Categories: FINANCE

Can You Insure Your Bike Online

Can You Insure Your Bike Online?

Bike insurance is the need of the hour. The government of India has made it mandatory for all bike owners to have a bike insurance policy under the Motor Vehicles Act. In case man-made or natural calamities occur, having a bike insurance policy helps you get compensated for damages. Bike insurance can be purchased both offline and offline. Many are intimidated by the efforts involved in the process of applying and obtaining insurance and also the response, and potential delay at the time of claim settlement by purchasing bike insurance offline. However, with the advancement in technology, you can choose to buy your bike insurance online. Purchasing bike insurance online is very easy and is a hassle-free process.

Things to know before you insure bike online:

1. Select a suitable and reputed company: Getting bike insurance online can be quick and easy. But it is very important to choose the right insurance company for your bike. You have an opportunity to look into the company’s customer reviews, offerings, and services provided by them. Looking into the customer feedback reflects the company’s credibility and how their service is.
2. Know the keywords: Before looking into the policies and purchasing insurance online be aware of the basic words used in the insurance sector, like:
Third-Party Bike Insurance: Every bike owner must have this insurance policy as it is made mandatory by the government. It includes and covers any financial liabilities for losses and damages caused by the insured two-wheeler to a property, vehicle, or person.
IDV: Insured’s Declared Value (IDV) this is the maximum claim you will from the insurance company for any damage that occurred. Costs beyond which will be born by you from your pockets. IDV is calculated on basis of the brand, model, and age of the car. The current market price and percentage of depreciation are taken into consideration while fixing the IDV.
NCB: No Claim Bonus (NCB) is when the two-wheeler policyholder enjoys this benefit if he/she does not file a claim in the previous year. This discount is offered on OD (Own Damage) premium only.
3. Choose the right policy: Buy the bike insurance policy that covers third-party legal liability, personal accident covers, and policy that covers man-made/natural damage /loss incurred to the vehicle. Choosing a comprehensive insurance policy is not mandatory but is highly recommendable. Make sure to read the bike insurance policy thoroughly before purchasing to avoid any surprises at the time of claims.
4. Add-ons: Add-ons are the extra benefits over and above the policy coverage. Remember, every add-on includes an additional charge on the cover. Some popular add-ons include Zero /nil depreciation cover, Loss of accessories, pillion add-on cover, roadside assistance, etc. Add-ons can
be beneficial if you specifically select the add-ons that fulfill your needs.
5. Hassle-free claim process: For a quick, easy, and hassle-free claim process make sure you keep all the required documents ready while purchasing bike insurance online.

Key benefits to insure bike online:

Purchase even on weekends and non-office hours: You can purchase bike insurance for your bike at any time and day of the week, including weekends.
Easy renewal: Easy renewal process and hassle-free claim process.
Easy payment: Bike insurance premium can be paid from both debit and credit cards, net banking, and other supported payment gateways.
Quick process: Insure your bike online by avoiding delays that are typical with offline insurance thus making the process quick and easy.

Sneha Shukla: