Are you looking to buy Bike insurance? You can buy two-wheeler insurance online with ease in a few clicks. Two-wheeler insurance is an insurance policy that offers financial cover for your two-wheelers. This is helpful in emergencies, accidents, thefts, and other damages. This includes motorised two-wheelers such as bikes, scooters and electric bikes.
You can protect yourself from unwanted financial losses if you have two-wheeler insurance. You can save money on repairs and costs from accidents or other unfortunate events. It can also provide you with financial security in case of theft.
The law requires you to have two-wheeler insurance. The Motor Vehicle Act of 1988 states that the penalty for non-compliance is a fine of ₹2000 and a jail sentence. If your bike is not insured yet, buy two-wheeler insurance online immediately.
You can buy bike insurance online without any issues, and it comes with many added benefits.
Here are the steps you need to follow to buy bike insurance online.
Step-by-Step Process To Buy Two-Wheeler Insurance Online
Buying bike insurance is very easy today. This is because of the many apps, websites, and online services that can help you buy two-wheeler insurance online.
This article will give you a complete guide to purchasing bike insurance online. We have broken down the process of buying two-wheeler insurance. This will help you understand the whole process in simple terms.
Let us look at a step-by-step process:
Step 1- Know What You Need:
It is important to know what kind of two-wheeler insurance policy you need before you can buy any policy. In India, bike insurance plans can be of two types. They are third-party bike insurance and comprehensive bike insurance.
You must know which policy of these two works best for you. Third-party insurance only covers losses incurred by someone else during an unfortunate incident. Comprehensive insurance, in contrast, covers third-party damage and all other damage.
After you have identified the type of coverage you need, you can get started.
Step 2 – Research, Research, Research:
Now that you know the type of two-wheeler insurance plan you need, it’s time to research. Research is the most crucial step in buying any insurance plan.
You can talk to your family and peers to understand their type of bike insurance. You can also learn about their general experience with their bike insurance provider. This will give you a first-hand and realistic account of the provider.
Various motor vehicle insurance providers in India offer a wide range of solutions. You can also compare the different insurance plans online. This can help you find the most affordable plan that suits your needs and budget.
Step 3 – Check The Details:
After you have shortlisted at least two insurance plans, it is now time to look at the policy providers and their reviews. A few critical factors separate the best two-wheeler insurance providers from the others. Paying close attention to these factors will help you avoid any issues later.
Don’t forget to consider the ‘insured declared value (IDV)’ and the ‘claim settlement ratio (CSR)’. IDV refers to the total amount the insurance provider is willing to reimburse. This is in case someone steals your two-wheeler, or you happen to damage it beyond repair.
CSR is the ratio of the number of claims paid out by the company to the total number of claims they received.
CSR can help you understand the chances of settlement of your claims from the company’s end.
Since you are buying your two-wheeler insurance online, reviewing these factors is easy. Before you pick your insurance provider, make sure they meet these criteria. This will make sure that you have a smooth experience when making a claim.
Step 4 – Add-Ons and Other Benefits:
Understanding add-ons and other benefits are an important part of the process. Opting for comprehensive bike insurance allows you to include some add-ons. These add-ons can come in handy in certain unwanted situations.
Many two-wheeler insurance providers offer other benefits and schemes. Some add-ons you can consider for your bike insurance include better coverage. It can help with engine protection, roadside emergency help, and consumables.
If you live where floods and other natural events occur often, these add-ons can be very helpful.
Selecting add-ons will affect and increase your monthly insurance premium. Make sure you only select the ones you need to avoid paying a heavy monthly premium.
Step 5 – Fill Out The Form:
You are almost there! Now that you have finalised the policy, it is time to go ahead and buy your bike insurance online. But, there is still an important step left!
Don’t forget to review all the legal documents before you start filling out the form. Knowing the legal terms is very important, as it can save you a lot of trouble later.
Once you agree with all the terms and conditions, you can fill out the form. Make sure you fill in all the details without any errors. You can contact the insurance company representative to clear out any doubts. At this point in the process, you can trust your insurance representative. They can help make the process easier.
Step 6 – Payment:
You are now ready to make the payment. To buy two-wheeler insurance online, you need a proper internet connection. Make sure to check your connection before you start the payment. If there are any connection issues, it can lead to unwanted problems.
Buying the insurance policy online allows you to choose any payment method you have.
Go ahead and buy your two-wheeler insurance online with ease. If you need help with finances, you can always consult the experts at Piramal Finance to help you find the best solutions to finance your purchase, such as personal loans or credit cards. Visit the website to know more.