123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Insurance >> View Article

Do I Need To Compare Bike Insurance To Only Cut My Cost?

By Author: Dinesh Mittal
Total Articles: 2

Your bike insurance is a shield that can offer you to cover your financial expenses in case of any damage to your bike as a result of any mishap or accident. Taking a bike insurance is made mandatory by the law in India. With multiple insurance service providers, it may be a challenging task for you to select your insurer as well as the insurance plan. Comparing various plans from different service providers holds the key to this. You should compare bike insurance not only to cut down your cost but also for the below reasons.
The Company History
A thorough research should be done about the insurance company with whom you wish to purchase the policy. You should compare the history of the shortlisted insurers, their claim settlement ratio, their branch network and service locations. Only a renowned brand and recognized service provider should be chosen while purchasing the bike insurance policy. Many insurance aggregators provide an easy and comprehensive comparison online.
Select appropriate deductibles
Deductibles are the amount that you agree to pay voluntarily upfront at the time of making a claim. This will reduce your insurance premium cost that you pay to the company. It is important that you compare the deductible offered by different service providers and choose an optimum amount based on your need. Choosing a moderate amount may be beneficial and hence you should compare this online before finally declaring this amount.
Transparent Terms and Conditions
Reading and understanding the complete terms and features of the policy is a must. Many companies disclose the detailed terms of the policy, the inclusions and the exclusions, upfront even before you make the payment. You should only buy from those vendors who disclose the terms of the policy very clearly explaining the claim process in details. Vague or incomplete terms may land you in trouble at a later stage. Thus, it makes sense to compare the features of the policy online before you finally select your insurer.
Customer Service
A company that has 24 hours support with an excellent customer service team is always a better choice than the company with no phone support. The insurance buying process is a lengthy process and you may have several doubts while buying it for the first time. Thus, it makes sense to compare and shortlist only those companies that have a dedicated phone support which can address your queries instantaneously. Many companies also offer chat support which is also a convenient way to seek support.
Add-on covers
While the basic policy offered by most of the companies will be same, different companies may offer different add-on covers to choose from. Covers like invoice cover, accident cover, engine cover etc. may be a useful consideration while buying a bike insurance. It makes sense to club your main policy with additional services and buy the insurance from the vendor who offers it the cheapest. Please remember that you should not go for the insurer that offers the cheapest premium just to save on your cost. It is also important to have a look at the complete policy details.
Claim Settlement ratio
This financial metric is a key indicator of how simple or complex your claim process could be and how successful you will be in your claim. Higher the claim ratio, better the company and more your chances of claim approval. This is a very important factor and should be considered with high priority. A claim settlement ratio of the order of 95-96% and beyond is very good. Thus, compare it for different insurers and then select accordingly.
Less paperwork
Another factor that can ease out your insurance renewal process is the documentation and paperwork required. You may prefer an insurer that offers online purchase and renewal of the policy. This will save you from the tedious documentation and paperwork required for bike insurance.
Buying your bike insurance may be tedious and challenging. If you compare various insurance providers on the above factors, you will be able to shortlist the best insurance company for your insurance needs.

Total Views: 1451Word Count: 662See All articles From Author

Insurance Articles

1. Home Insurance Companies In California And Its Astonishing Benefits
Author: caleagle Insurance

2. 3 Life Insurance Policies That Serve As The Best Tax Saving Investments.
Author: arnab Goswami

3. Multiple Employer Plans Grabbing More Attention
Author: Terrance Power

4. Guide To Bajaj Allianz Car Insurance Claim Process
Author: singhmeena

5. What Are The Best Types Of Public Insurance Adjusters In Pa?
Author: Donna

6. Here’s How To Save Money With Your Term Plan
Author: Nirav Patekar

7. How To Find An Important Point Before Buying A Health Insurance Plan?
Author: Sandra Pianalto

8. Auto Insurance With No License To Avoid Future Risks
Author: Charlene Hubbard

9. How Do I Get The Cheapest Travel Insurance Singapore?
Author: winds lu

10. Insurance Law
Author: Thailand Lawyer

11. Consider These 5 Riders Before Taking Out A Term Plan Life Insurance
Author: Nirav Patekar

12. What Is A Life Insurance Policy And Why You Need It?
Author: Nirav Patekar

13. Mortgage Loan Advisors Can Save You Time And Efforts In Finding The Best Deal Suitable
Author: darvinjarel

14. The Insights And Benefits Of Insurance Approved Repair Centre
Author: Rob Porter

15. Importance Of Life Insurance Policies
Author: Nirav Patekar

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: