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In a country as crowded as India, it is no secret that bikes are one of the most preferred modes of transport. And the same reflects in numbers as well. Baring the period marred by the ongoing pandemic, there has been a steady rise in two-wheeler sales in India. 

The year 2019 saw as many as 21.2 million two-wheelers being sold in the country. The sheer number of bikes being sold in the country is one of the major reasons why you should have a bike insurance policy. The policy will ensure that there is no financial burden on you, in the case of an accident. Also, you will not be charged any penalties for not having insurance.

If you are planning to renew your bike insurance, we highly recommend comparing bike insurance. For the ones who aren’t too familiar with comparison, here are 8 secret techniques that will help you improve the comparison between bike insurances.

The Reputation of Insurance Provider

There is no dearth of insurance providers should you want to buy a bike insurance policy. However, one needs to be careful with the reputation of the insurer. A company with a higher claim settlement ratio will make it easier for you during claims.

Policy Coverage

As you compare bike insurance, one of the most crucial aspects is to understand the coverage that you need. Depending on your needs and usage, you can choose from various plans available. You can either opt for a third-party liability-only policy for the lowest premium or a comprehensive plan for maximum coverage. 

Add-ons

While add-ons are known to increase the effectiveness of your policy, they are not an absolute necessity. There are a ton of bike insurance add-ons that you can choose from. Picking add-ons whose coverage is essential will help you save money.

Understanding IDV

The IDV or the insured declared value of the bike is the current market price of the bike. And IDV plays a crucial role in deciding the policy premiums. A lower IDV would translate to lower premiums and vice versa. 

Good old reviews

You can go through online reviews of different policies online to get a first-hand feel of the policy and the service that the insurer is offering. Verified customers will almost always give an unbiased review of the policy.

Bike’s Engine Capacity

Knowing your bike’s cubic capacity is important when you compare bike insurance. A bike with a higher engine displacement capacity will fetch a higher premium and a bike with lower engine capacity will warrant a lower premium. 

Lower Premiums

As you compare insurance policy, the whole point is to reduce your policy premiums. However, a policy with the lowest premium might not be the best option. You also need to look at the policy coverage before deciding on the policy.

Renew on Time

Renewing your bike insurance promptly is beneficial in more than a few ways. For starters, your bike is never out of cover. Secondly, you can carry forward benefits such as NCB without any break or fear of losing it due to untimely renewal.

The above techniques will help you better compare your bike insurance policies.

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