If you own a bike, then it necessary you insure it with a bike insurance policy that protects you from financial losses in case of unfortunate events. You can look to buy bike insurance offline from a dealer or you can buy it online too. In the era of digital advancement, it is always a good idea to purchase bike insurance online as it lets you compare various bike insurance plans briefly. If you are confused about how you can go about buying two wheeler insurance online, then here we tell you how you can go about it.
The first step towards buying two wheeler insurance online is to do the much needed research. Know about various terms such as IDV, NCB, zero depreciation, third party liability, comprehensive cover, etc. to insure your bike with the best policy available. Never opt for a policy without understanding its term and conditions and the list of inclusions and exclusions.
When looking to buy bike insurance, select the right insurance company. Always check on the claim settlement ratio as it gives you an idea of the number of claims settled by a company in one year. Opt for the company that has good pre and post sales service. You can also read reviews online to get a better idea about the service offered by the company.
Depending on your requirement, insure your bike with a third party or comprehensive cover. Third party insurance provides protection against damages caused to third party and is mandatory as per the law. Comprehensive cover is a mix of own damage cover and third party. Though comprehensive cover will cost you a high premium than third party, but it also ensures complete protection for your car, self as well as third party.
IDV is insured declared value i.e. the current market value of your bike. In case your bike is completely broken, you can claim an amount equivalent to the IDV of your vehicle. Low IDV means low premium, high IDV means high premium.
You can insure your bike with various add-ons such as zero depreciation, personal accident, pillion rider, etc. It is important to note that you can only opt for these add-ons with comprehensive bike policy.
Before paying for the policy, it is important that you understand everything about it to ensure your claim is not rejected in the future. Read the coverage, terms and conditions, inclusions & exclusions, geographical limit of the policy, etc.
You will be asked to enter details of your vehicle such as chassis number, mobile number, vehicle make and model, email address, home address, etc. Ensure that you enter these details correctly to avoid rejection of any claim in the future. Remember, any minor mistake can cause to the termination of the policy.
On choosing the insurer and the add-ons, you will have to pay for your bike policy. On doing the payment, you will receive the policy document on your registered email address. This e-policy document is legal and can be shown to the police in case of any issue while travelling.
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