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Here’s How You Can Buy Two-Wheeler Insurance in India

In a developing country like India, the infrastructural development is yet to reach the perfect mark.  Our country has a vast population, with people are constantly out on the roads to meet their daily requirements and reach their destination. In the past few years, there have been a number of cases of road accidents. Unfortunately, so many people succumbed to the severe injuries. The numbers have been increasing significantly over the years. As per the reports, most of the accidents leading to deaths involve two-wheelers.

If you are a two-wheeler owner and use your vehicle to commute on a daily basis, then protection and safety should be your utmost concern. If you are looking to safeguard yourself from the mishaps that might take place in future, then it is a must that you buy two-wheeler insurance. It provides coverage in times of need such as accidents, thefts and other unforeseen situations that may affect your daily commute.

About Two-Wheeler Insurance

Two-wheeler insurance is a type of motor insurance that safeguards your two-wheeler such as a bike/ scooter from various unfortunate situations like accidents, robberies, natural calamities, or any other damages that are included in the policy.  The policyholder signs an agreement with the insurance company to buy two-wheeler insurance. According to the agreement, the policyholder has to pay a fixed amount of money known as insurance premium to the insurer on the pre-decided periodicity and the insurance company provides pre-decided coverage.

The premium rate is calculated by the insurance company by keeping in mind the risks involved with the policyholder. The insurance company considers various factors such as driving skills of the insurance buyer, age of the insurance buyer, bike manufacturer, model of the bike, age of the bike, etc.

In simple terms, the insurance company provides financial/ monetary help to the policyholder in times of unfortunate incidents. These circumstances may include accidents, thefts, natural calamities, third-party liability, repair for own damage, etc. However, the monetary help offered by the insurer depends upon the policy terms and conditions. It is important to note every two-wheeler insurance policy comes with its own set of inclusions and exclusions.  Before you buy a two-wheeler insurance policy, carefully read the fine print of the policy documents. Additionally, understand what covers are included and what covers are not included in the policy.

In India, the Insurance Regulatory Development Authority of India (IRDAI) regulates two-wheeler insurance plans. Some two-wheeler insurance plans also provide coverage in case of damage caused due to man-made disasters like fires, riots etc. That being said, the coverage varies from insurance company to insurance company.

Besides the normal coverage, there are a number of two-wheeler add-on covers offered by different insurance companies. Add-on cover essentially provides additional protection to the policyholder. If you think you require extra coverage to avoid heavy financial loss in the future, then it is advised to opt for an additional cover. Though buying an add-on cover may cost you more as it is added to the premium rate offered, but it will definitely be beneficial in case you want to stay protected against repair costs that may arise in the future.

In India, insurance companies offer two-wheeler insurance plans for private two-wheeler vehicles as well as commercial/ business two-wheeler vehicles Two-wheeler insurance provides cashless claim settlement. In case of accidents or mishaps, your insured two-wheeler can be repaired at a network garage of the insurance company. Several insurance companies offer this facility as they have tie-ups with various garages all over the country. The repair cost is then settled between the insurance company and the garage directly, without your involvement.

Before, you buy two-wheeler insurance in India; make sure you are clear about your insurance needs. Explore the insurance market to have a clear idea about the offerings of different companies and also keep your budget in mind. 

Buying Two-Wheeler Insurance in India

Buying two-wheeler insurance in India is easy. The insurance companies offer two-wheeler insurance in two ways- online and offline. In order to buy a two-wheeler insurance plan, you can either visit the nearby branch of your preferred insurance company or you can simply apply for the same online. These days, various web aggregators offer the facility of buying two-wheeler insurance online.

1. Offline Process

In case you wish to take the traditional route and buy two-wheeler insurance through the offline process, then it is required on your part to contact the insurance company representative or an insurance agent who works for a particular company. The insurance agent or representative will guide you about the insurance buying process and documents required for buying a two-wheeler insurance plan.

 Purchasing two-wheeler insurance via an offline process is a tedious, time-consuming, energy-consuming as well as costly process. The commission your insurance agent gets at the time you buy the policy as well as at the time of renewal goes from your pocket. The commission amount payable to the insurance agent depends upon the premium rate. So, if your premium rate is higher, your insurance agent will get a higher percentage. Thus, taking the traditional route in today’s fast-paced world is not a feasible option. But in the end, it is a personal choice.

2. Online Process

We live in the 21st century where everything is available online at the click of a button. Whether you want to buy groceries, clothes, phones or any other requirements, everything and anything is now available online. Insurance policies are not away from these facilities. Many insurance companies offer online services to their customers for ease and comfort.

A number of insurance companies provide two-wheeler insurance policies online. You can buy, renew and even file a claim online.

You will have the freedom to check insurance plan type, features, and benefits, submit required documents and forms and make premium payments for the policy form the comfort of your home.

In order to purchase a two-wheeler insurance plan online, you need to provide the required information and details asked in the application form. The amount of payable premium depends on the opted sum assured, type of selected coverage and add-on.

At the time of purchasing two-wheeler insurance through the online process, you need to visit the desired insurance company’s official website and follow the mentioned steps.

Note- You can not only buy but also renew your two-wheeler insurance online. Also, you can make premium payments in a matter of a few clicks.

Benefits of purchasing Two-Wheeler Insurance Online

Purchasing two-wheeler insurance online offers various benefits. Some of the major benefits are mentioned below.

  1. Convenience- Anyone can buy a two-wheeler insurance policy online conveniently and easily. All you need to have a smartphone/computer/laptop and a good internet connection. Just log on to the insurance company’s official website and complete the formalities. It can be done from anywhere at any time as per your own comfort and time.
  2. Easily Accessible- The insurance companies provide all the information related to buying two-wheeler insurance online on their official website. You do not need to contact an expert to complete the application process. The documentation, form filling, and payment procedure are explained step by step on the company’s website.
  3. Ease of Buying-: Buying two-wheeler insurance online is a simple and hassle-free process. All you need to do is have the required documents and information with you and follow the steps mentioned. Within a few minutes, you can buy the opted insurance plan.
  4. Instant Payment- Buying or renewing the policies is simple because you can make the premium payments online. The payment options available are net banking, credit or debit card.
  5. Customer Support and Help- In order to make the process seamless, insurance companies provide online support and help via customer service and live chat facilities. They also provide 24/7 toll-free helplines to clear insurance buyers’ queries and doubts (if any).

In a Nutshell

Thanks to the technological advancements, various two-wheeler insurance providers offer their services online. You can easily buy insurance online in a matter of a few clicks. Before zeroing down on a plan, make sure you compare various plans. It will help you come across the best plan at the best insurance premium.