As per the Motor Vehicles Act of 1988, every bike owner should have third-party vehicle insurance. A bike insurance policy can help one stay protected from legal complications. Moreover, these are crucial to safeguard oneself financially in the event of any unfortunate incident.
Also Read – A Guide for First-Time Bike Insurance Buyers
With so many insurance policies and providers, it might be a bit difficult to decide the best insurance policy for one’s two-wheeler. Here is a detailed guide that can help bike owners planning to buy a two-wheeler insurance policy in 2023.
How To Choose The Best Two-Wheeler Insurance In 2023?
Two-wheeler owners should consider the following things before choosing the best two-wheeler insurance in 2023:
- Insurance coverage
Insurance policies are meant to cover a policyholder financially during unfortunate incidents. So, it is essential to look into what a particular policy covers and what it does not. Individuals looking for maximum coverage and added benefits can opt for a comprehensive policy as it comes with additional coverage benefits and add-on covers.
However, the mandatory third-party policy can only cover third-party liabilities. So, individuals can check out the coverage offered and choose policies accordingly.
- Reliability of the insurance provider
After deciding on the insurance type, one should search for a credible insurance company. Thanks to digitisation! Buyers can visit the websites of the insurance companies available in the market and check their offerings. One also needs to check the CSR or the claim settlement ratio to get a clear idea of how the insurer fairs in terms of insurance claim settlement.
This will help them compare different insurance companies and select accordingly. Moreover, they can also check the claiming process and then choose the most preferred one.
- Cost of the insurance policy
Another major factor to consider while buying a bike insurance is the policy price offered by different insurance companies. Generally, the price for third-party insurance is fixed by the IRDAI, which remains the same for every insurance company.
However, price for a comprehensive insurance policy varies from one company to the other. So, bike owners should compare the prices and benefits of various insurers and decide accordingly. One can also use an online premium calculator to find the premium amount that one needs to pay for a particular insurance policy.
Also Read – 8 Bike Tips for Riding in Traffic
Types of bike insurance in India
Individuals can choose their preferable bike insurance policies from the following list:
- Comprehensive bike insurance policy – Policyholders can get coverage for both personal and third-party damages and losses with this insurance policy. Besides, it can be customised with a bunch of add-ons that will offer extra benefits and coverage to the policyholder. One can avail them by paying a nominal monthly charge with the premium amount.
- Third-party bike insurance policy – This is a mandatory policy that every vehicle owner should purchase to comply with the law. Third-party two-wheeler insurance covers the policyholder financially against third-party liabilities.
- Own damage bike insurance policy – If a third-party policyholder wants to get the own vehicle insured, they can opt for a stand-alone policy. It will cover the losses and damages of the owner and his vehicle. Besides, policyholders can buy this policy without waiting for the renewal of their existing third-party insurance policy.
Bike insurance calculator
Before purchasing an insurance policy, individuals should check the premium they need to pay for their policy. It will help them plan their finances accordingly if they know the premium amount beforehand. One can take the help of an online bike insurance calculator to assess the monthly premium amount.
Here are three easy steps to follow while using the calculator:
- Individuals need to enter their bike’s make, model, registration date, variant and city where they ride that bike.
- Next, they need to click on the “Get Quote” option to select between third-party and comprehensive insurance policies.
- After that, they need to enter the details of the last bike insurance policy, if applicable, to get the premium amount.
One needs to keep several factors in mind to find the best bike insurance policy as per the need and budget. However, after buying a bike insurance, one should make sure to renew the policy in time to continue getting the coverage and benefits.