It is fun to ride a two-wheeler and owing to the traffic conditions in India; it is a very sensible way of getting around too. However, it is essential to understand the nuances and implications of a two-wheeler insurance policy so that you can enjoy riding your bike without any worries.
Here’s an easy guide to help you make an informed choice when purchasing a two-wheeler insurance policy online.
Why do you need two-wheeler insurance?
There are millions of vehicles that are driven on Indian roads on a daily basis. However, the quality of roads and other transport infrastructure is still lacking in many places. Traffic rules are not followed oftentimes, and even a highly skilled two-wheeler rider can struggle on the pot-holed roads in our country. Any untoward incident like a road accident can end up severely damaging your two-wheeler.
Two-wheeler insurance provides coverage against accidental damage, theft, natural calamities and damage to third party property, amongst many other risks. In the event of any of these mishaps taking place, your two-wheeler insurance company will cover the costs for you.
Having an insurance policy for your two-wheeler is also mandatory by law.
Types of two-wheeler insurance in India
There are two primary types of two-wheeler insurance available in our country:
- Third-Party Insurance – A third-party insurance policy is mandatory for two-wheelers in India. This type of policy only provides coverage for damages caused to a third party in the event of a mishap. It doesn’t cover loss or damage to your own two-wheeler.
- Comprehensive Insurance – The more common of the two types, a comprehensive insurance policy not only covers any third-party liabilities but also protects your two-wheeler against various natural and man-made calamities such as earthquakes, floods, theft, vandalism and the like.
Typically, most people choose a comprehensive two-wheeler insurance policy as it provides 360-degree financial cover.
Benefits of buying two-wheeler insurance online
While buying a two-wheeler insurance policy through offline channels can be a very time-consuming and tedious process, there are many benefits of buying it online. Some of the most important ones are:
- Helps you make an informed choice
When purchasing a two-wheeler insurance policy online, you can compare various insurance companies to opt for one that gives you the most benefits at the lowest cost. In this way, you can make an informed choice when opting for a two-wheeler insurance policy that suits your requirements.
Buying a two-wheeler insurance policy through an agent or broker means that you would need to make a physical visit, get your two-wheeler inspected and follow a lengthy documentation process. By making an online purchase, you can conveniently save a lot of time and effort by getting the policy in a few simple steps.
- Easy transfer of NCB
No-claim bonus (NCB) is a discount that insurance companies offer while renewing your policy. If you do not make any claim on your policy the preceding year, you are eligible for an NCB. If you buy or renew your two-wheeler insurance policy online, you can easily get it transferred from your previous insurance company.
A step-by-step guide to buying two-wheeler insurance online
It is effortless and convenient to buy a two-wheeler insurance policy online. While there is no standard procedure that can be outlined for the various insurance companies providing two-wheeler insurance online, the following steps comprise the general process:
- Step 1: Visit the official website of the insurance company. Find ‘Two-Wheeler Insurance’ in the website menu and click on it. You will be directed to the two-wheeler insurance policy webpage.
- Step 2: Fill in the required details on the online form to get a quote. These will be basic details such as:
Personal Information: Name of the vehicle owner, mobile number and email ID
Two-wheeler Details: Manufacturer’s name, model name, manufacturing year, registration city and registration date
Policy Details: Type of policy (third party or comprehensive), policy term and sum insured
After filling in the details, click on ‘Get Quote’.
- Step 3: Once you are directed to the page with the quote for your insurance policy, choose the add-ons that you want from the available options.
- Step 4: If you are satisfied with the revised quote after choosing the add-ons, click on the ‘Buy’ button and make an online payment through any of the payment options available on the website.
As soon as your payment is processed, you will get a confirmation. That’s it. You have just bought yourself a two-wheeler insurance policy online.
Ultimately, buying your two-wheeler insurance policy online is a very wise decision to make because of how easy it is to do so and the various benefits that it provides.