Bike insurance online
Shristi, a 22-year-old medical student from Bhubaneshwar, knows that there is no thrill like riding a bike. Not only does her two-wheeler help her zoom past the traffic, but it also makes her daily commute to college more enjoyable.
As a responsible driver, Shristi has never taken any chances on the road. Despite this, she has experienced a few real brushes with death: skidding on wet roads during the monsoon, crashing into a car that braked too suddenly, and even coming close to being hit by a truck!
While Shristi has been fortunate to survive these mishaps with barely any injuries, she’s not sure how she would have coped without her insurance policy.
It seems, though, that Shristi didn’t have to physically approach an insurance agency for her policy – rather, she got her bike insurance online in a few clicks.
In this guide, let us discuss all you should know before getting your two-wheeler insurance online.
Types of Bike Insurance
When looking for motorcycle insurance in India, you have two options to choose from � third-party and comprehensive. While third-party insurance is compulsory for two-wheelers, a comprehensive policy covers your vehicle and yourself better.
Third-Party Cover
The third-party insurance cover saves you from legal liabilities whenever your bike meets an accident. It protects against damage to third-party people, property, and vehicles. But it does not offer any cover for your vehicle. However, a benefit of this type of cover is that it has an affordable premium.
Comprehensive Cover
A comprehensive insurance policy provides cover for third-party liabilities along with damage to your own bike. Though this type of policy often has a higher premium, it offers extra cover that makes the cost worth it. You can also choose to purchase add-ons for this policy to get better protection.
Had it not been for Shristi’s comprehensive two-wheeler vehicle insurance, the expenses of the accidents could have taken a major toll on her finances.
Benefits of Buying Bike Insurance Online
One of the latest trends in the landscape is buying insurance online – and why not! It comes with tons of advantages:
- Quick Registration Issuance: Internet-based bike and motorcycle insurance plans facilitate fast, hassle-free registration. You need not wait for days to get your two-wheeler policy.
- Cheaper Prices: With an online plan, you can buy your cover directly from the provider and avoid the expenses of intermediaries. A large number of companies offer competitive, discounted prices on the internet to save you a lot on your purchase.
- Speedy Processing: As you can communicate directly with the company, your two-wheeler and bike insurance policy is processed faster than that through an agent. Moreover, you get accurate information related to your cover.
- Easy Transfer of Discounts: Without an intermediary, you can rest assured that you get the best prices and transparent discounts. Most companies have tools that calculate your premium and discounts to make the process easy. An online purchase definitely guarantees you get the best deal.
- Convenient: Online insurance policies are quick and fool proof, with little paperwork involved. Customers can easily complete the process from their computer or mobile phone. Most insurers provide a dedicated mobile app to quickly get quotes, pay the premium, avail claims, and renew policies.
- Cashless Facility: With end-to-end payments through net banking, credit and debit cards, and payment wallets, there is no risk of fraud when paying your premium or receiving claim pay-outs. Companies support a wide range of payment options to let your complete transactions without having to go anywhere or using cash.
- Easy Renewals: Online insurance policies make it super easy to renew your cover upon expiration. There is no need to visit the company with documents to renew the policy. You can view your options and complete the renewal online in no time.
Steps to Buying Bike Insurance Online
Here are the steps that should help you buy bike insurance online:
1. Research and Compare
Before buying your bike insurance online, do some research about two-wheeler policies. It helps to learn the terminology and other aspects like IDV, No Claim Bonus, Zero Depreciation, etc.
Next, look at the options available and compare them online to find out which company suits your needs and offers the best deals.
2. Select Your Insurance Company
Selecting the right company is the most critical step in buying reliable and cheap bike insurance. A good insurance firm will provide the best pre and post-sale service.
Check the reviews by real-life customers and get in touch with the customer service to assess their reputation and professionalism. Once you have finalized your insurer, go to their website to proceed.
3. Select the Type of Insurance
Enter your personal details and the bike information, and you are given the option to choose from comprehensive and third-party insurance.
While comprehensive coverage is the best recommended, you should select the type of policy based on your requirements.
4. Set the Bike IDV
Once you select the type of insurance, you are asked to set the Insured Declared Value of your vehicle – its current market value, which becomes the amount you pay the premium for and the amount you can claim from the insurer in case of theft or loss.
5. Choose Add-Ons
If you buy a comprehensive policy, you can now select the add-on covers you want to purchase. Adding these extras provides a great way to increase the scope of your online insurance policy.
Depending on your preferences, you can choose from road assistance, zero depreciation, the pillion rider, and other add-ons for the two-wheeler bike insurance.
6. Fill the Form and Make Payment
Consult the company representative when filling the form to understand all the fields. Enter your details carefully and avoid any errors to prevent discrepancies later.
Once done, you can use the supported payment methods to pay for your insurance policy. After paying, you receive your document via email, which you can quickly download and print to show the police whenever they ask for your bike insurance.
Conclusion
Getting bike insurance online is now easier than ever – it’s quick, cost-effective, and offers a plethora of options and customizations.
Remember to do your due diligence before zeroing in on a plan – there are always better discounts or premium rates available for the same policy. Be sure to use online comparison tools to select the best insurer and policy for your bike.
FAQs
Which insurance is mandatory for bikes?
Third-party insurance has been made compulsory by law as per the Motor Vehicles Act, 1988.
What is the validity of bike insurance?
There are varying two-wheeler insurance plans across insurance providers, but a long-term policy is generally valid for up to 35 years.
Can we renew bike insurance online after expiry?
Yes, lapsed policies can be renewed online easily.
Why do I need to insure my vehicle?
Bike insurance not only safeguards your vehicle but is also a legal requirement for Indian residents. Anyone riding a bike without third-party insurance cover can be fined or jailed by law.
What documents do you need to make a claim?
Here's a checklist of things you need:
Claim form
Insurance policy papers
A copy of your license and registration
A copy of a police FIR in case of an accident
