Buying online bike insurance is quick and convenient, but you should not choose a policy only because it has a low premium. Different policies offer different levels of coverage, limits and benefits. Comparing a few important factors can help you choose a policy that suits your bike and your needs.
While using a bike insurance calculator can give you a quick overview, here are other factors you should compare before buying any plan.
What Should You Compare?
Coverage Offered
Start by checking what the online bike insurance covers. Third-party insurance is mandatory in India, but it only covers damage or injury caused to a third party. A comprehensive policy can also cover your bike against risks such as accidents, theft, fire and natural disasters. Compare the coverage offered before choosing any policy.
Premium
The premium is the monthly instalment you pay every month to keep your policy active. However, the cheapest policy may not always provide the right protection, and an expensive plan can be too harsh on your budget. Use a bike insurance calculator to estimate your premium based on factors such as your bike, location, IDV and selected coverage. This helps you compare options more easily.
Insured Declared Value
IDV is the maximum amount your insurer may pay if your bike is stolen or damaged beyond repair, depending on the policy terms. However, IDV also affects your premium, and a higher IDV can result in a higher premium and vice versa. So choose carefully based on your affordability and the true value of your vehicle.
Deductibles
A deductible is the amount you pay from your own pocket when making a claim. While some of it is mandatory, you can also choose voluntary deductibles to reduce your premium cost. A higher voluntary deductible can lower your premium, but it also means you will have to pay more during a claim.
Cashless Garages
Check the insurer’s network of cashless garages before choosing your policy. A wider network can make it easier to get your bike repaired after an accident without paying the entire repair bill upfront. This can make your online bike insurance policy more convenient to use.
Claim Process
A simple claim process can make a big difference when you need your insurance. Compare how you can report a claim, what documents are required and how easily you can track its progress. You can also check the insurer’s claim support before choosing your policy.
Add-ons
Add-ons can provide extra protection beyond your standard policy. Depending on your needs, you can compare options such as zero depreciation, roadside assistance and engine protection. Use a bike insurance calculator to understand how your selected coverage and add-ons may affect the premium.
Compare Your Plans Before You Buy
Take a few minutes to compare coverage, IDV, premium, deductibles, garages and claim services before purchasing any online bike insurance. With IndusInd General Insurance, you can explore different two-wheeler insurance options for your bike and scooters. It offers a wide range of plan options and add-ons so you can cutomise your policy based on your everyday riding and protection needs.
