5 Things to consider Before Buying Two-Wheeler Insurance!
The Motor Vehicles Act of 1988 has mandated that every two-wheeler riding on Indian roads should have the minimum coverage of a third-party motor insurance policy. You can also opt for all-around protection with a comprehensive bike insurance policy as well. When you are investing your money in an insurance plan, it is important that you do so with a reliable, well-established insurer. With so many in the market, how can you determine which one is the best? To answer that, we tell you 5 things that you should check for with the insurer before you buy bike insurance.
- The IRDAI registration number
This is the most basic and the most important credential to look for. This number tells you that the motor insurance company is registered with the IRDAI. You can also visit the IRDAI website and go through their list of general insurance providers for further confirmation. It is advisable to avoid insurance companies that are not registered with IRDAI.
- Their claim settlement ratio
When you are raising a genuine claim on your insurance policy, you would want it to be solved. If your claims keep getting rejected despite being genuine, then it leaves a bitter experience. Therefore, you should look for the claim settlement ratio (CSR) of the insurer before you buy their plans. The CSR refers to the number of claims a company has received in a year as compared to the number of claims they have solved. If the company has a high claim settlement ratio, then that is indicative of how dedicated the company is to solving the claims of its policyholders. A CSR of over 90% is considered to be ideal.
- The number of network garages
At network garages, you can get your bike repaired without having to pay any cash. This is also referred to as cashless repairs, a facility wherein, instead of the usual reimbursement, the expenses are paid directly by the bike insurance company to the garage. Cashless repairs can only be accessed at network garages. This is a very useful facility as it eliminates the need to arrange or shell out large amounts of cash for repairs. It is quite convenient for you as well as the insurer takes care of several things. Therefore, look for an insurer that has a high number of network garages.
- The reputation and experience of the insurer
A motor insurance company that is well-known and reputed within the insurance industry is always preferable. This tells you that the insurer is trusted by many and can provide financial coverage when you require it. It is also recommended to opt for an insurer that has an extensive variety of experience in the insurance industry. That implies that they may have come across a variety of different claims which has prepared them in case you raise a claim that is different than the usual.
- The customer service provided by the insurer
A good bike insurance company should have 24/7 claim assistance service. If you have any doubts or complaints about your insurance policy, you should be able to reach out to the customer service easily and be given the needed help.
Ensuring that your insurer meets these standards and has solid credentials might take bit of your time, but will help you get a better bike insurance experience in the long run.