Step By Step Procedure To Buy Two-Wheeler Insurance Online
Over the past few years, in India, the sales of two-wheelers have increased significantly. This can be mainly attributed to the convenience offered by bikes to make travel easy even in narrow lanes and traffic jams. Also, a lot of people in India are passionate about bike riding, and love to go on adventurous excursions. Irrespective of the reason why you purchased a bike, be it convenience or passion, it is your responsibility to take care of the bike.
Several traffic reports suggested that road accidents are on the rise and about 40% of road accidents involve a bike. Accidents can cause great emotional stress and affect your finances. The cost of repairing the vehicle and treating injuries can be expensive and it can drain your savings. To save yourself from the financial distress, it is important that you buy two-wheeler insurance. An insurance cover assures the safety of the rider and others involved in the accident.
Basically, there are two types of Two-Wheeler Insurance:
1. Third Party Insurance:
As per the traffic laws, it is mandatory for all bike-owners to purchase a third-party bike insurance. It is a basic cover that pays only for the damages caused to the third party.
2. Comprehensive Insurance:
If you are looking for a wider coverage, you must opt for a comprehensive policy. It covers both third-party liability and damage to your own vehicle.
Today, with most insurance companies offering online services, you can buy two-wheeler insurance online.
Here is a complete step-by-step process to buy 2-wheeler insurance online.
Step 1: The foremost step when buying insurance online is to consult your peers who are already investing in similar two-wheeler policy. Discussing will help you to decide whether you need a third-party or a comprehensive coverage. Remember, one thing that the plan which suits your friend may not be suitable for you considering your personal requirements. However, this step will pave a path for the initial stages.
Step 2: After discussing with your peers, you should research and compare online what are the best insurance plans offered by various insurance companies. Do you want a basic insurance cover? or do you want a comprehensive protection? Knowing your needs will help you choose the right kind of insurance plan. Know exactly what each insurance company is offering, what is the premium amount? What are the additional feature they offer? What is the documentation and claim process?
Step 3: Know whether the insurance company provides Insured Declared Value (IDV) of your vehicle. IDV is useful if there is theft or total loss of two-wheeler. The insurance company pays some compensation in return for the damage that is beyond repair. IDV is basically the value generated from the difference between manufacturer’s selling price and depreciation value.
Step 4: The company must have a good Claim Settlement Ratio (CSR). You can visit the company’s official website to see customer reviews. Select a plan only when the insurance company satisfies all the criteria.
Step 5: Add-ons are optional, and you can avail only under comprehensive insurance policy. Add-ons are also known as riders. If you have come across insurance services, you will observe that insurance companies offer optional features along with features already mentioned in the original policy. In case you wish to opt for riders, you can do so by paying higher premiums.
Step 6: When you’re planning to buy two-wheeler insurance online, you must read the legal documents carefully. You can seek assistance from someone who is well-versed with insurance or get in touch with the insurance company to confirm benefits, features and the terms to understand the policy document better.
Step 7: When it comes to form filling of insurance policy online, make sure you have a word with the insurance company representative at first. Carefully enter the details and avoid any mistakes to eliminate any discrepancies at the time of claim request.
Step 8: The last step is to make the payment for the purchase of two-wheeler insurance online. Once this is done, you will receive a copy of your policy documents through email. One benefit you get as you buy two-wheeler policy online is that you can instantly download and print the policy documents.
While you plan to buy two-wheeler insurance, look at it as an investment and not an expense. In times of unforeseen event like accident or loss of vehicle, a good insurance plan can save you from bearing the damage expenses. Remember to keep the copy of your policy document whenever you are riding the two-wheeler.