Comprehensive Guide To Finding The Best Bike Insurance Quotes

As of 2022, there are more than 21 crore registered two-wheelers in India. This is as per the information provided by the Road Transport and Highways Minister of India ^[1]. Since two-wheelers are the most affordable means of transport, especially for middle-class Indians, the number is not surprising at all. However, more two-wheelers on roads mean an increase in the number of accidents. The damage caused in an accident to your two-wheeler could be expensive to get repaired. If you are planning to buy a two-wheeler for yourself, it is critical to not forget about bike insurance. Buying insurance for the first time can be confusing. However, the information given below can help you look for better insurance quotes for your first two-wheeler.

What is bike insurance?

Bike insurance is a type of vehicle insurance that is designed to protect your two-wheeler from the financial liabilities associated with road accidents and other mishaps. For example, if your bike is involved in an accident with another bike; without the insurance policy, you would be required to pay for the damages caused to the third-party vehicle in addition to the damages caused to your bike. However, two-wheeler insurance helps in covering the cost of these damages, as well as legal liabilities associated with accidents*. A comprehensive two-wheeler insurance policy will cover the cost of damages for both, third-party vehicles as well as yours, whereas third-party insurance plans will cover only the third-party damages and injuries. *

How to get suitable quotes?

It has become easier for anyone to buy two-wheeler insurance, however, getting the correct bike insurance price can be a taxing process. Especially if you are a first-time buyer. Here are some of the ways you can utilize to get insurance quotes that are suitable for you:

1. Through showroom

   If you are buying a brand-new two-wheeler, you must compulsorily purchase bike insurance along with your new vehicle. Auto dealers have tie-up with insurance companies. This is the case with most two-wheeler showrooms. Agents from these companies are present at the showroom to help you guide with the process. However, do keep in mind that the cost of the policy could be higher due to commission fees. Also, you may not be able to customise your policy as per your requirement. You have the option of not having to purchase the policy from them.

2. Through an agent

   The conventional method of buying an insurance policy is through an insurance agent. Depending on the agent you approach, you could be offered a policy from one insurer or multiple insurers. Agents would present you with policies based on your requirement, and you have the option of customising them. However, just like with the showroom, a commission is applied by the agent, which could increase the cost of your policy.

3. Through an aggregator

   Online aggregators provide you with the advantage of comparing bike insurance policies from different insurers on various parameters. This provides you with the choice of selecting the policy that matches most of your requirements. However, it is important to note that the quote provided by the aggregator on their site may be lesser than the actual quote.

4. Directly from the insurer

   The internet has allowed insurance companies to pitch and sell their products directly to customers. You can visit their website and use their two-wheeler insurance premium calculator to get a quote for the policy. Since you would be purchasing your policy directly from the insurer’s website, there are no commission fees involved. Also, you are free to customise the policy as per your needs.

* Standard T&C Apply  

Conclusion

With this guide, you can get a quote for your policy which you may find suitable. If your existing policy is nearing its expiry date and you wish to switch to another insurer, you can visit their website and use their two-wheeler insurance premium calculator to see how much their policy would cost. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. *Standard T&C apply