paying, you could buy the insurance policy.
● Garage Network
Insurance companies are connected to garages so that their customers can avail of cashless facilities at the garage. A large number of network garages translates to greater opportunity for a customer to avail of cashless facilities under bike insurance.
● Reviews on Websites
You can go online to read reviews posted by existing customers of different policies and get genuine feedback on how good a policy is.
● Claim Process
Go through the terms and conditions of a policy to find out the claim settlement process. A policy with the least hassles is preferable to a policy with a more complicated process.
● Discount on Longer Tenure
Usually, you would get a discount on opting for a longer tenure for your insurance policy. You can compare discounts offered under different schemes for longer tenures and check which options suit you.
Factors Affecting Bike Insurance Premium
Here are some of the factors which affect the insurance premium:
● History of Driving
A clean driving history helps to lower the premium of a bike insurance policy. If there is a history of rule violations, an insurance company is likely to hike your premium.
● Credit Score
Your credit score influences the premium you will be asked to pay. A good credit score makes you look like a reliable customer and can lead to a lower premium.
● Age of the Vehicle
With age, the value of a bike decreases, and it leads to a decrease in the premium you will pay for insurance.
● Capacity of Engine
The capacity of an engine is directly proportional to the premium. The greater the capacity, the greater the premium.
Bottom Line
In this blog, we have covered the different factors which you must consider while comparing bike insurance policies. Companies like ACKO can help you get the best deals for bike insurance. Analysing the coverage and premiums of different insurance policies will help you decide which plan will be best for you.
https://www.acko.com/two-wheeler-insurance/compare/
https://www.iffcotokio.co.in/motor-insurance/two-wheeler-insurance/8-factors-that-decide-your-two-wheeler-insurance-premium
https://www.policybazaar.com/motor-insurance/two-wheeler-insurance/articles/how-to-save-money-on-two-wheeler-insurance/
https://www.smcinsurance.com/motor-insurance/articles/factors-affecting-your-bike-insurance-premium
