Bike insurance provides you the financial aid that you need when your bike has been damaged/lost. A two-wheeler is the most common mode of transport for daily rides. While bigger vehicles like cars get stuck in traffic for long hours, you can easily move through the congestion and reach your destination on time with your bike.
However, driving through the gridlocks is dangerous and you might bump into something/someone and hurt yourself, as well as damage your two-wheeler. Also, it is difficult to find a parking spot on crowded roads, which increases the chances of your bike getting stolen. Having a two-wheeler insurance is thus critical, which can save your out-of-pocket expenses in case of such unfortunate incidents.
Considering the hectic schedule as well as extended working hours in this day and age, it becomes easier to buy a two-wheeler policy online. Besides being the convenient way, there are many other benefits of applying for two wheeler insurance online.
Here is what you should know to choose the best two wheeler insurance online:
1. The insurance terms
You should know the various jargons used in the insurance sector. For when you buy bike insurance online, it'll help you to have a basic knowledge of the following words:
- IDV - IDV stands for Insured's Declared Value. IDV for a two-wheeler is calculated on ex-showroom price of the vehicle and is based on the make, model, sub-model and registration date of the two-wheeler.
- Deductible - It is the amount which you need to pay at the time of each and every claim. This is a compulsory deductible. For all the two-wheelers, the deductible is INR 100 irrespective of the CC (Cubic Capacity) of the vehicle. You can opt for voluntary deductible as well, which is the amount you choose to pay yourself in every claim you register, to get additional discount on the premium while buying/renewing the policy.
- NCB - No Claim Bonus is the discount offered by the insurance company to you for every claim-free policy year. This discount is offered on OD (Own Damage) premium only.
- Third Party Bike Insurance - It is a compulsory insurance cover for your bike, which has been mandated by the Motor Vehicles Act. It covers the loss/damage and other liability caused to a third party vehicle or property resulting from your two-wheeler.
2. The Policy Coverage
A best two wheeler insurance policy should provide following covers:
- Loss/Damage to your vehicle due to natural causes and/or other unfortunate events like theft, burglary etc.
- Personal Accident Cover
- Third Party Legal Liability
Comprehensive insurance for two wheelers provides all coverages while liability only policy is limited to coverage for third-party expenses. You should also have a look at the inclusions and exclusions of the policy so that there are no surprises when you file a claim for your two-wheeler.
3. The Add-on covers
Insurance companies provide additional covers, which can enhance the basic coverage of your two-wheeler. Following are some of the add-ons that are available in the market:
- Zero or Nil depreciation cover
- 24 x 7 Spot assistance cover
- Personal accident cover for pillion riders
- Loss of accessories
4. The Claim process
You can file a two-wheeler claim either offline or online. Both the ways of filing the claim are simple and straightforward. The important point to consider here is that you should be ready with all the required documents for claim processing, so that there is no hindrance in the claim settlement process.
5. Reputation of the company
While applying for online bike insurance, you get an opportunity to go through the customer testimonials catalogued on the official website of the insurance company. These customer feedbacks reflect the sincere and honest opinions about the services offered by the insurance company. You should be vigilant enough to have a look at this information, which can sometimes be the deciding factor to buy the insurance policy online.
Hope these pointers will be helpful to you when you buy the best two wheeler insurance policy online. We recommend you to choose the plan carefully, keeping in mind the above tips as well as your two-wheeler insurance requirements. If you do not wish to continue with your policy later, you can always buy a different policy during your two wheeler insurance renewal.
Visit our website to know more about the features, benefits, coverages and premium rates of our Long Term Two-Wheeler Insurance Policy. Also, ensure that you use the two wheeler insurance premium calculator to keep a tab on your premium.