For most people, their first two-wheeler insurance is bought at the same time as their bike, courtesy of the in-house insurance agent. Generally, it would not matter much, until they meet with an accident or damage their two-wheeler.
That’s when you are handed with the invoice for all the repairs and you get to know that your two-wheeler insurance does not even cover half of it. So, what went wrong? Well, you were stuffed with a policy which you did not need. The right way of purchasing two wheeler insurance is by understanding your needs, fixing a budget for premium, and then comparing the best two wheeler insurance plans on the market.
Why Compare Two Wheeler Insurance?
Most policyholders never compare insurance policies before buying. Rather, they are sold on the salesmanship of the agent or the list of features in a policy. Unfortunately, neither serves you well.
#1 Get the best cover
The primary step to any insurance purchase is identifying the need and objective for insurance. Since your two-wheeler insurance is aimed at providing protection to your vehicle and the riders, you must first understand the various scenarios likely in your day-to-day commute. Accordingly, you would need to look for covers that provide adequate protection. For example, if you live in a flood-prone area or which receives a heavy amount of rainfall, buying an engine cover will be a smart choice.
#2 Avoid overpaying
There are quite downsides to buying insurance offline. One of them being overpaying on premiums. Offline insurance generates sales via direct selling agents, dealers, and sub-agents. As a result, a hefty amount is paid towards commission by insurance companies. This amount is factored into the premium when you’re buying your policy offline. However, since there are no agents and consultants online, buying two wheeler insurance online is cheaper. Additionally, when you compare insurance plans, you get to choose the premium which suits you best.
#3 It’s convenient
A key reason why insurance plans aren’t generally compared when purchasing them offline is that there’s no medium to compare plans. Getting policy brochures from different insurance providers is unrealistic and hence most people tend to avoid that. However, with sites like Coverfox.com, comparing insurance is easy. You fill in a few simple details and the site generates the best possible choices for your requirement. You can compare the features, premium and add-on covers to identify your best option.
#4 You can’t trust a salesman or agent
Not comparing insurance generally indicates that you’re willing to trust the advice of a consultant or an agent. However, agents work either on a commission basis or are employed with a single company. Commission-based agents are likely to feed you the policy that gets them more fees, while a salaried agent will only offer policies from a single company. Neither of these choices will help you find the best fit for your two-wheeler.
#5 Avoid impulse buying
Most insurance purchases are transacted after looking at only one policy option. The policyholder is fed a list of features that tend to impress and soon after the purchase is made. However, such covers might or might not be helpful for you. Additionally, there might be certain requirements which you are overlooking. Comparing different policies helps you keep an objective outlook and judge which features meet your requirement.
Advantages of Comparing Two Wheeler Insurance
Now that you know why you should compare two wheeler insurance, here are some of the direct benefits of comparing two wheeler insurance on sites like Coverfox.com
Take advantage of a discount on premiums and various offers when comparing two wheeler insurance quotes. Such sites generally offer discounts which help you save on your yearly premiums. Additionally, you can also redeem your No Claim Bonus for lower premium rates.
#2 Convenient purchase process
Once you have selected whichever policy suits you best, the process of buying insurance is even simpler. All you need to do is select the particular policy and pay with your preferred payment mode. That’s it! Now you can download your insurance policy and avail protection instantly. Unlike, offline insurance, there’s no physical verification needed when purchasing online.
#3 No middlemen
Finally, by comparing insurance online, you no longer need to deal with agents and consultants. As a result, you can track your insurance directly, make claims online and renew your policy at the click of a button. Without agents interfering in your decision, you are likely to make more educated decisions.