The Ultimate Guide to Online Two-Wheeler Insurance
24 Jun 2019
They say that “there’s no thrill without danger”. The same can be said about the thrill of riding your bike. No matter how experienced a rider you are, the roads can be a dangerous place. If you don’t have an insurance cover for your bike or scooter, the financial implications of an accident can put a significant dent on your hard-earned savings. A bike insurance or two-wheeler insurance policy offers coverage against losses that you may have to incur in case of an untimely eventuality like an accident, theft of the vehicle, etc. Moreover, having a Third Party Two-wheeler Insurance is mandatory in India under the Motor Vehicles Act, 1988. Riding without two-wheeler insurance not only makes you vulnerable to potential losses but also makes you liable to heavy penalties. Hence, every two-wheeler owner in India is expected to hold at-least a mandatory third-party liability policy.
Types of Two-wheeler Insurance
Third Party Liability Insurance
A third party liability insurance covers the damages or loss caused to a third party individual or property. It does not cover any personal injury or damage caused to your bike in case of an accident. It is the minimum coverage offered by insurance companies in India. It has a lower premium when compared to a comprehensive two-wheeler insurance. However, it should not be the only coverage you opt for, as it does not protect you from personal damages.
As the name suggests, a comprehensive two-wheeler insurance policy offers complete financial protection against your own damages in addition to any third party loss or damages. Moreover, a third party bike insurance offers coverage against a wide range of risks such as theft, accidents, vandalism, natural calamities etc. Although comprehensive two-wheeler insurance comes with a higher premium, it is an investment worth making.
Important Two-wheeler Terminology
No Claim Bonus or NCB is a discount or bonus given by an insurance company on the insurance renewal premium. However, you are eligible for an NCB discount only if you don't file a claim during your bike insurance policy period. It can be considered as a reward given by the insurance company for being a responsible rider. The best part about the NCB is that it increases progressively after each claim free year, until it is reduced up to 50%.
Insured Declared Value or IDV is the current market value of your vehicle which is calculated after deducting the depreciation amount. The IDV is an important component of a two-wheeler insurance policy as it determines the amount of compensation. In case your bike is stolen or damaged beyond repair, the IDV is offered as the sum insured. In other words, the IDV is the maximum compensation offered by a two-wheeler insurance policy.
Key Benefits of Buying Two-wheeler Insurance Online
Since the emergence of numerous insurance company in India, the two-wheeler insurance market has changed dramatically. Today, bike insurance companies have come up with a wide range of features to woo customers and ensure they continue with them For longer durations. Here are some of the key benefits of buying two-wheeler insurance online:-
Speedy processing and approval
Easy Transfer of No Claim Bonus (NCB) Discounts
Property damage and/or physical injury coverage
Safe and convenient
Steps To Buy a Two-wheeler Insurance Online
Since the advent of online bike insurance, buying a policy online has become a quick and simple process. These simple steps will help you buy a two-wheeler insurance policy online easily:-
Compare and Research Online
Select the Insurance company
Select the Insurance Type
Set The IDV (Insured Declared Value) Of Your Bike
Read The Policy Documents
Fill in The Online Application Form and Make Payment
Benefits of Buying Two-wheeler Insurance with Finserv MARKETS
1. Quick Online Application/Renewal
With Finserv MARKETS, you can buy Bajaj bike insurance through our website or even a mobile app in a few simple steps. Bike insurance renewal online at Finserv MARKETS is absolutely hassle-free.
2. Secure Discounts
Enjoy discounts on premium if you are a member of a recognized automotive association, if you have an anti-theft device installed or if you have a good rider history.
3. Easy NCB Transfer
NCB refers to No Claim Bonus, which is a bonus received when you don’t make any claims throughout the year. If you want to switch to Finserv MARKETS from your previous insurance provider, you can easily transfer up to 50% of your existing NCB to the new insurer.
4. Simple Claims and Inspections
With Finserv MARKETS, Insurance Inspections are quick and hassle-free With the claim settlement processes being quick as well. This makes the overall Two-Wheeler Insurance experience very convenient with us.
1. How to pay for bike insurance online?
You can pay for bike insurance online via multiple modes of payment such as net banking, debit card, credit card or even a mobile wallet. All of these online payment methods don’t take more than a few minutes.
2. How to find my bike insurance policy number?
To know your bike insurance policy number, check the Certificate of Insurance that you receive after buying the policy. If you buy a bike insurance policy online, you will receive a regular correspondence from your insurer via emails and letters with your bike policy number mentioned in it.
3. How is the premium calculated for two-wheeler insurance?
The bike insurance premium is calculated after considering various factors such as bike model and make, year of manufacture, the age of bike owner, engine capacity, geographic location, anti-theft device installation cost, voluntarily deductible etc. Depending on these factors, the bike insurance premium usually varies from person to person.
Clearly, there are no downsides to buying two-wheeler insurance online.
At Finserv MARKETS, you can buy bike insurance online in a simple and straightforward process. You can simplify it further by applying for bike insurance with Finserv MARKETS. Additionally, you can enjoy exclusive benefits like cashless claim facility across 4000+ garages, quick claim settlement, round-the-clock assistance and much more. To buy or know more about bike insurance visit Finserv MARKETS.
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!