Buying an Online two wheeler Insurance- Do's and Don'ts

In India, online shopping is trending in big way. Be it a grocery, clothes, vehicles and even financial products like insurance can easily be purchased online. Revolution of digital era has brought in major transformation in general insurance industry too. Trend of online policy enrollment and renewals are growing fast in India.

For instance, if we consider a buying bike insurance online, the process is so simple, quick and cost effective with the transparency of information. However, buying a right insurance online needs a lot of caution as it involves no human interface.

Here are some do's and don'ts to keep in mind to get the right two-wheeler insurance plan online.

Do's

• Research thoroughly: Online insurance leaves you on your own to make decision. There is no intermediary to advice you on each and every bit. Hence, you need to understand the product on your own. This needs lot of homework. Internet is full of information galore. Make use of this to do a necessary research before you start a buying process online.
• Compare quotes and benefits: You can access quotes instantly in online platform. Not just the insurance provides website, you can access quotes and details of plans through web-aggregator sites. There are many credible online insurance portals that provide you quote and details of various plans available in the market at a time on a same page. Make use of such tools and compare the plans benefits and cost to get the best deal.
• Explore about discounts: Once you shortlist the suitable options basis your comparison, check on discounts available for the plans. Discounts can be for installation of anti-theft device, for not making any claim (no claim bonus for renewal plans) and in the way of voluntary deductibles. Exploring the options can benefit you by way of reduced premium cost.
• Go for comprehensive coverage: Bike insurance mainly comes in two types. Third party liability insurance covers only your legal liability to third party. It does not provide any cover to you and your bike. The other one is a comprehensive coverage which is a complete package with coverage for damage or loss to your two-wheeler, personal accident cover for you along with third party liability cover. Understanding the type of plan and opting for the comprehensive coverage is more important.
• Choose the right add-ons: Riders enhance your coverage by providing extended protection. Availability and pricing of riders vary among insurers. Selecting the right add-on for your bike is a crucial thing. If you are seeking insurance for expensive and high end bikes, add-ons like depreciation waiver and return to invoice makes more sense. Likewise, pillion rider cover is an ideal choice if you travel more frequently with a co-passenger.
• Understand the Insured Declared Value: Knowing your bike's insured declared value is more essential for the adequate coverage and pricing. It's the maximum amount of coverage that you get for any claim. Hence, understand the IDV and declare it correctly
• Pay attention to claim efficiency records: Choosing the right insurer is more important for smooth and hassle-free claims. Go through the claim settlement ratio of insurer before buying a two wheeler insurance plan online.
  

Don'ts

• Don't fall prey for cheaper plans: Cheapest policy cannot be the best always. Price cannot be the only deciding element while buying two wheeler insurance. Make a cost benefit always, consider policy inclusions and exclusions and the features before you zero down on any one plan.
• Don't Provide Inaccurate Information: It's important to provide all the information related to you and your two-wheeler correctly. Any incorrect or wrong declaration can put in trouble at the time of claim or may result in cancellation of policy.
• Don't go for inappropriate deductible: It true that higher voluntary deductible can reduce you premium cost. But, you end up paying more at the time of claim. Hence, opt for only easily affordable and appropriate amount of deductibles.
  

Conclusion
On a closing note, online mode is an ideal way to buy two wheeler insurance considering its ease factor, flexibility and transparency along with cost effectiveness. Keep all the important do's and don'ts in mind while buying online two wheeler insurance to avoid its pitfalls.Do explore, compare and analyze to make a smart decision!