Best Companies for Buying Two Wheeler Insurance

Buying two wheeler insurance is not only mandatory but a smart thing to do for all two wheeler owners. Therefore, it is important to avail the best two wheeler insurance policy money can buy. This brings us to the question asked by many insurance buyers, “Who is the best two wheeler insurance provider in India?” The answer to this question is no rocket science. You can find and buy the best insurance policy for your two wheeler vehicle by investing little time in research to zero down on your two wheeler insurance provider.

What should you look for while selecting a two wheeler insurance policy? Here are a few steps you need to consider while selecting your two wheeler insurance provider.

• The authenticity of the insurer: It is advisable to check the insurance provider's authenticity on IRDAI website. Every insurance company is assigned the IRDA registration number. It is important to validate the insurer's authenticity while selecting both the policy and the company.

• Financial stability: Have a look at the company's financial stability. This will help you get a fair idea about the company's financial capacity in terms of settling claims. A simple look at the IRDAI annual report can help you identify this information. Quality information from a reliable source can assist you in your research.

• Incurred Claim Ratio: It is a ratio of the number of claim cases rejected and settled. It is recommended to go for a company that has the lowest claim rejection ratio.

• Premium: Although two wheeler insurance plans usually offer standard cover, the pricing of these plans may differ to some extent. It is advisable to compare the premium rates against the cover they provide. While going for the cheapest available policy may waste your money, buying a two wheeler insurance policy that offers suitable coverage is ideal.

• After-sale service: Most insurance companies offer plans at a competitive premium rate, and you will end up buying a decent policy regardless. However, check if the company offers any after-sale services. Choose a company that provides you with after-sales service with regards to claims, add-on riders, and any other assistance you may need. Many insurance companies offer roadside assistance. This feature comes in handy when your vehicle breaks down in the middle of nowhere. Many insurance companies offer first aid service, fuel sourcing service, towing service, and other helpful assistance.

• The type of damages covered: Compare the types and number of damages covered by different two wheeler insurance plans. Needless to say, go for the insurance company that offers coverage against the maximum types of damages.

• Add-ons: Add-ons, also referred to as riders provide additional cover, which your basic policy does not have. With an additional nominal cost, you can avail the most popular add-ons such as cover for accessories, zero depreciation cover, and no claim bonus protect cover, etc.