Have you insured your two-wheeler under a valid insurance policy? If you have you, should be patted on your back for not violating the rules laid down by the Motor Vehicles Act, 1988. But did you compare your two-wheeler insurance policy before you bought it?
All of you know that shopping around is a good practice before buying anything. That is why you visit various stores before you buy your clothes, footwear, electronic gadgets or any other thing under the sun. Even in case of grocery you compare the prices in different stores and save on your monthly budget. But what happens when it comes to comparing a two-wheeler insurance policy? Most of you don’t compare before buying a two-wheeler insurance policy. But you should. Here’s why –
- Comparing lets you check the IDV of your bike
The IDV (Insured Declared Value) of your bike is the Sum Insured which is paid in case of total constructive loss or when your bike is stolen. IDV is calculated by deducting the age-based depreciation from the listed market price of your bike. Since it represents the maximum coverage amount of your two-wheeler insurance policy you should choose the highest possible IDV. When you compare you can check the IDV offered by different two-wheeler insurance plans and then choose a plan which has the highest IDV. Choosing the highest IDV would give you the maximum coverage.
- You can also compare the add-ons available
Two-wheeler insurance plans have different add-on benefits which enhance the scope of coverage. Some common add-ons include the following:
Zero depreciation cover – This add-on protects your two-wheeler claim against the deductions done for depreciation of your bike’s parts.
NCB protect cover – This add-on protects the NCB discount you have earned even if you make a claim in any policy year
Roadside assistance – This add-on comes in handy if your bike breaks down in the middle of nowhere and you need assistance.
Additional personal accident cover for unnamed passengers – This rider covers the pillion rider against accidental death and disabilities.
Different two-wheeler insurance plans have different add-ons available with them. To check for the available add-ons and buy a plan which has the add-ons you require you have to compare the different plans.
- Comparing lets you get the best rate of premium
Just like different two-wheeler insurance companies offer a different IDV, the rate of premium charged is also different in different insurance plans. To get the best rate of premium without compromising on the coverage, you have to compare the different plans on their coverage and premium parameters. Through comparing you can get the best two-wheeler insurance plan which not only has the cheapest rate of premium but also provides all the necessary coverage features. Moreover, there are different types of premium discounts allowed in some two-wheeler insurance plans. You can find these discounts when you compare and find plans which offer discount against those which don’t.
- You also get a choice of policy tenure
Two-wheeler insurance plans are now being offered for a longer tenure of 2 or 3 years too. Long term plans eliminate the need of annual renewals, have a uniform third party premium and also allow lower premiums. When you compare two-wheeler plans, you can find out which plans offer you long term coverage and which plans offer you a standard annual policy. If needed, you can opt for a long term plan or standard one-year plans as per your requirements.
Are you convinced that comparing two-wheeler insurance plans is important? I have given you various pertinent reasons, so you should be. Comparing before buying is a wise practice which not only ensures you have a comprehensive cover it also keeps your premiums low. You can select required add-ons and buy a policy with a term suiting your requirements only when you compare and find out the available plans.
Coverfox is an online platform which lets you compare two-wheeler insurance plans against each other. You can check the IDVs of all plans offered, their tenure, coverage features and also the charged premium. Coverfox also recommends the best plan based on popularity and helps at the time of claims too. So, if you wish , you can visit www.coverfox.com and compare the available plans under one roof.