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4 steps to choose a good Bike Insurance plan

By Finserv MARKETS - Jul 4,2019
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Getting your bike insured is an important decision to make. With confusion around the types of bike insurance plans, lack of clarity in what each policy contains and which insurance to buy, there are a series of questions one has to navigate to figure out which bike insurance plan is best for you. With that in mind, we take a look at 4 steps you can take in getting yourself a good bike insurance plan.

Step 1 – Research
As with any purchase, a good deal of research needs to go into understanding what a two-wheeler insurance policy actually is and how it can help you. It is also wise to know the different type of products and insurance providers in the industry.

Step 2 – Compare different policies
There are four key factors to keep in mind when you’re looking at different two-wheeler insurance policies. They are: coverage type, factors affecting insurance premium, change of vehicle and time take to process claim.

Step 3 – Choose an insurance company
There are dozens of companies in India offering bike insurance with different policies at different rates. In this step, you have to choose which company is offering you the best deal, both financially and in terms of the best benefits you can find.

Step 4 – Select insurance type
Third-party motor insurance is compulsory, while a comprehensive motor insurance is not. A comprehensive insurance covers damages to you and your vehicle, the other does not. Third-party bike insurance is focused solely on the third party, the comprehensive one is focused on benefits for you. It’s a simple, perhaps easy choice to make.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522