Riding without a bike insurance can be both dangerous and can set you back financially as well. It is a no brainer to renew your policy on time, as not having one can have a lot of repercussions. However, before you sign on those policy documents, here are some factors that you must look closely into.
- Garage List
Most insurers have their own preferred list of garages. If you repair your bike in any of these outlets, the insurer will directly pay the expenses. Thus, look for an insurer who provides you with a larger list of network garages. It not only gives you more options to choose from but also reduces the time involved in the claims cycle.
- Claim Settlement Ratio (CSR)
The claim settlement ratio is one of the most important yardsticks when it comes to measuring the effectiveness of an insurer. A higher CSR translates into an easier claims phase and a higher probability of getting through it.
If due to some reason you are not very pleased with the level of coverage offered under your bike insurance, you can take the help of add-ons. By paying some additional premium, you can increase the effectiveness of your policy. Features such as zero depreciation cover, NCB Protector, Engine Protector, personal accident cover are the most commonly purchased add-ons.
By default, a bike insurance is for a one year duration. However, you could buy a bike insurance for more than a year. Buying a policy for 2-3 years ensures that you do not have to go through the renewal process every year. Since the price is constant, you get to beat any inflation, thereby saving some over there.
Get a bike insurance that suffices all your needs. A basic third party liability policy along with own damage is just about enough. If your insurer throws around a few other benefits, be sure to grab them. A comprehensive insurance policy gives you better value for your money.
A bike insurance doesn’t cover all the possible scenarios that life you can throw at you. Some of the possibilities make it to the exclusions list. Thus, being aware of the exclusions list is equally important. It ensures that you do not feel left out if the policy doesn’t cover a specific instance.
Insurers providing similar features and benefits charge you differently. When you compare different policies by insurers, you get a clearer picture of the same. Though, one must be careful not to choose the lowest premium policy always. A policy with a good balance of features and premium is an ideal pick.
How to keep track of your insurance and payments
Gone are those days where you had to circle out certain dates on the calendar for specific events, such as renewal of a policy. Nowadays, most of the insurers have a prominent online presence. Having an online presence lets them take much better care of their customers. An online portal is an easy way to keep track of your existing policy. At the same time, the online portals give you enough information regarding newer offerings.
When you make a payment for your bike insurance renewal, the portal usually provides complete information on payment status, such as payment received, payment processed, policy under process etc. Thus, ensuring that you are completely aware of what is happening behind the scenes. If you have opted for SMS services, the insurer will send out timely updates and reminders when your renewal is around the corner.
Leading Service Providers for bike insurance
There are a lot of insurers in the country who provide bike insurance. But only a very few make it to the top of the list, thanks to their products, services and ability to handle customers. A few insurers who enjoy a healthy dose of customer satisfaction include ICICI Lombard, TATA AIG Insurance, Bajaj Allianz, HDFC Ergo and Reliance General Insurance.
If your bike insurance is up for renewal, you can check out the product offerings from the above insurers. Moreover, you can compare their individual offerings for a better deal. But with any of the above firms the probability of going wrong is less.