Factors to Compare Bike Insurance Online

  • Author :
  • TATA AIG Team
  • Published on :
  • 01/11/2022

When you purchase a two-wheeler, you are also required to get some documents in place to be able to ride it on the roads. These include a valid driving licence, registration certificate, pollution under control certificate, and a bike insurance policy. The Motor Vehicles Act, 1988, has made it compulsory for all bikes to have third-party insurance for 2 wheelers. However, since these policies do not offer coverage for damages to the insured vehicle, many bike owners opt for comprehensive insurance for 2 wheelers.

Digitisation has impacted the bike insurance industry too and most insurance companies, including Tata AIG, allow people to purchase online two wheeler insurance without having to leave the comfort of their homes. You can go through the policy wordings and look at the inclusions and exclusions of the policy before making the purchase. You can also compare two wheeler insurance online and find a plan that meets your requirements and budget.

However, a bike insurance policy has many features. Which ones should you focus on? Here is a list of five important factors that you must keep in mind when you compare two wheeler insurance plans.

Compare Coverage and Premium Together

A bike insurance policy is a recurring cost as you need to keep renewing it until the bike is in use. Hence, most bike owners look for an affordable insurance plan. There are different types of policies available at varying prices.

If you are looking to comply with the legal mandate only, then you can opt for a third-party bike insurance policy. These policies have standard premium rates declared by the Insurance Regulatory and Development Authority of India (IRDAI).

However, if you are looking for coverage for damages to your bike, you must consider a comprehensive bike insurance policy. If you only compare the premium to find the cheapest policy, then you might not receive adequate coverage. Hence, carefully make a two wheeler insurance premium comparison, not ignoring its coverage. It will help you find the most cost-efficient policy offering optimum coverage.

Availability and Cost of Add-on Covers

Add-on covers allow you to customise the policy as per your needs. So, if you ride long distances frequently, then you would prefer having a Roadside Assistance add-on cover. It offers emergency assistance services like towing, refuelling, and mechanics if your bike breaks down in the middle of nowhere.

While most insurers offer these add-ons, the costs can vary. Hence, make sure that you know the kind of add-ons you need and look for insurance providers that offer the most cost-efficient ones. Remember, add-on covers increase the premium of the bike insurance policy. So, compare two wheeler insurance plans carefully and choose the one that offers the best value for money.

Review the List of Network Garages

Most bike insurance providers advertise cashless claim settlements. However, to avail of the cashless settlement, you need to get your bike fixed at one of the network garages. Every insurer ties up with garages across the country where the policyholder can get the bike repaired without having to pay anything to the garage. The insurance company settles the bill directly.

Tata AIG has over 3300 network garages across the country offering cashless claim settlements to bike insurance policyholders. The process of getting a cashless settlement is simple too:

  1. Inform us about the incident that has damaged the insured bike
  2. Get your vehicle to the nearest network garage. If the bike is not in the condition to be driven, then you can get it towed.
  3. The garage inspects the damage and asks the policyholder to submit certain documents and forms. An approval request is sent to us.
  4. We will go through the documents and send the approved settlement amount to you and the network garage
  5. The garage will repair the bike up to the approved amount

If there are damages that are not covered by the policy, then the policyholder is required to bear the cost of repair of the said damages. Cashless claim settlement is a hassle-free way of getting your bike repaired under the bike insurance policy. Hence, make sure you look at the number of network garages across insurers. Also, check if the garages are present in the areas where you ride frequently.

Discounts and Other Offers

One of the benefits of purchasing online two wheeler insurance is the ease of comparing providers and plans. When you compare bike insurance online, it is easy to identify various discounts and perks offered by different insurers. This can help you find the best protection for your bike at the most economical price. Assess the offers announced by different insurance companies while looking for a bike insurance policy.

Reputation of the Insurer

When making a motorbike insurance comparison, always look for a reputable insurance provider. A good insurance provider helps you choose the right plan within your budget, answers any queries that you might have along the way, makes the renewal process easy and settles claims in a hassle-free manner. These are the basic requirements of any insurance provider.

Before you buy a policy, consider going through online reviews and feedback left by the existing customers of the insurance provider. This can help you gain insight into the quality of services you can expect after purchasing the bike insurance policy.

Conclusion

While there are many other aspects that you need to keep in mind, the five factors mentioned above can help you shortlist a few policies that are affordable and offer optimum coverage as per your needs. Remember, every biker has specific requirements from the bike insurance policy.

So, before you start looking, think about your potential use of the bike, compare 2 wheeler insurance providers and choose a policy (with add-ons) to get it the maximum protection.

Frequently Asked Questions

Q1. What type of bike insurance policy should I opt for?

In India, it is legally mandatory for all bikes to have a third-party bike insurance policy. However, these policies do not offer coverage for the insured bike. If you are looking for an insurance cover for your bike, then you can opt for a third-party liability-only policy plus a standalone own damage bike insurance policy. Alternatively, you can opt for a comprehensive bike insurance plan.

Q2. Which add-on covers should I choose with my comprehensive insurance for 2 wheeler?

Add-on covers are offered to help bike owners customise the insurance plans based on their needs. Every add-on cover is designed to cater to a specific need of a bike owner. Hence, go through the range of covers available and assess if they can enhance the coverage based on your riding habits and expected use of the vehicle. Remember, add-on covers increase the premium of the policy. Choose wisely.

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Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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