Considering the importance of two-wheeler insurance in India, choosing an appropriate insurance company is a crucial decision for vehicle owners. Two wheeler insurance is not only a mandatory requirement by law, but it is also an essential tool to efficiently manage risks and liabilities arising due to an accident. It helps you cover the costs of injuries or other potential damages in case of accidents, fire, or theft, thus, covering the legal liability that might arise because of riding a two-wheeler.
The market these days is full of options when it comes to picking an insurance service provider for your two-wheeler. However, making the right choice requires a lot of research and thorough understanding of the insurance offerings. If you’re considering buying or renewing your two wheeler insurance, this is your comprehensive guide to picking the best available option.
What are your Options?
Every two wheeler insurance service provider generally offers two types of policies:
- Third Party insurance policy (mandatory as per the law)
- Comprehensive insurance policy
While the third-party insurance policy covers the injuries and damages caused to a third person or property, the comprehensive insurance policy covers accidental damages, loss from theft, fire, etc to your own two-wheeler along with providing coverage to the policyholder in case of third-party liability.
Points to Look for While Choosing a Two-Wheeler Insurance Company
a) The credibility of the company
Having an insurance provider with excellent market reputation and reliability during essential procedures such as claim settlement is the primary aspect to look for.
It is recommended to gather all the essential information about the company including the efficiency, claim servicing & settling process, turnaround time, etc. You can either find this information on the internet, check reviews online, or speak to existing customers.
b) Company offerings
Make sure to do a comparative analysis of policy features, benefits, and various exclusions by different insurance companies before making the final choice of the most suitable option as per your individual needs.
c) Premium Amount and Affordability
Different insurance service providers charge varying premiums for the same coverage and benefits, making it essential to do a thorough comparative analysis while picking the best two-wheeler insurance company.
After finalising the coverage you would like to opt for, start your search for two-wheeler insurance providers offering the required coverage at an affordable prices. Since different insurance companies offer two-wheeler insurance policies at varying costs, it is best to do some research about the available insurance providers and the kind of coverage offered by them.
d) Terms & Conditions of the policy
Go through the complete details of the policy including the terms & conditions and exclusions list as stated in the policy document before making the final decision of choosing your two-wheeler insurance service provider.
e) Complaint Ratio
While comparing the best two wheeler insurance companies, make sure to check the complaint ratio against them. It helps in gathering more information about their service standards to be able to make an informed decision.
f) After-sales service
Unlike other over-the-counter products, the pros and cons of an insurance policy can only be felt post the purchase. It is, therefore, essential to pick a service provider with smooth, transparent, and hassle-free after-sales processes to safeguard the interest of the policyholder.
Prioritise choosing a two-wheeler insurance company with fast & efficient claim settlement process and a robust customer support staff.
With a rapid increase in the number of insurance companies, it becomes really difficult for the customers to select the best one available. To make the choice easier, it is best to consider the main factors to make a smart decision:
-Prioritize the essential factors including reliability of the service provider, policy features, brand value, affordability, and other important technical aspects.
-Make sure to check the coverage details that your chosen two wheeler insurance company offers along with the premium details.
-Decide on the type of two insurance policies that you would like to buy or renew. The main options include third party and comprehensive two wheeler insurance policy. Coverfox.com is a leading name with several types of two wheeler insurance policy options as per the individual client needs.
-Last but not the least; make sure to thoroughly check the claim settlement ratio, claim procedure, and service quality of the shortlisted options while doing the comparison of the best two wheeler insurance companies.