If you want to purchase the best bike insurance, comparing policies from different providers online is a step that cannot be skipped. Check out this post to know five things that you should keep in mind when making an online bike insurance comparison.

Thanks to the internet, you can now purchase bike insurance online within minutes. All you need to do is to select an insurance policy, go through the terms and conditions, pay the premium, and the insurance document will be emailed to you. But as many insurance providers now offer bike insurance, comparing the offerings of top insurers is a crucial step in making the right selection.

Apart from the official website of the insurance providers, there are now 3rd party insurance portals that make this step of comparing bike insurance quick and simple. These portals eliminate the need for you to visit multiple websites in search of the best policy. However, even while using such comparison portals, it is essential to focus on a few critical points to pick the best.

Five such vital factors are –

1. Insurance Premium

The most important consideration for most people looking for bike insurance is the premium. While comparing insurance policies online, give special attention to the premium of different policies.

However, while the premium is undoubtedly a significant factor and everyone wants to save as much money as possible, other factors should be taken into consideration. The reputation of the company, benefits, features, claim process, etc. are some other factors.

2. Premium Details

You can also go through the breakup of the premium to get a better idea about the policy. The breakup will help you know many important details such as the base premium, own-damage premium, 3rd party liability premium, GST, and more.

All these details will help you make a detailed comparison of the best options and allow you to select one that offers the best value for your money.

3. IDV

The Insured Declared Value or IDV is the maximum amount that the insurance provider will pay in case if your bike is totaled or stolen. Its calculation relies on the current market value of your bike and the depreciation in its cost.

When you are comparing bike insurance, prefer a policy with a higher IDV. Many of the insurance providers also allow you to set your own IDV. If you are looking for a reduced premium, you can reduce the IDV. However, the IDV can only be reduced up to a limit.

4. Policy Coverage

If you are going for a comprehensive two-wheeler policy, you should also check the policy coverage as it varies between different policies. For instance, some two-wheeler policies offer zero depreciation while others offer the same as an add-on with an additional premium.

The policy coverage will help you know the features of the policy along with all the important inclusions and exclusions.

5. NCB Discount

If you are looking for two wheeler insurance renewal and have NCB (No Claim Bonus), you can use a comparison portal to check how your accumulated NCB affects the premium of different policies.

The NCB depends upon the total number of years for which you have not filed a claim. It is 20{9aec2f3753136e72632b4743edb3bd445b461a73e7aee1730978bb7c413976bd} for the first year and increases by up to 50{9aec2f3753136e72632b4743edb3bd445b461a73e7aee1730978bb7c413976bd} until the 5th year. Some of the comparison portals allow you to select your NCB for a more accurate comparison.

The Right Way to Compare Bike Insurance Online

With the help of 3rd party insurance portals, the process of comparing different policies and making the right decision becomes quick and hassle-free. Most of these platforms allow you to enter your own details and make custom selections to help you find a bike insurance policy that perfectly meets your requirements.