Beginners Guide to Buy Two-Wheeler Insurance Online
Riding a bike is a great way to commute for daily purposes, especially in the city where the traffic conditions are not the best. If you own a two-wheeler, one of the most important things you must do is buy two-wheeler insurance. Insurance is not only vital for your safety but also it is a legal requirement. As per the Indian traffic rules, riding a bike without an insurance policy is an offence, and it can attract a hefty penalty.
In India, a lot of people avoid buying two-wheeler insurance, mainly because they believe it is expensive or they are ignorant of its benefits. But, purchasing insurance, may incur a cost initially, but it will help you save a lot of money in case you meet with an unfortunate accident that leads to bodily injury or damage to your bike. Insurance can also help you get financial protection in the event of theft.
Today, with the rising demand for bike insurance, many insurance companies in India offer a variety of plans to suit the specific needs of the customers. With plenty of options available, choosing the right policy can be overwhelming. If you are a first-time two-wheeler insurance buyer, you can consider the following tips:
First and foremost, you can start your search process for the best insurance policy and the best insurance company by making an online comparison. There are plenty of online comparison sites that allow you to compare the insurance policies of different insurers simultaneously and zero down on your choices.
Know the insurer
Choosing the right insurer is paramount for getting the best insurance cover. When you search online, you may come across many insurance companies offering various plans that may sound too tempting to ignore. But, before you proceed with buying, you must do thorough research of the insurer’s credibility and reputation. Make sure that you read about the reviews and testimonials of the customers. This will give you a fair idea about the quality of the services they offer.
Also, when you buy two-wheeler insurance online, you must check if the insurance company is offering the plan that suits your needs. Some insurance companies do not cover high-end sports bikes because of their high maintenance cost and the companies that do charge high premiums. So, do your research well about the insurance company and choose the one that offers the best deal to suit your specific needs.
Know the type of coverage offered
In India, there are two types of bike insurance – Third Party Insurance and Comprehensive Insurance. While the former is a mandatory requirement, the latter is an optional cover. The third-party insurance cover pays for the legal liabilities of a third party like damage to the property, death, or injury that may arise because of an accident. But, it does not pay for any losses that you may suffer. The comprehensive cover, on the other hand, covers both liability insurance and own damage due to human-made or natural disaster.
Consider the add-on covers
This is another essential factor to consider while you buy two-wheeler policy online. The add-on covers, as the name suggests, are additional or supplementary covers that enhance the cover of your basic policy. There are different types of add-on covers for you to choose from like zero depreciation cover, the no-claim bonus protection, engine protector, road-side assistance cover, and many more. Including the add-ons provide financial protection against situations that your basic policy does not cover. However, when you include add-ons, your premium increases. But, it is a worth having an add-on as it could help you save a significant sum in case of any mishap.
No Claim Bonus option
No matter, if you buy two-wheeler insurance online or offline, you would surely want to get some discount on the premium. All the insurance companies in India, offer No Claim Bonus, which is essentially a reward to the insurance holder for not making any claim in a financial year. The NCB can range from 20% to 50%, and you can avail the discount on the premium amount while you renew the policy. You can use the two-wheeler insurance premium calculator to determine the revised premium amount post discount. Apart from NCB some of the other things that can help you get a discount on your premium –
- If you have modified your bike to boost the security like fitting an anti-theft device or disc brakes.
- If you don’t claim for minor damages.
- If you have purchased other insurance policy from the same insurer and have an existing relationship with them
Read the offer documents
One of the main reasons why many people face bike insurance claim rejection is that they don’t read the policy terms and conditions before filing the claim. It is paramount that you read the terms and understand the inclusions and exclusions before you sign the policy document.
How to file a bike insurance claim?
In the event of an unfortunate accident or theft of your bike, you must immediately contact your insurer company and inform them about the damage to start the claim process. The insurer may ask you to fill a claim form and submit documents like the driving license, a copy of the police FIR, and an estimate of the repair cost. After receiving the documents, the insurance company will appoint a surveyor to assess the claim. Based on the report submitted by the surveyor, the insurer will provide suitable compensation.
When it comes to filing a claim, you must know under what circumstances can you file a claim. Some of the common instances where the insurance companies sanction the request without any hassles include:
- If you skid and get injured while riding or if your bike gets damaged because of an accident.
- If a third party’s property or their bike gets damaged because of an accident.
- If your bike gets damaged because of any natural disasters like the earthquake, floods, and rain with the right insurance cover, you can enjoy a stress-free riding experience.