Be it shopping, booking tickets, or banking, many of our day-to-day things can now be done online. So, why not purchase a two-wheeler insurance online too? Read this post to know the steps involved in buying two-wheeler insurance online.
Having a two-wheeler is now a necessity for every bike owner in India. The lightweight vehicles can easily zoom through the crowded streets and are economical too. But as per the Motor Vehicles Act of 1988, it is mandatory for every two-wheeler plying on Indian roads to have a valid 3rd party insurance.
While purchasing a two-wheeler insurance used to be a tedious process in the past, most of the top insurance portals now allow you to get the cover online. Here are the detailed steps that can help you pick the right two-wheeler insurance online-
- 3rd Party or Comprehensive Insurance?
While 3rd party insurance is mandatory, this type of insurance only covers the damages caused to the 3rd party vehicle or property and injuries caused to other people involved in the accident. As a result, several people prefer going for comprehensive insurance.
With comprehensive insurance, you get a complete protection against damages and/or injuries caused to both the parties involved in the accident. So, before you start looking for insurance online, it is essential first to understand your requirement. Based on what you are looking for, you can then select between the two types of two-wheeler insurance.
- Compare Policies Online
Today, there are several insurance providers in India. Rather than visiting the portals of each of the top insurance provider, it is better to use a 3rd party portal to compares the prices of the different policies. Try to understand some vital insurance terms such as 3rd party liability, NCB (No Claim Bonus), IDV (Insured Declared Value), etc. as they will make it easier for you to compare and select the right policy.
- Choosing an Insurance Provider
Many two-wheeler owners pick an insurance policy solely based on the policy premium. They go with the cheapest scheme without checking the features and benefits of the policy. Apart from the product itself, it is advisable that you go with a reputed insurance company that has extensive experience in the industry. They should have a smooth claim process and an excellent customer support department to answer your queries.
- Setting the IDV
Once you know the type of insurance you’d like to buy and have selected an insurance provider for the same, the next step is to set the Insured Declared Value (IDV) of the bike. The IDV is the maximum amount that the insurance provider will pay if your bike is damaged beyond repair or stolen. While you might be tempted to go with the highest possible IDV, higher IDV also means a higher premium.
- Browse Through the Add-Ons
The add-ons offer increased protection at a slightly higher premium. However, add-ons are only available for comprehensive two-wheeler insurance policies. If you are purchasing a comprehensive policy, check add-ons such as engine protector and zero depreciation as they help you get maximum protection and coverage. Understand the add-on in detail before including them to your insurance.
- Go Through the Policy Documents
Now that you are all set to purchase the insurance, the last step which most of the people often overlook is going through the policy documents. Most of the problems related to two-wheeler insurance arise because people do not check the insurance documents before purchasing it.
- Enter Details and Make Payment
When you are fully satisfied with the bike insurance policy, you can go ahead and fill in the application form. The form will require you to enter your personal details as well as details about your vehicle. Cross check the details before submitting the form.
Once the form is submitted, you can then make the payment online. After the transaction is processed, you will receive the policy on your registered e-mail.
Purchasing insurance online helps you save a lot of time and efforts. Moreover, online insurance is also known to be cheaper than purchasing insurance offline.