Last updated on January 27, 2023
According to Section 147 of the Motor Vehicles Act, every two-wheeler on Indian roads must have valid bike insurance coverage. (Source: Indian Kanoon) Failure to do so is a punishable offence. Now, purchasing a two-wheeler policy online is more convenient nowadays. In this digital world, just a few clicks on your smartphone and you can purchase your insurance for bike instantly!
With so many benefits of purchasing insurance for bike online, India’s online insurance market is experiencing a boom. The Indian Insurance Market is projected to reach an approximate value of INR 220 billion by 2024. (Source: Mordor Intelligence) But, before purchasing bike insurance online, there are a few things to be aware of.
5 Things to Consider Before Buying Bike Insurance Policy Online
1. The Basics of Bike Insurance Plans: When purchasing bike insurance online, you must take into account the many technicalities used in this industry. To ensure the best purchase, you must compare insurance policies and the diverse terms set forth by the various companies.
The following terms are the ones you’ll come across:
- NCB: NCB stands for No Claim Bonus. It is the unique discount provided by the insurance providers for each claim-free year.
- Third-party liability insurance: This kind of insurance coverage is mandated by law for your two-wheeler. It compensates for the costs incurred due to damage caused or other liabilities issues towards a third party.
- IDV: This represents the insured declared value, which is derived from the make, model, and ex-showroom price of the particular vehicle as well as the registration fee.
- Deductible: Deductible is the amount that you must necessarily pay during each claim. If you meticulously research insurance policies available online from different websites, you can also benefit from a certain percentage of discount if you decide to go for a voluntary deductible.
2. The Bike Insurance Coverage to Choose: When comparing bike insurance policies online, you must choose from the following options:
- Own vehicle damage cover: Your own vehicle’s damage or loss as a result of a natural disaster, theft, etc.
- Personal accidental cover: Personal accidental cover is by default essential, since not having this coverage can lead to major financial as well as mental stress in case of an unanticipated mishap.
- Third-party liability: Third-party liability coverage is included under a comprehensive bike insurance policy.
- Comprehensive policy: Comprehensive insurance for bike provides a wide coverage. It is inclusive of third party liability cover as well own vehicle damage cover.
You must compare insurance policies online to ensure the ideal choice. Also, you can make use of a bike insurance calculator tool to seamlessly get an accurate estimate of the premium payments you will be paying against the chosen policy.
3. Add-ons to the Policy: Almost all standard insurance providers offer a few add-ons, enhancing the basic coverage of your bike. A few of the most popular add-ons are 24*7 roadside assistance, zero depreciation cover, personal accident cover and so on. To find out which provider is providing the best add-ons at the most affordable prices, make use of the bike insurance calculator available on the insurance provider’s website.
4. Claim Settlement Procedure of the Company: The claim settlement procedure varies between different companies. It is best to evaluate insurance policies both online and offline to choose which best serves your needs. If you closely compare insurance providers as well, you will be able to assess these terms too. You must have all the necessary paperwork on hand before filing a claim in order to prevent any delays or obstructions.
Look for the insurer’s network of garages where you can submit a cashless claim for your bike insurance.
5. Reputation of the Company: When deciding on insurance for bike, you should always check the reputation of the provider you’re considering. An insurance company’s background record demonstrates to be a sound requirement for becoming a prominent choice.
The best way to check an insurance provider’s reputation is to check their customer support; which would be especially useful after the policy has been issued.
Benefits of Buying a Two-Wheeler Insurance Online
- Minimal Paperwork: As the whole purchasing process is done online, online two-wheeler insurance requires less or no paperwork. There is no need for photocopies of documents. It is the simplest method of safeguarding your vehicle against any unforeseen circumstances.
- Effortlessly Compare Two-Wheeler Insurance Online: Before selecting the finest insurance plan for your bike, you can compare the vastly available online plans. You can also check the top features and benefits of different two-wheeler insurance plans available online. This way you can learn the benefits as well as the drawbacks of each plan offered in the market and can simultaneously compare their premium costs
- Exceptional After-Sale Services: After buying an insurance policy online, you can still avail the benefits of after-sale services such as filing a claim, renewing the policy online, and dealing with a complaint.
- Keeping it Personal: Finally but most importantly, you can keep the whole process of comparing plans, selecting your ideal coverage, and paying for your insurance personal. The entire process is kept between you and the insurance provider; you are not required to disclose anything to anybody else.
- Safe Payments: Besides the above-mentioned benefits, buying bike insurance online guarantees a safe and secure payment transaction! By making use of the online banking feature or the mobile banking app to pay for your insurance, you can get the receipt of your payment at your registered mobile number or email address right away.
- Convenient Choice: The convenience of purchasing two-wheeler insurance online is unmatchable. You can select the coverage and the prime you want from the comfort of your home. Online comparison and premium calculator tools such as a bike insurance calculator let you quickly evaluate the two-wheeler insurance policies online and the premium you will be required to pay for them. Additionally, you can make the purchase at any time of day from any part of the country.
Hope the top 5 factors mentioned above helped you gain a better perspective of what you need to consider while buying insurance for a bike online. It isn’t as hard as it seems, just make sure to carefully compare and thoroughly assess before making a decision and things will always work in your favour.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.
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