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Steps to Follow While Purchasing Two-Wheeler Insurance Online
- DetailsWritten by PolicyBazaar -
- Hits : 1203 -
Modified 02 November 2018
India is a country where one in the three households owns a two-wheeler. This is the reason purchasing two-wheeler insurance is as important as buying the insurance for your other assets like house and car. Just like other insurance policies, an insurance plan for a two-wheeler also saves you from various financial losses incurred due to several unfortunate events like bike accident, damage to third-party, etc. Therefore, the government of India has made insurance a mandatory requirement before plying your two-wheeler on the Indian roads.
You can either purchase a comprehensive bike insurance policy or buy a third-party two-wheeler insurance plan. As the names of these two-wheeler insurance policy types suggest, third-party insurance is one wherein various risks towards third-parties are taken care of by the policy. Whereas, a comprehensive plan is one in which the coverage for both third-party and your own vehicle against any loss or damage are covered.
So, these two options are available with most of the insurance providers like the New India Two-Wheeler Insurance and you can purchase your required plan either online or offline. However, while purchasing a two-wheeler insurance plan online, you must follow the below steps:
Step #1: Do The Research:
Whenever you go to purchase anything, you explore the market for it first. The same rule applies for the purchase of the insurance products. It is suggested to do research before buying any insurance plan. Be it health insurance, home insurance, or insurance of your two-wheeler, explore the market first. In this modern era where everything is available online, you can do the research of the insurance products online as well and even more easily. Moreover, it is recommended to understand the basic terms of the insurance industry before jumping into any conclusion of purchasing a two-wheeler insurance plan. Get the understanding of the terms such as ‘No Claim Bonus’, Comprehensive Insurance, Third-Party Liability, Insured Declared Value, etc. related to two-wheeler insurance.
Step #2: Select The Insurance Company:
Selecting the right insurance company is the second step in choosing the most suitable insurance plan. A reliable bike insurance company like the New India Assurance Company provides top class pre and post-sales services. The company is one of the leading public insurance companies in India and has positive customer reviews. After getting satisfied with the reviews of this company, go to its website for purchasing a two-wheeler insurance policy online.
Step #3: Finalize the Type of Two-Wheeler Insurance:
You may find different variants of a two-wheeler insurance plan on the website of the insurance provider. Therefore, it is your call to decide what covers you want in your insurance policy. If your requirement is a comprehensive two-wheeler insurance plan, then select a policy accordingly. However, if you want a third-party insurance plan, then select the required type from the website of the insurance provider.
Step #4: Set the Insured Declared Value (IDV) of Your Bike:
After finalizing the two-wheeler insurance policy, you then have to set the IDV of your bike. Generally, the websites of the insurance providers have a slider to set the IDV. With time the current market value of your bike decreases, so IDV is the scale for the same. The Insured Declared Value or IDV of your bike defines its current market rate and impacts the premium of your two-wheeler insurance. You can claim the IDV when your bike gets completely wrecked in an accident or is stolen.
Step #5: Select Rider(s):
A rider or add-on is a coverage that can be added to your existing insurance policy by paying some extra amount. However, you can add riders to your comprehensive insurance plan only, but not in a third-party insurance plan. So, if you have chosen a comprehensive insurance plan for your bike, you can increase the scope of your insurance policy by adding riders to it. Rider such as zero depreciation is available in New Insurance Assurance’s bike insurance policy. So, you can choose it for improving the coverage of your bike insurance policy.
Step #6: Make Payment:
Payment is the final step of getting insurance for your bike/ two-wheeler. After following all the above steps, the last step that remains before getting your policy’s copy in your mailbox is paying for the plan. So make the payment on the website of the insurance provider and you will get all the policy documents in your mail. You can take the printout from this softcopy of your bike insurance policy. This softcopy is completely valid and you can show it to the police whenever they demand. So, as soon as you make payment for your bike insurance online, you are done.
Purchasing a bike insurance policy online should not be taken as a difficult task, but as an excellent way to protect your two-wheeler without any hassle. Instead of contacting your insurance agent again and again or physically going to the office of your insurance provider, it is better to do it at the convenience of your home or office just in few clicks. So, it is always better to buy an insurance plan for your bike or two-wheeler online.
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