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Bike Insurance Tips and Tricks

By Finserv MARKETS - Sep 10,2019
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Bike Insurance Tips

Owning a bike is a once in a lifetime dream of most individuals. However, once purchased, many tend to neglect taking proper care and precautions of the vehicle, which includes getting it insured. According to the Motor Vehicles Act, 1988, the third-party cover for every two-wheeler plying on the road is mandatory. With the rapidly increasing road accidents, bike insurance has become a necessity.

Before purchasing a two-wheeler insurance policy, one must understand the basics of bike insurance. Knowing the simple tricks to make the most of your bike insurance will ensure your hard-earned money is fully utilized. Here’s a closer look at the few tweaks for using your two-wheeler policy to the fullest:

4 Simple Tricks to Make the Most of Your Bike Insurance:

1. Consider the types of policies

Insurance companies generally provide two different types of two-wheeler insurance policies. The difference between third party and comprehensive insurance is as given below:

  • Third-party coverage

A third party coverage only manages the physical damages or injuries caused to the third party during an accident by your bike.

  • Comprehensive coverage

Comprehensive insurance coverage provides financial assistance to you and the third party at the time of a road accident.

2. Understand the claim process

A majority of policyholders assume that the claim procedures are complicated. However, the complexity is not the case with bike insurance at Finserv MARKETS. Take a look at the claim process mentioned below:

  • Register your claim on the online portal of Finserv MARKETS.
  • Upload the essential documents online.
  • Send your bike to the garage for inspection.
  • Get your claim settled immediately from the insurance company.

3. Keep your documents ready

Documents play a crucial role at the time of filing claims. Appropriate documentation is vital to ensure the hassle-free claim settlement process. However, the paperwork is segregated depending upon specific scenarios. Take a look below:

Insurance proof A claim form
Registration copy and tax receipts Registration copy of the vehicle and the policy
FIR copy Insurance details like the policy number, policy tenure, and so forth
Driving license Keys, warrant card, service booklet of the bike
Estimates of total repair expenditure Copies of an acknowledgment letter to the RTO and FIR complaint
The original invoice or payment receipt Form no: 28, 29, 30 signed by the insurance provider
Discharge voucher signed by a revenue stamp received from the garage Discharge voucher signed by a revenue stamp received from the garage

4. Prefer an online purchase

The emergence of e-commerce has paved the way for online purchases. Buying online bike insurance is the most convenient and affordable solution. Moreover, one can opt for two-wheeler insurance renewal online. It helps the policyholder to either purchase or renew his two-wheeler insurance policy from any corner of the world in a single click.

To sum up, insuring your bike is an essential step in the process of your purchase. Hence, see to it that you compare a bike insurance policy before buying. Understand its basics, features, benefits, and premiums. Moreover, seek professional help to help you with the process.

Read our top blogs to know more about two wheeler insurance in India:

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522