More often than not, many car and bike owners blindly buy insurance for the sake of law, i.e The Third-Party Liability Insurance. People don’t always look at the kind of benefits and what to really expect when something wrong actually happens and you need to make a claim. A car or bike insurance can prove to be really beneficial if you’ve bought the right one. From protecting you against third-party related losses to having your back during accidents both big and small, the right insurance can make all the difference.
Considering people tend to wrongly look at insurance as complex and ambiguous, we’ve made things easy for you and, put together the ten things you should compare before just taking up any car or bike insurance. Luckily today you can compare bike and car insurance online and make a wise choice at the comfort of your home.
The top ten things you should compare online before picking the right insurance for your car or bike.
#1 Check your IDV
Your IDV is the current market value of your car or bike, after depreciation. As a rule of thumb, your total sum insured directly depends on this. However, many times insurance companies incorrectly state your car or bike’s IDV to offer a low premium. But don’t be fooled into this cause of low premiums because that only means your sum insured too will be less during claims! Always check your IDV and compare your premium across different insurance companies accordingly.
#2 Consider Service Benefits
Every insurance company will provide a different set of benefits. Evaluate the different offerings and see what suits your needs. For example; the new age digital insurance company, Digit Insurance offers a unique benefit wherein you don’t need to wait for a surveyor or call anyone physically during claims. Everything is digital and all you need to do is self-inspect your car or bike’s damages through their app to get your claims processed!
#3 Look at Claim Settlement Ratios
Claims are the essence of any insurance, why else would you get one? Different insurance companies have their own set of processes and claim settlement periods. Hence, it’s important that you compare the different processes available and check how fast each of them settles their claims and make your choice accordingly.
#4 Think about Support
You never know when you need it! Compare the customer support offered by different companies. Are they available 24×7 or only during the day? You can easily evaluate these options by visiting their website or checking their social media channels.
#5 Compare the two types of policies
There are primarily two types of car insurance policies every insurance company will offer. While the mandatory one such as the Third-Party Liability Car or Bike insurance only covers losses and damages against third-parties, a Comprehensive or Standard package policy will instead not only protect third-party losses but also, cover damages caused to your own car and bike. Look through the benefits of both policies, evaluate your personal needs- is your car or bike too old, are you going to use it regularly or not, etc. Basis that, pick the plan that covers you best 😊
6. Check availability of garages
Depending on the insurance company you pick, there would be a network of partner garages or workshops where you can avail repair work in case of a claim. Look at the different insurance companies and compare availability of garages. Are they widespread? Is it convenient for you? Sometimes, some insurance companies also give you the option to repair your bike or car at a garage of your choice. Compare all options and pick what suits you best.
#7 Review add-ons
Sometimes, just having a standard car or bike insurance policy isn’t enough. That’s why, car and bike insurance companies also give you the option to add additional covers to your policy to shield you further. Some common add-on covers include roadside assistance, no claim bonus and bumper to bumper or the zero-depreciation cover amongst others. Compare different add-ons across different insurance providers and pick the one you think gives you exactly what your car or bike needs, at a good price.
#8 Evaluate Unique Advantages
While all car insurance and bike insurance companies come with some standard policies and benefits, some companies offer benefits that are unique to them. Learn more about different insurance companies available, compare and evaluate the unique benefits they offer and choose what suits you and your car or bike’s needs the most.
#9 Check scope for customization
There’s no one plan that will work for everyone. Therefore, compare the possibility of customization with different insurance companies. Whether it’s about customizing different covers and add-ons or other benefits, the scope of customization always gives one a lot more freedom in picking an insurance they trust. For instance, some insurance companies allow you to even customize your IDV, while there are some that let you opt in for specific benefits whilst you’re purchasing a car or bike insurance policy.
10. Compare the Overall Value
Finally, killer prices matter to everyone. However, don’t just go for the cheapest premium but, after you’ve done your research, compare your options and go for a car or bike insurance that you think gives you what you want at the best possible value.