Before you decide to own a motorcycle in India, it is essential that you first conduct a bike insurance check online to get the best 3rd party bike insurance policy around. You also need to know the regulations governing your bike use in India, and the Motor Vehicle Act of 1988 makes it mandatory for all bike users to have a third-party insurance plan. But in deciding on which policy to buy, you need to compare each insurance plan to know which one suits you.This post highlights those key benefits that you can derive from checking bike insurance policies online.
The Importance of 3rd Party Bike Insurance
Buying third-party bike insurance is vital for several reasons, but here are a few worthy of note:
- You Stay on the Right Side of the Law: Having a 3rd party bike insurance puts you on the good side of the law following the Motor Vehicle Act of 1988. You avoid being penalised by traffic police officers, and your license could be suspended and your bike confiscated due to breaking the law.
- No Out-of-Pocket Expense: With third-party motorcycle insurance, you do not have to worry about paying for damages to your bike incurred during an incident or accident. Many insurers have a network of cashless garages to help repair damages to your motorcycle without receiving direct payment for their services. The bill of service of the cashless garages is submitted to the insurer, who then vets the bill and compensates the garage owners.
- Coverage from Natural or Man-made Calamities: With third-party motorcycle insurance, you are covered in the event of damages or loss of your motorbike caused by either natural or artificial disasters. Natural calamities include cyclones, landslides, earthquakes, mudslides, and tsunamis while man-made calamities include vandalism, incidents, and accidents.
- Extended Coverage to Third-party Liability: A third-party vehicle insurance plan covers you in the event of your involvement in an accident leading to personal injury on a third party or damage to a third party’s vehicle.
What to Compare when Checking Bike Insurance Plans
In checking for the different plans offered by insurance companies online, there are specific parameters that you need to compare. Some of the key parameters to look out for are:
- Premium Payment: In purchasing a policy, you need to compare the premium you have to pay to the insurers to keep your plan active. Generally, insurers offering a low premium price are more attractive than those with high premium rates, especially if you are on a tight budget. Third-party insurance is excellent for anyone with budget constraints.
- Range of Coverage: The range of coverage for 3rd party vehicle insurance policies is also a consideration for comparison. However, most plans cover damages to a motorbike caused by natural or man-made disasters. However, it is worth checking to see if insurers expand their scope of coverage even for their 3rd party bike insurance.
- Customer Support: It is also essential to compare the customer support service of insurers. You need to be able to get quick responses to any enquiries or complaints you may have about your plan. You can check out reviews from other customers before deciding on the insurer and 3rd party motorcycle insurance plan that best works for you.
- Cashless Garage: Compare the number of cashless garages that each insurer has in their network and the location of the garages. Buying a plan from an insurance company with a broad cashless garage network will increase your probability of being close to a garage in the event of an accident.
Key Benefits of Checking Online Bike Insurance Policies
#1. Making an Informed Purchase Decision: When you check and compare bike insurance check plans, it helps you make an informed purchasing decision at the end of the day. Typically, you should compare the coverage, premium, size of the cashless garage network, customer support, customer reviews, and so on in helping you make the right decisions.
#2. DIY Research beats any Sales Pitch: You tend to be more knowledgeable when you research than when you settle for a sales pitch from an agent. An agent who tries to sell you a policy while researching will educate you on a policy.
#3. It prevents you from making an Impulsive Purchase: Impulsive buying of a two-wheeler insurance plan is the most common mistake of most bikers. But by comparing and checking different plans, you will avoid buying a plan in the spur of the moment.
It would be a wise idea for you to carry out a bike insurance check for your 3rd party bike insurance plan, even though most policies are seemingly similar. Conducting these checks will help you make an informed decision on which insurer’s two-wheeler plan to purchase.