As per the Motor Vehicles Act, 1988, the government has mandated two-wheeler owners to have at least the third-party two-wheeler insurance policy. This way, in case of an accident, the insurance plan covers the losses and damage incurred by third-party property or vehicle and individual in monetary terms.
But many feel that it’s a tedious task to go to the insurance office and get the insurance done. With digitization, that problem is now solved with an online bike insurance option where you can purchase your bike insurance within minutes and with online payments.
First, let us understand what the benefits of bike insurance are –
- It provides protection from factors such as natural calamities, theft
- Provides monetary compensation in case of accident or damage
- Provides third-party cover against legal battle and government penalties
- Provides monetary compensation even in case of man-made incidents such as riots, terrorist activity, or other activities
- Provides easy transfer of NCB (No Claim Bonus), which is the discount given to the driver in the policy for being a safe and sound driver
- Bikers get various deals other than NCB from insurance companies that provide tax benefits, extra add-on cover, and discounts on premiums
Types of bike insurance plans
There are two types of bike insurance plans:
- Third-party liability cover
- Comprehensive bike insurance policy
In the third-party liability cover, the damage done by your bike to property, vehicle, or life of a third party will be covered. It also includes legal matters and penalties incurred in such cases. Every bike owner should at least have the basic third-party insurance covered.
The comprehensive bike insurance policy ensures the complete protection of you, your bike, and the third party in natural disasters, man-made disasters and accidents. With this insurance policy, you can also avail add-on covers such as zero depreciation cover (where depreciation of the bike is not calculated in a claim), emergency medical expenses of the co-rider, consumable costs, and roadside assistance expenses.
How to Apply for bike insurance online Step by Step
So, as discussed, bike insurance is necessary and beneficial for every bike owner, but let’s discuss how to insure your bike online and the process.
Online bike insurance is now provided by many insurance companies to ease the buying process, where you can check your premium within minutes based on the model of your bike, the year of purchase, and your driving record. Online bike insurance is even offered with annual discounts and extra add ons and can be availed easily. But what is the process of online insurance?
Step 1: Choose the insurance policy you want to avail of and go to the company’s official website.
Step 2: Provide details such as your bike registration number and other details if asked. Select the option of new policy or renewal.
Step 3: Provide details of the insured (you), the KYC with proper documents, the details of the bike, including bike model number, year of purchase. Select the coverage of the policy with add ons.
Step 4: With all the options selected, the insurance company will calculate the new premium based on your track record, the age of the bike, claim done if any on the bike due to accident or any other reason, the coverage of the policy and the add ons of the same. It will also show the details like the year of maturity of the policy and the premium percentage. If you are satisfied with the premium and its validity, you can select “Proceed.”
Step 5: This will take you to the payment option where you can select “Netbanking” or “UPI” or any other form of payment through debit or credit card, fill in the details and complete the transaction.
Step 6: On successful completion of the transaction, you will be provided with an insurance policy copy which can be easily downloaded along with the receipt of the payment. Download these documents and keep them safe, as this will be required during the claim of the policy.
Thus, the process of online bike insurance is easy, effective, and time-saving, where the insured can select the insurance cover without any hassle. But what are the benefits of online bike insurance?
Benefits to Apply Bike insurance Online
- Online bike insurance helps you compare various quotations of premiums from top insurance companies where you can select the one per your needs and budget.
- It is a paperless and time-saving option where you can buy the policy in the comfort of your house without stepping outside.
- You can easily get the policy documents and the payment receipt, which can be easily downloaded and saved in soft and hard copy.
- You can take your time to read the reviews, the terms and conditions, and the benefits of the add ons and if they cater to your needs. Also, you can easily customize the add ons as per your requirement.
- It is a safe encrypted process where your details are not disclosed to any third party, and thus you are safe from fraud.
In today’s hectic schedules, every individual prefers online bike insurance as it is not time-bound. You can buy the insurance in the middle of the night through a safe process and an easy comparison feature that helps the buyer choose the correct option. Nowadays, online platforms provide such a facility, making the task all the more easy for customers.