LIC Two-Wheeler Insurance Vs HDFC Bike Insurance – Which is Better?
Purchasing bike insurance is mandatory in India. And when it comes to bike insurance policies, then there are two policies that are always on the top of every list. These policies are:
- LIC Bike Insurance
- HDFC ERGO Two Wheeler Insurance
If you are in the market for purchasing a bike insurance policy and you are confused regarding whether you should buy LIC two wheeler insurance or HDFC two wheeler insurance, then today we are going to help you make that decision with ease. We will compare both of these insurance policies so that you can choose which policy to buy easily.
LIC Bike Insurance Price
With the LIC bike insurance policy, customers can get:
- NCB benefit of up to 50%
- Save up to 70% on the premium amount
- Apply for claims that are settled within 4 hours!
- Be insured by an organization that has a claim settlement ratio of 95.80%
- Avail of 24×7 claim assistance through the customer service department
- Cover for own damages
- Cover for damages to the third party
Beyond this, there are some additional covers that are provided by LIC. These additional covers are mentioned in the list given below.
- Zero Depreciation Cover
In most cases, there is always a depreciation amount that is covered during the time of the claim. However, with the feature of zero depreciation cover, this will not be the case. One will get the full value for repairs in case of any damage to the vehicle.
- Return to Invoice
If your bike is deemed as a total loss, then this additional cover can get you the original invoice price that you have paid for your vehicle. This cover also includes all types of registration charges and road taxes. This benefit is great for individuals who live in places where vehicle theft is very common.
HDFC Bike Insurance Renewal
There are some key features that are related to the bike insurance offered by HDFC ERGO. These key features are:
- Savings on Premium: Customers can save up to 70% on the premium amount. There are several discounts that one can avail of through the website or through other official channels
- AI-Enabled Motor Claim Settlement: HDFC ERGO has an AI-enabled tool, which is known as IDEAS, which enables a faster and a hassle-free motor claim experience
- Own Damage Cover for Bike Insurance: Provides the best comprehensive cover that provides personal damage cover to your bike from any accident. The damage costs are also covered in cases of natural and man-made calamities
- Third-Party Damage Cover: Third-party bike insurance cover provides financial protection from any third party damage to property or people
- Unique Additional Features: There is a large choice of additional features that are available. You can select these riders to enhance the cover of your insurance policy
- High Claim Settlement Ratio: HDFC ERGO has one of the highest claim settlement ratios in the industry. They are famous for their easy claim settlement process online
- Cashless Garage Network: HDFC ERGO has a cashless network of over 7600 garages located all across India. Individuals don’t have to worry about bike repairs as they can get their bikes repaired right at their doorstep. Emergency roadside assistance is also offered
- Quick Purchase: Customers can purchase bike insurance policies within less than three minutes! All you need to do to purchase HDFC bike insurance is make a few clicks
Factors Affecting HDFC Two Wheeler Insurance Premium
There are some factors that can affect your HDFC bike insurance premium value. These factors are mentioned in the list below.
- Type of Insurance Policy
There are different types of bike insurance policies that are available in the market, including comprehensive and third-party damage policies. The costs of premiums associated with both of these types of policies are different. This is why you should select the type of policy that you want to purchase before moving to other factors.
- Condition of the Bike
Different bikes have different specifications. This means that the cost of insuring the bikes will also be different. It should be noted that the cubic capacity of a bike’s engine plays a significant role in determining the premium amount of the insurance. Other factors that will play a role are the place of registration, class of vehicle, bike model, age of bike, fuel type, and the number of miles covered.
- Driver’s Record
A risk evaluation will be performed on the basis of the record of the driver. Other factors that will be considered during this evaluation include the age of the driver, gender, driving record, and driving experience. The higher the risk the higher will also be the premium amount.
- Market Value of the Bike
The current price or the market value of the bike will also have an effect on the insurance premium amount. This amount will depend on the brand and the functionality of the bike.
- Modifications on the Bike
Many people love adding accessories to their bikes. This helps in improving the aesthetics and performance of the bike. However, these modifications are usually not covered under the standard insurance policy. And you will require an additional cover for the same. This will end up costing the policyholder an additional sum over the premium amount.
Tips to Save on Bike Insurance Premium
There are some tips that you can follow to save on the bike insurance premium amount. These tips are:
- Maintain a clean driving record
- Opt for higher deductibles
- Avail additional riders
- Security device installation
- Compare insurance policies online
These are all the things that you need to know about both of these insurance policies before making a final decision. Make sure that you go through the details of both of these insurance policies carefully before making a final decision. You should also go through the recent company profile of both insurance providers. This will ensure that you make the right final choice.