Compare Bike Insurance

Compare bike insurance policies online to get the ideal bike insurance coverage at affordable premium tailored for you.
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Compare Bike Insurance
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3 mins
25 July 2023

When it comes to buying bike insurance, online comparison is the way to go. With the convenience of the internet, you can easily compare bike insurance policies from different providers and find coverage that best suits your needs. However, with so many options available, it can get difficult to determine which bike insurance policy to choose.

You can compare bike insurance to make an informed decision. Here is a comprehensive guide on things to consider when comparing bike insurance online.

Benefits of comparing bike insurance online

Here are key benefits of comparing bike insurance online.

  • Convenience: By comparing bike insurance online, you can obtain quotes from various insurance providers right from the comfort of your home.
  • Timesaving: Online comparison sites can provide a range of quotes in minutes, saving considerable time when compared to traditional methods.
  • Cost-effective: Comparing bike insurance online helps you to find the best deal for your budget, leading to significant savings in the long run.
  • Customisation: Online comparison platforms also allow you to customise your coverage requirements with add-ons like personal accident cover, engine protector, etc., to provide comprehensive coverage for your bike.
  • Transparency: Online comparison sites also provide customer ratings and reviews on insurance policies, allowing you to evaluate the track record of the insurance providers.
  • Ease of purchase: Online comparison sites provide a simple and streamlined process to purchase insurance policies, minimising the hassles involved.

Check top two-wheeler insurance plans

Know why comparing bike insurance online is important

Here’s why you must compare two-wheeler insurance online.

Saves time and effort

Comparing bike insurance online saves a lot of time and effort compared to visiting insurance providers' offices.

Eliminates agent involvement

When purchasing bike insurance online, you do not have to deal with agents. This eliminates the risk of biased information and pushy sales tactics.

Transparency

By comparing bike insurance online, you can see the terms and conditions of different policies side-by-side. This makes it easier to make an informed decision and avoid any hidden costs.

Make an informed decision

Lastly, comparing bike insurance online helps you make an informed decision about the policy that is right for you. You will have all the information you need to compare bike insurance online and select a policy that meets your coverage needs and budget.

How do you compare bike insurance policies?

When considering bike insurance, the choice between third-party and comprehensive coverage is crucial. Here's a guide on comparing these two types of two-wheeler insurance policies:

Feature

Third-party coverage

Comprehensive coverage

Premium rates

Lower

Higher

Coverage extent

Limited to third-party

Extensive, includes own damage

Claim process

Basic and straightforward

Comprehensive and detailed

Add-ons

Not applicable

Available, enhancing coverage

Policy inclusions/ exclusions

Limited scope

Broader coverage with fewer exclusions

Online convenience

Easy comparison online

Easy comparison online


Points to remember when comparing two-wheeler insurance online

Keep in mind the following points to compare bike insurance online.

Premiums

One of the most important things to consider when comparing bike insurance online is the premium. The premium is the amount that you must pay to the insurance provider in exchange for coverage. While you may look for the cheapest bike insurance, it is important to remember that low premium rates may not always translate to better coverage. You may get comprehensive coverage at a little higher premium that will give you complete security.

Coverage

The next thing to consider when you compare bike insurance online is coverage. You must understand what coverage the insurance policy offers. Third-party bike insurance only covers damages to the third party's property or causes injuries to third party. Comprehensive bike insurance covers third-party liabilities and damages to your own bike. Make sure to check what kind of coverage the insurance policy offers before purchasing it.

Add-ons

When you compare bike insurance online, consider looking for add-ons that can include in the policy. Add-ons give additional coverage options that enhance your policy for an additional fee. Some common add-ons include zero depreciation, engine protection, personal accident cover, and more. Depending on your needs, you may want to consider adding one or more of these add-ons to your policy.

Network garages

Another thing to consider when you compare bike insurance online is the number of network garages the insurance company has. Network garages refer to garages that have a tie-up with the insurance provider. If your bike needs repairs after an accident, you can take it to a network garage, and the insurance provider will cover the repair costs. The more network garages that the provider has, the easier it will be for you to find one nearby.

Claim settlement ratio

The claim settlement ratio of an insurance provider is the percentage of claims settled by the provider in a year. You must consider the claim settlement ratio of the provider when comparing bike insurance. A high claim settlement ratio indicates that the insurer is prompt in approving and settling bike insurance claims.

Claim settlement process

In addition to the claim settlement ratio, you must also consider the claim settlement process. The claim settlement process should be simple and hassle-free. You should be able to file a claim easily and receive timely updates on the status of your claim. Do not go with an insurance provider with a complicated and lengthy claims process.

Policy exclusions

Policy exclusions refer to events or circumstances that the insurance company does not cover. You should carefully read the policy document and understand the exclusions to avoid any surprises at the time of claim settlement. Make sure to ask the insurance provider if you have any doubts regarding the policy exclusions.

Deductibles

Deductibles refer to the portion of the claim amount that you must pay out of your pocket. A higher deductible can help lower your premium, but it also means you may pay more out of your pocket in case of a claim.

