5 Tips to Compare Premium Quotes before Buying Two Wheeler Insurance Online


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Two of the major aspects when it comes to riding a bike are the bike itself and a valid 2 wheeler insurance. The Motor Vehicles act of 1988 mandates all bikes to have a valid insurance policy.

Did you know that you can buy bike insurance online at cheaper rates as compared to buying them offline? If you wish to buy/renew a two wheeler insurance online, the following tips will help you save a considerable amount of money.

1. Coverage

Instead of looking for the cheapest policy available in the market, it is worth looking at the coverage on offer first. You can either buy comprehensive bike insurance or a third party two wheeler insurance online. Third party policy is the more affordable option but offers limited coverage as well. On the other hand, though a comprehensive plan costs slightly more, it offers much better coverage and greater peace of mind.

2. IDV

The insured declared value (IDV) is one of the most crucial aspects that decides the premium of a bike insurance policy. Playing around with IDV will help you increase or reduce the premium prices of your policy. While it might be a good way to lower your premiums, it is not recommended in the longer run, because if you were to make any claim for total loss, you will end up paying more from your pockets.

3. Premium

When you buy bike insurance online, one of the biggest benefits is that you can compare premium quotes before purchase. Most insurers have online calculators, which require some basic information from your end. On providing these, the insurer will offer you with a quote for the policy that you are interested in. Comparing premiums will help you save a considerable amount of money and time during policy shopping.

4. Add-Ons

As one might guess from the name, add-ons help you to enhance the capability of your policy. If you are not content with the standard policy and need additional coverage, you can opt for add-ons. Sure, they come at a cost but will ensure that you get complete peace of mind. After all, who would know it better than you, regarding what coverage you seek for your bike.

5. List of Garages

When you buy two wheeler insurance online, you have an option to go through the list of network garages. These garages are authorized by your insurer and make claims an easy affair. Such claims are known as cashless claims as you do not have to pay money upfront like in Reimbursement claims. You can walk into any of these garages, get the repairs done and walk away without paying much from your pockets, albeit cashless service.

If you wish to compare policies to receive a better quote, you have two different approaches at your disposal. And it comes down to your own personal preference as to which method you want to use for the comparison.

The first method to compare 2 wheeler insurance is to visit the website of individual insurers and provide them with some basic information. The website will then offer you a quote for the policy. Should the quote impress you, the next logical step is to buy the policy.

The other alternative to buy bike insurance online is to visit the website of an online aggregator. The process remains more or less the same. The only major difference is in the results. With an online aggregator, you can expect quotes from different insurers at the same time. This allows you to compare policies instantly based on different parameters and finally buy one.