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Online Bike Insurance: Handy Guide for the Beginners!
- DetailsWritten by PolicyBazaar -
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One of the most important things that need your attention after purchasing a two-wheeler is bike insurance. Insurance is actually not a ‘necessary evil’ that everyone refers; it is actually something that comes at your rescue in the hour of need.
Nevertheless, the actual challenge is ensuring the right plan, in the midst of plenty of options available in the market. Considering your condition, here’s is the guide for the beginners about how to crack the right online 2 wheeler insurance.
The Real Way to Get the Adequate Bike Insurance
You shouldn’t follow the method of buying two wheeler insurance that was used by your parents in their case. The most trending way of buying insurance is research and compare. Online bike insurance comes with plentiful options and benefits to grab. You can compare the plans and insurance companies; buy the policy after reading the reviews of existing customers and finally buy what best suits you. Moreover, many insurance companies offer exciting deals on online bike insurance. In this regard, here’re some of the leading two wheeler insurers in India:
- Tata AIG Bike Insurance
- Bajaj Allianz Two-wheeler Insurance
- Bharti AXA
- Reliance General Insurance
- Royal Sundaram
- HDFC Ergo
- New India Assurance Two-wheeler Insurance
Here’s Your Guide to Getting the Right Two Wheeler Insurance
You might have heard that getting online bike insurance is easy. Indeed it is. In the advent of the internet getting insurance becomes easier than earlier. People can research their own and buy online policies. Moreover, online insurance helps to save on premiums as well. But here’re some points to be considered while buying insurance, especially if you are a newbie in this filed.
Know Your Insurer
Buying insurance can be tricky. You will find plenty of insurers with abundant offers. There are insurers who may not cover high-end bikes due to their high maintenance and high performance. And those who do, again come with higher premium etc. Hence, you should research about bike insurance first, then the insurance providers that come with the best deal. Research and compare the insurance companies on their offering, claim settlement record etc Also, check if there any previous insolvency record.
Know the Insurance Coverage
When it comes to covering your prized possession, there are two insurance coverage available-
- Third Party Insurance
- Comprehensive Insurance
When third party bike insurance is mandatory in India, comprehensive insurance is optional. Third Party insurance pays the legal liabilities of a third party arising in case of an accident leading to injury, property damage or death. It doesn’t cover the insured vehicle for any kind of damages. On the other hand, comprehensive insurance covers both liability insurance and own damage due to natural or man-made disasters or external force. Hence, knowing your insurance coverage or whatever is offered by the insurer is essential. Moreover, you should finalise a plan only after analysing your insurance needs.
Add-on covers are the supplementary covers that help boost the basic policy coverage. They can be found as Zero Depreciation Cover, Road-side Assistance cover, NCB Protector, Accessories Cover, Engine Protector etc. With these, you can remain extensively covered. However, bear in mind that these covers lead to premium loading as you require to pay an extra premium to acquire them. Make sure you check with the insurance provider about these plans and land on the best deal.
Discounts are the most common thing people considers while shopping for anything. Even in insurance, you can avail appealing discounts only if you crack the right deal. Every insurance providers offer No Claim Bonus, which is a reward for not claiming the policy. The NCB can be ranged from 20% to 50% where you can avail discount in the policy premium or can increase the basic sum insured. The best part is, you can even transfer the policy if you intend to switch the insurer. Your acquired NCB will remain unaffected. Apart from this, the things that help you reduce the premium include:
- AAI discount for the members
- In case of modification, that boosts the security of the bike such as fitting an anti-theft device
- Avoid small claims
- Choose the type of bike carefully. Expensive bikes come with an expensive insurance premium
- Consider bundling your policies from one insurer. A package deal would be beneficial in order to avail discounts
The Toughest Part-Filing Claim
Whether you are beginners or a pro, you should know how to initiate a claim in case of an emergency. Before claiming your policy, make sure you read the policy document thoroughly, especially the hidden clauses and the exclusion part. But sadly, people hardly bother to know their policy well and this is one of the main reasons for many claims getting rejected. And the aftermath is quite expected. When it comes to claiming your policy, you should know in what circumstances you can claim your two wheeler insurance. Here are the situations:
- While riding the vehicle if you skid and get injuries or your bike is damaged
- Theft or vandalism or if your GPS got stolen or the bike has been vandalised
- If you got injured during an accident
- If your vehicle is damaged due to man-made or natural disasters such as burglary, fire, explosion, earthquake, flood, riot, strike and so on
- Collides with another vehicle and get damaged
Wrapping it Up!
No doubt riding a bike gives you the adrenaline rush that provokes you to go even faster. But this may cause a risk to others and crashing something is not at all a fun. Moreover, the unanticipated expense related to this is another level of stress. Hence, you should consider buying two wheeler insurance. But finding the right insurance is a challenge. Given that, the aforementioned pointers will serve as a guide for the beginners to aid them with a plan with adequate coverage. However, consider comparing the plans and insurance company in terms of their offerings. Choose wisely and ride safe!
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