16 May 2019

A two-wheeler has become an important mode of transport, especially in urban areas. In recent years, the two-wheeler industry in India has witnessed a massive expansion due to its increasing demand amongst the middle-class population. Consequently, this increasing demand for two-wheelers has led to a significant increase in two-wheeler insurance providers. A two-wheeler insurance is important as it provides coverage against a variety of expenses that you may have to bear in the event of a two-wheeler accident.



Types of Bike Insurance Policies

There are two types of Bike Insurance Policies available in the market

  • Comprehensive Policy – A comprehensive bike insurance policy protects your two-wheeler against burglary as well as damage caused due to fire, riot, flood, and terrorism. Moreover, it also provides coverage to the rider in an unfortunate event of an accident. A comprehensive bike insurance policy also takes care of third-party liability or the amount payable to the third party in case of an accident.                                                                                                                                                                                   
  • Third Party Insurance – A third party insurance policy only covers the losses caused to the injured party in case of an accident. It does not cover loss or damage caused to the vehicle.

According to the Motor Vehicles Act, purchasing a third-party insurance policy is mandatory for all the vehicle owners in India. However, a comprehensive policy is a popular choice as it greater coverage and protection.


Benefits of purchasing bike insurance online

  • Helps you make an informed decision

You can easily find all the important details of the two-wheeler insurance such as its coverage, exclusions, terms and conditions, renewal policy, etc. by visiting the insurance provider’s website. In addition to that, you can also compare various insurance policies online and before making the final decision. This can help you to choose the two-wheeler insurance policy that best suits your needs. You can also research about the insurance provider by checking its reviews, claims and customer feedbacks while purchasing a bike insurance policy online.

  • Instant process

Leading insurance providers have made, the online application process for availing a bike insurance policy is hassle-free. You can apply for a two-wheeler Insurance policy online in just a few minutes from the comfort of your home. The secure payment gateways don’t require time-consuming documentation and hence your insurance application can be processed instantaneously.

  • Lowers cost

Buying two-wheeler insurance online is very much cost-effective as it does not involve agents and other middlemen. Additionally, processing cost is also lower for an online insurance policy and hence, customers who buy two-wheeler insurance policies online have to pay comparatively lower premiums. Occasional offers and discounts provided by some insurers also reduce the cost of two wheeler insurance renewal online.

  • Long-term Policy

You can get a bike insurance policy for up to 3 years with the help of leading insurance providers. Therefore, you don’t have to worry about renewing it annually.

  • Additional Covers

You can also avail additional coverages such as accident cover for the pillion rider, coverage for spare parts, or zero depreciation cover. Though these additional covers will increase your premium amount slightly, it will give you peace of mind.

  • 24×7 Assistance

Leading insurance providers have a dedicated customer support team and offer 24×7 assistance to their customers.

  • Minimal documentation

If you purchase a Bike Insurance Policy online with a leading insurance provider, the documentation required is minimal.

  • Easy Renewal

In case online purchase of bike insurance policy, the insurance provider sends reminders to their customers regarding the renewal of their policy. In addition to that, online insurance providers offer convenient online renewal. Therefore, you don’t have to worry about the policy lapsing when you have an Online Bike Insurance Policy.

  • Easy Claims and Inspections

Online Bike insurance inspections are hassle-free as well as claim settlement processes are also seamless. This makes the entire experience very convenient.


Steps to Buy Bike Insurance Online

1. Select the insurance company

Firstly, select the insurance provider with which you wish to avail the bike insurance policy.

Selecting the right insurance company is as important as purchasing the right insurance policy. In order to make the right choice, you should compare the policies offered by different insurance providers. Settle for the one that suits your requirements the best.

2. Choose your coverage

Choose the coverages you are looking for in your bike insurance policy. You can also consider opting for add-ons to get wider coverage.

3. Fill the online form
Fill the online application form. Enter all your personal and vehicle-related information accurately because even a minor error can lead to the termination of the policy at the time of settlement.

4. Assessment by insurer

Your insurance provider will assess all your details and provide you an estimate amount of your premium amount.

5.       Make payment

Making Payment is the final stage of buying two-wheeler insurance online. Once the payment is made, you will receive a copy of your bike insurance policy will on your registered email address.

It is recommended that you keep a copy of your vehicle’s insurance policy with you whenever you are riding the bike.


General FAQs

What is IDV for bike insurance?

Insured Declared Value (IDV) for bike insurance refers to the current market value of the vehicle. It corresponds to the maximum sum assured fixed on the vehicle by the insurance provider and is paid against total loss or theft of the bike.

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

Long-term two-wheeler insurance policies cover more than just damages caused due to natural disasters. Coverage in case of long-term policies include accidents and any unforeseen event. Additionally, the policyholder doesn’t have to face the hassle of documentation while renewing the policy.

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

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

1. Negative impact on your No-claim bonus (NCB)

2. Exposure to third-party risks and liabilities

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

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