A two wheeler insurance policy covers the insured against a variety of damages that may occur to the vehicle or its rider in a range of unforeseen events like an accident, theft, and other natural and manmade events. It also protects the policyholder against any liabilities arising out of damages or losses caused to a third party.
Though buying a motorcycle insurance is mandatory as per the Motor Vehicles Act of 1988, it should not be only seen as a statutory requirement. An insurance policy can have several benefits for the insured. In case of damage to the vehicle due to an accident or any other event as stated in the policy, the expenses on repair can be really high. All those expenses will need to be borne by the owner of the vehicle in case they do not have an active insurance policy. Also, an insurance policy can be of great help as it may offer personal accident cover that can be utilised in difficult times.
Process Of Buying A Two Wheeler Insurance Online
Buying a two-wheeler insurance policy online can be easier than you think. Before buying a policy from a particular insurer, do compare the available policies online with respect to the coverage offered, the benefits of the policy and the premium cost. Also, do not blindly go by the premium and give enough attention to the inclusions and exclusions of the policy.
While there is no standard procedure to buy an insurance policy on the Internet, below explained is the general process to buy a motorcycle insurance policy online:
Step 1: Visit the website of the insurance provider > Look for ‘Two-wheeler Insurance’ in the website menu > Click ‘Buy Two-Wheeler Insurance Policy Online’ and you will be redirected to the relevant page.
Step 2: Fill in the basic details such as make and model of the vehicle, registration number of the two-wheeler, city of vehicle registration, age of the vehicle, cubic capacity of the vehicle, and more. Certain insurers also allow you to choose the add-on covers that you require with your insurance policy. After submitting the details, you can calculate the premium for your two-wheeler insurance policy.
Step 3: If you are comfortable with the amount of premium displayed on your screen, you may go ahead and fill up your personal details, policy details, contact details, vehicle details and more. These details include:
- Personal Details: Name of the vehicle owner, date of birth, gender, and others.
- Contact Details: Contact number, email address, residential address.
- Policy Details: Start date and date of policy expiry.
- Vehicle details: Vehicle registration number, date of vehicle registration, name of the manufacturer, make and model of the vehicle, engine and chassis number, showroom price, loan details (if the vehicle has been purchased on a loan). Other details could be about the lease/ hypothecation/ hire purchase/ self-owned vehicle and more.
Step 4: Read the policy related terms and conditions and click ‘I Agree’/’I Accept’ checkbox. You may then submit your application and proceed further to the payment section.
Step 5: To make the payment, select your preferred payment mode and follow the steps as directed on the website.
You can easily get your two-wheeler insurance by following the above-mentioned steps. The process would not take much time and you will get your policy document immediately.
Bike Insurance Online Renewal
Just like you buy an insurance policy online, you can also renew your motor insurance policy online and save significant time. The online insurance renewal process hardly involves major paperwork and you may also skip vehicle inspection if your insurer allows you. To get rid of the hassles of annual policy renewal, you may opt for the long-term insurance policy for a period of up to three years. You can compare the various alternatives available through different neutral online insurance portals and choose the one that best suits your requirement.
Types of Two Wheeler Insurance
With the ongoing Internet boom, buying a bike insurance policy is not as complicated as it used to be. Now people can easily buy a two-wheeler insurance online without wasting their precious time as in the case of offline purchase or renewal of the policy. Here are the two important types of bike insurance policies you must know about.
- Liability Only Insurance Policy: Also referred to as the Third-Party Two-Wheeler Insurance or an Act Only Policy, the Liability Only Policy is the basic form of insurance as mandated by the law. The policy provides coverage against any liabilities that may arise due to a loss or damage caused to a third-party or their properties. The policy covers the owner of the motorcycle as well.
- Comprehensive Insurance Policy: A comprehensive two-wheeler insurance policy provides the insured with a greater scope of protection. It’s a combination of own-damage policy and a third-party liability cover. A comprehensive two-wheeler insurance policy covers third-party liabilities as well as damages or losses caused to a two-wheeler in case of a variety of natural and man-made incidents.
Add-On Two-Wheeler Insurance Covers You May Opt For
To enhance the scope of your two-wheeler insurance policy, you may also opt for certain additional insurance covers. These add-on covers can be added to your insurance policy with the payment of a certain amount of additional premium. Some of the add-on covers are mentioned below:
- Zero Depreciation Cover
- Pillion Rider Accident Cover
- Add-On Cover For Accessories
- Daily Cash Allowance Cover
- Roadside Assistance Cover
- No Claim Bonus Protection Cover
- Accommodation cover and assistance
- Alternate conveyance arrangement cover
- Interior and remote territory cover
- Legal assistance and cover
- Roadside repair assistance, and more.
Benefits of Buying a Two-Wheeler Insurance Online
Buying an insurance policy through offline channels can get very complex as it involves a tedious process and consumes a significant amount of time. On the other hand, buying a two-wheeler insurance online can have several benefits. Some of which are explained below:
- Make An Informed Decision: There are multiple neutral third-party finance and insurance websites where users can compare different two-wheeler insurance policies online and choose the one that best suits their requirement. They may compare the benefits and the coverage offered by different insurers and the subsequent cost to be spent on the same. This way they can make an informed decision.
- Selection Of Liability: When you buy a bike insurance policy online, you have the freedom to choose the liability for which you want the coverage for. You may either choose a third-party liability policy, an own-damage insurance policy, or a comprehensive insurance policy depending on your requirements. A comprehensive motor insurance policy is always a great choice as it provides you with a greater scope of protection.
- Saves Time: If you buy an insurance policy through an agent or broker, it might take you a longer time as you will need to physically visit the broker, get your vehicle inspected, and follow a tedious documentation procedure to buy the policy. Also, it takes some time for the applicant to get the policy document. The internet makes the entire process trouble-free. The customer receives a digitally signed policy document as soon as he makes the purchase online.
- Buy Additional Covers Easily: You may easily get more add-ons for your insurance policy when you buy a motor insurance online. You may opt for a zero-depreciation cover, cover for accessories, accident cover for pillion rider, roadside assistance cover amongst others depending on your needs.
- Transfer Of No Claim Bonus (NCB): NCB is a discount that insurance companies offer to you if you have not filed any claim on your policy during the preceding year. It is basically an incentive that the insurance companies offer to the policyholders for adopting safe riding practices. When you buy or renew your policy online, you can easily transfer the NCB received from your previous insurer.
- Get Discounts: Insurance companies these days are offering several discounts to customers who buy their insurance policies online. Also, there are various other ways to get discounts on your motor insurance policy such as installing an anti-theft device in your vehicle or getting a membership of a recognised automobile association.
- Better Customer Support: When you buy a two-wheeler insurance policy online, you can use the online customer support mechanisms to avail assistance whenever needed.