Once you have finally purchased a two-wheeler, the next thought that crosses your mind is getting premium insurance for it. Now that, it is compulsory to get the insurance of your vehicle done, the need becomes more apt. Let’s examine how to select the best motorcycle insurance provider bike insurance in India.
Need for Bike Insurance
With bike insurance, you may fulfill your financial responsibilities in the event of an accident or other calamity involving your bike, such as a fire, theft, landslip, earthquake, etc. To be allowed to ride their two-wheeler lawfully in India, owners must have at least third-party insurance coverage, according to the Indian Motor Tariff. As of now, there are more than 20 insurance companies that offer premium bike insurance to customers.
How To Choose The Right Two-Wheeler Insurance Company In India?
Since every person has distinct needs, there is no one insurance provider that is ideal for everyone. Here are 5 Best Bike Insurance Companies In 2023 Lyricsbaazaar.Com. Some people choose a insurance provider with a larger network of cashless garages, while others prefer a two-wheeler insurer with the greatest percentage of claim settlements. Let us understand how you can choose the right two-wheeler insurance company in India.
1. Ratio of Claim Settlement
The percentage of claims that a two-wheeler insurance company settles relative to the total number of claims it receives during a fiscal year is known as the claim settlement ratio. It is preferable if the claim settlement ratio is greater. As a result, you ought to pick a bicycle insurance provider with a strong record of paying claims.
2. The Cashless Garage Network
All two-wheeler insurance providers have a network of garages where they accept cashless claims. Make sure all garages, particularly those in your area, are included in the insurer’s network when selecting a bike insurance provider.
3. Customer Support Service
The availability and caliber of the customer support services provided by an insurance company for two-wheelers is an additional crucial consideration. You ought to pick a business that provides client service around the clock. This facilitates the simple answering of your questions and gives you prompt support as needed.
Types of Two-Wheeler Insurance Plans Offered By Different Insurers
Primarily, Insurance Companies offer three types of insurance plans.
1. Third Party Bike Insurance
In order to cover the financial losses resulting from property damage or injuries, disability, or injury caused to another person by their bike, every bike owner has to obtain third-party bike insurance coverage.
2. Standalone Own Damage Cover
A stand-alone own damage cover insurance coverage will pay for losses or damage to your bike resulting from an accident, a natural disaster, a fire, etc.
3. Comprehensive Two-Wheeler Cover
Because comprehensive bike insurance is a package policy that provides coverage for both personal damage and third-party liability, it increases the coverage of insurance.
Conclusion
You can never predict when an accident might occur. As a result, it is a wise decision to get the insurance for your bike done so that you or your family members do not face any repercussions later.
