Ensuring that you have the right insurance coverage for your two-wheeler should have nothing to do with simply fulfilling a legal obligation. Quality coverage, built around our specific needs, cocoons us in an invaluable safety net providing comfort during bleak moments.
So, what would constitute quality bike insurance? Let’s jump right in!
The right type
The law mandates that every individual riding a bike must have bike insurance. However, this mandate only applies to third-party cover, which takes care of your financial obligations vis-a-vis a third-party that was injured or suffered losses in the accident. It also leaves you completely exposed in terms of the vehicular damages or injury that you yourself may have suffered.
The right mix comes in the form of comprehensive insurance that takes care of both your liability obligations and any impact to your vehicle or self. New-age policies provide innumerable alternatives, in the form of add-ons that are tailored to your specific needs.
The right price
Now that you know what type of coverage you’re looking for, it’s time to make financial decisions. The Insurance Regulatory and Development Authority of India (IRDAI) keeps a tight lid over third-party insurance premiums for two-wheelers, thus making them financially appealing.
Comprehensive insurance policies, on the other hand, are not subject to such regulations and hence vary wildly. Here’s where the time you take for research comes in handy.
Keep the following tips in mind:
- Aggregator websites compare policies across providers and give you a comprehensive view of what each insurer offers.
- Remain wary of policies that promise rock-bottom prices. It is usually because they offer very little by way of coverage.
The right provider
While this may seem to go hand-in-hand with your pricing decision, it deserves a special mention. It is very important to gauge the bike insurance provider objectively using the plethora of data available at your fingertips.
- Visit the insurer’s website and take-in the user experience. Websites must be designed with a smooth interface which readily provides you with options to purchase policies and also gives you access to alternatives.
- They must explain in no uncertain terms what the comprehensive insurance policy provides you with and what is not covered. Stay away from providers who prefer to cover their caveats only in small print.
- Read reviews about their customer service and claim handling processes to understand how they are viewed by the user community. Look for the claim settlement ratio on their website.
Active follow-up
Once you have purchased the policy online, you can expect to receive an official copy of your bike insurance by email almost instantly. And while providers do follow up with regard to renewals, remember that it is primarily your responsibility to ensure that you are never on the road for even a day without coverage. So, even as you whiz through the roads, always spare a thought to your fallback plan in case of any untoward incidents. With zero third party involvement and quick processing, Bajaj Allianz bike insurance plans at Finserv MARKETS, you do not have to worry about the hassle of follow up. Get your bike insured today!
