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Online Bike Insurance: What are its Benefits?

Gone are the days when you had to physically visit insurance offices to buy a bike insurance policy. Due to the advancement in technology, most insurance companies have started offering online insurance plans. So, financially securing your two-wheeler is just a matter of a few minutes that can be completed from anywhere. Moreover, buying insurance online is not only convenient but also offers several other perks. In this article, we’ll take a look at the various bike insurance benefits that you should be aware of.

Bike Insurance Benefits

Let’s understand the advantages and benefits of two wheeler insurance online:

1. Helps you Make an Informed Decision

Whether you are looking for details about an insurance product or the specifications such as the terms and conditions, you can easily find it online. You can visit the insurance provider’s website and gain access to the policy brochures to peruse the details carefully.

The easy availability of such information online helps you make an informed and unbiased purchase decision. Without anyone’s interference, you can choose a suitable plan to get sufficient coverage at the right price.

2. Allows you to Compare Plans

With a large number of insurance companies present in the market, it can be a hassle to compare various bike insurance plans. However, now, it is much easier to compare policies online with the help of a bike insurance calculator. You can pick suitable coverage for your two-wheeler by comparing the features and benefits and the premium quotes side-by-side. Thus, you can get the best two-wheeler insurance plan at an affordable rate.

3. Saves a lot of Time

Imagine having to set aside a day to research bike policies and visit the insurance companies to complete the paperwork. Don’t worry, because such days are gone! Now, you can finish shopping for a two-wheeler bike insurance plan from the comforts of your home. Without the need to physically step out, you can finish purchasing an online plan from anywhere and at any time.

4. Offers a Cost-Effective Option

One of the most important features of online bike insurance is affordability. Since online purchase does not involve any intermediaries, the cost of buying two-wheeler insurance online is lesser.

Additionally, the expenses of processing an online insurance policy are also low, giving policyholders an upper hand in the premium cost. Thus, customers who buy insurance plans online enjoy cost-effective premium quotes than offline policies.

5. Minimal Documentation

One of the benefits of online bike insurance is the minimal documentation involved. The paperwork and the processing time reduce drastically as you do not have to provide a number of photocopies. The online purchase is done with just a few clicks where you need to fill out a form and make the premium payment. With this, you will have successfully safeguarded your vehicle from mishaps.

6. Provides Secure Payment Option

Making online payments can be worrisome for many individuals due to the rise in fraudulent activities. However, online payments on Finserv MARKETS are highly secure. We provide complete transparency of bike insurance-related details with a safe premium payment process. Therefore, you do not have to worry about being exposed to any fraudulent risks and pay for your bike insurance via online payment modes.

7. Permits Easy Renewal

Renewing your bike insurance was never this easy! Due to the ease of online mode, you can log onto your insurer’s website and renew your plan for continual coverage. In case you tend to forget such due dates, you can also set your plan on auto-renewal to avoid policy lapses. You can finish the two-wheeler insurance renewal process hassle-free and fast just the way you purchased it.

8. Makes Legally Compliant

As per the Motor Vehicles Act, 1988, it is necessary for all vehicles to be insured with at least third-party insurance. People found to be driving without insurance can be fined or even imprisoned. Buying bike insurance ensures you follow the traffic rules and can legally drive your bike or two-wheeler without worrying about getting caught.

9. Provides Insurance Coverage

Buying two-wheeler insurance or bike insurance is not just so that you can follow the law. Good comprehensive bike insurance can keep you financially protected and also repay the cost of your bike repairs in case you are involved in an accident. Insurance will also take care of your medical expenses as well as the expenses of the third party involved in an accident.

Types of Bike Insurance Policies

Before moving to the advantages of a two-wheeler insurance policy, here are the types of bike insurance plans available in the market:

  • Comprehensive Insurance Policy

A comprehensive bike insurance policy protects your two-wheeler against burglary as well as damage caused due to fires, riots, natural and man-made calamities. Moreover, it also provides coverage to the rider in the event of an unfortunate accident. In the case of third-party liability, comprehensive insurance offers extensive coverage to your bike.

  • Third-Party Insurance

third-party insurance policy only covers the losses caused to the injured third party in case of an accident. It does not cover loss or damage caused to your own vehicle. According to the Motor Vehicles Act, 1988, purchasing a third-party insurance policy is mandatory to drive legally in India. However, it is recommended to opt for a comprehensive bike policy to gain protection against various unforeseen risks.

How to Buy a Bike Insurance at Finserv MARKETS

To purchase a bike insurance policy at Finserv MARKETS, you can follow the step-by-step guide given below. With minimal paperwork and zero hassles of visiting the branch office, you can secure your two-wheeler instantly!

  1. Enter the required details and input your two-wheeler registration number and mobile number.

  2. Fill the application form with the necessary information about your bike.

  3. Make a choice and select a suitable bike insurance plan that satisfies your needs.

  4. Pay your insurance premium via the online modes available.

  5. You have successfully bought a two-wheeler insurance policy.

  6. The policy document will be sent to your registered email ID in no time!

To sum it up!

Now that you know the benefits of third party bike insurance as well as comprehensive insurance, you should look into getting an insurance plan for yourself. Despite driving safely and following traffic rules, there is always a chance of road mishaps. Hence, ensuring your vehicle has the right coverage against such risks is of utmost importance.

Browse through the online bike insurance plans available at Finserv MARKETS and avail some of the best features and benefits. Enjoy easy claim settlements, lucrative add-on covers, 24x7 assistance and much more.

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FAQs on Bike Insurance Benefits

✔️What are some crucial factors to consider while buying bike insurance online?

Here are some aspects of bike insurance that you must consider while purchasing one:

  1. Type of coverage

  2. Features and benefits of two-wheeler insurance

  3. Terms and conditions

  4. Exclusions of the policy

  5. Premium quote of bike insurance

  6. Add-on covers

✔️Can I buy bike insurance offline?

Though you can purchase an insurance policy offline, it is recommended to opt for the online mode to get an affordable premium quote. With Finserv MARKETS, you can complete this process in no time!

✔️What are some third party bike insurance benefits?

Here are some two wheeler third party insurance benefits:

  1. You can legally drive your bike/two-wheeler without getting into trouble.

  2. You remain financially protected in case of an accident as your insurance covers the cost of third party damages and repairs.

✔️What is IDV in bike insurance?

Insured Declared Value (IDV) in bike insurance refers to the current market value of the vehicle. It is the maximum claim amount that the insurance provider will pay out in case of total loss or theft of the bike. To estimate the IDV of your two-wheeler and declare the correct value, head over to our IDV calculator now!

✔️ Is it beneficial to choose a long-term bike insurance policy?

Yes, long-term two-wheeler insurance policies save you from the task of renewing your plan every year and offer lucrative discounts. Thus, you can easily save up on the premium quote and avail longer tenor coverage.

✔️What are the consequences of an expired two-wheeler insurance policy?

The consequences of an expired two-wheeler insurance policy are as follows:

  • Negative impact on your No Claim Bonus (NCB)

  • Exposure to third-party risks and liabilities

  • Increase in costs related to repair and maintenance of your two-wheeler vehicle as it is not covered by any insurance policy