Why You Should Compare Two Wheeler Insurance Plans

Road accidents can happen without any forewarning and, at most times, can also damage your two-wheeler. This is where a good insurance policy protects you from emptying your pockets on getting your vehicle repaired. However, at the time of taking your two wheeler insurance policy, if you are not aware of its features and specifications, you may still suffer at the time of making the claim.

Once you take your vehicle to the repair garage and find out that your policy either doesn’t cover the entire damage or is rejected despite having all the documents intact, it is too late to do anything to salvage the issue. That is why you should compare two wheeler insurance plans before making the purchase.

Complete Guidance on Comparing Two Wheeler Insurance Plans

Now that you know how vital it is to make comparisons, here are the steps you should follow to gain awareness about the comparison process before you get into actually doing it.

Step 1: Identify Your Needs

In order to compare two wheeler insurance plans, you must first know exactly what you expect from it. If an insurance policy is providing you with a few more features than the other, but has a much higher premium, you need to analyse exactly how beneficial these features are going to be and whether the higher premium will be worth the additional value you derive from your policy.

Step 2: Decide Your Budget

Budgeting out your insurance coverage will narrow down your search options by filtering out the expensive policies. This way, you will also know the specifications you are eligible for depending on the money you can spend for your vehicle’s security.

Step 3: Find the Right Source of Information

There are multiple websites that allow you to compare information about insurance policies and companies. But how many of them are reliable? It is better to opt for a trustworthy and authorized source like Coverfox.com, for example, which provides you with accurate and continuously updated data of various two-wheeler insurers.

Step 4: Weigh the Pros and Cons

Sometimes, two policies may seem to suit your needs the same way, but since you can’t buy them all, you need to make a difficult yet worthy decision between them. In such cases, it is better to analyse the pros and cons of each policy so it will help you finalize on one that stands out from the rest.

Step 5: Take Your Time

The most necessary step is to not rush into the procedure. It is better to use the time during the research phase than regret your choice later and not be able to do anything about it. Take your own time before you decide.

Know How to Compare Two Wheeler Insurance Plans

What exactly should you be looking for when comparing two wheeler insurance plans? Read on to find out:

Type of Policy:

There are mainly two types of two-wheeler insurance plans, which are the Comprehensive and Third-Party Liability policies. While the former covers all types of damage including wear and tear, the latter provides limited coverage for third party damages alone. It is important to understand the difference between these policies when starting your comparison.

Claim Ratio:

A claim ratio signifies the percentage of claims that get accepted against the total number of claims that an insurance company receives. For example, if an insurance company has a claim ratio of 67%, it means that 67 claims out of every 100 get approved successfully.

Reputation:

The reputation of an insurance company speaks volumes about how convenient and hassle-free your claim process can be. This factor decides a company’s professionalism, the efficiency of their customer service department works, and whether you can rely on their support in your time of need.

No Claim Bonus:

If you don’t make a claim in a certain year, you are eligible to get a no claim bonus on your policy that can be carried forward or transferred.

Final Thoughts

It is mandatory to compare two wheeler insurance plans nowadays, especially because there are numerous policies from various insurance companies providing you with a wide range of benefits. This can lead to confusion at the time of purchasing a vehicle insurance policy which is why insurance brokerages like Coverfox.com are constantly working towards providing comparative information across companies that is both authentic as well as easily understandable. Make a well-informed policy decision today!