Cashless garages

Look for an insurance provider that has a wide range of network garages. If you choose to have your vehicle repaired at any of the network garages, the cashless coverage will take care of the incurred expenses.

Reviews

Always check the reviews of the insurance provider, their claim settlement ratio and customer care executive assistance. This will determine how hassle-free and convenient the experience shall be in case of any emergency.

Read more: Own Damage (OD) bike insurance policy.

Tips to select the best bike insurance online

Here’s how you can choose the best two-wheeler insurance online that fits your requirement and budget.

Evaluate your requirements

Before purchasing or looking for the cheapest bike insurance policy, evaluate your requirements. Consider factors such as your bike's model, usage, and age to determine what kind of coverage you need.

Check the two-wheeler's engine CC

Insurance providers consider the bike's engine CC while calculating the premium. The higher the CC of the bike, the higher the premium. Make sure to check your bike's engine CC and compare premiums from different insurance providers.

Check the Insured Declared Value (IDV)

The IDV is the amount that the insurance provider will pay in case of total loss or theft of the bike. To compare bike insurance, calculate the IDV of your bike and make sure to select a policy that offers a good IDV.

Choose the right add-ons

As mentioned earlier, add-ons can provide additional coverage. Choose the right add-ons based on your needs and requirements.

Check customer reviews

Before purchasing a policy, make sure to compare bike insurance by reading customer reviews. This will give you an idea of the insurance provider's claim settlement process, customer service, and overall experience.

Compare bike insurance plans online

Comparing bike insurance plans online will help you know the premiums and coverages offered by different bike insurance companies. This indeed will help you choose the right bike insurance policy with optimal coverage.

Check the claim settlement ratio

The claim settlement ratio of an insurance company defines the credibility of the company. It basically states the capability of the insurance company to settle the number of claims every year. Hence, it is advisable to check the claim settlement ratio when buying a bike insurance policy.

Steps to compare two-wheeler insurance policy

Many insurance providers now offer online portals/apps to compare bike insurance, making it easy for customers to choose the best bike insurance plan as per their needs. You only need to visit any of the insurance provider’s websites to compare bike insurance online. You can also check the bike insurance plans at Bajaj Finance Insurance Mall. Follow the below steps to do so:

  • Click on the Get Quote button this page.
  • Enter your bike details, such as vehicle type and registration number, along with your personal details like mobile number and PIN code.
  • Choose the IDV, NCB (if any), plan type, and add-on covers to get the list of relevant policies.

Based on your inputs, a list of bike insurance policies offered by leading insurance companies will appear on the screen. You can select the bike insurance policy that fits your requirements and buy the policy online.

A step-by-step guide to buying bike insurance online

Follow the below steps to buy two-wheeler insurance at Bajaj Finance Insurance Mall.

Step 1: Visit Bajaj Finance Insurance Mall and view the comprehensive two-wheeler insurance plans offered by leading motor insurance companies.

Step 2: Click on 'Get Quote’ to open the online application form.

Step 3: Enter the vehicle type, two-wheeler registration number, mobile number, and residential PIN code. Check the terms and conditions and click on the ‘Get Quote’ button below.

Step 4: Choose the IDV, NCB value, add-on covers, and plan type to get a list of relevant policies. You need to update your current policy expiry date here.

Step 5: Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on ‘Next’ to proceed.

Step 6: Confirm the vehicle registration date and the previous policy type (comprehensive/third-party). Click on ‘Proceed’.

Step 7: Enter vehicle owner’s name, date of birth, residential address, and contact number. Also, enter vehicle engine and chassis number (as per the RC) and previous policy details.

Step 8: Review your previously filled details and make the payment through your preferred online payment mode. You can use net banking, UPI, credit/debit card to buy the policy.

So, now that you know the things you need to consider when comparing bike insurance online, choose the right one that gives you adequate coverage.

Frequently asked questions

How can you buy bike insurance at affordable rates?

To get the cheap and affordable bike insurance, you can compare policies offered by different insurance providers online. You can also look for policies with higher deductibles, select only the necessary add-ons, and maintain a good driving record to receive discounts.

Why should I compare bike insurance policies?

Comparing bike insurance policies helps you find the best coverage and pricing options available in the market. It can save you money and ensure that you receive comprehensive coverage for your bike.

How does the bike insurance comparison process work?

You can start the comparison process by entering your bike details and coverage requirements on insurance comparison websites. The website will then provide you with quotes from various insurance providers, allowing you to compare the policy features and prices before you decide on your ideal car insurance policy.

Can I customise my coverage while comparing policies?

Yes, insurance comparison websites often allow you to customise your coverage requirements with add-ons. You can compare the bike insurance premium by adding add-ons like zero depreciation, engine protector, and more.

What does the bike insurance comparison process involve?

Bike insurance comparison refers to the process of evaluating the different insurance policies offered by various insurance providers online. It helps you to choose a suitable plan based on your coverage requirements and budget.

How often should I compare bike insurance policies?

It is advisable to compare bike insurance policies at least once a year to ensure that you have the best coverage and pricing options available in the market. It is also recommended to compare policies every time you renew your insurance policy or make any significant changes to your bike.

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