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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:
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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.
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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:
| ACCIDENTS | THEFT |
| 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:
Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!
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