Ever since the COVID-19 pandemic, a large number of businesses have moved their processes online. The insurance industry is one such sector where companies have focused on moving their business online, as continued lockdowns across India have put a halt to in-person meetings.
However, buying insurance online can be a complex process for people who are not very tech-savvy. Many people are also sceptical about buying any goods or services online. In this article, we’ll list some tips that can be very helpful while buying bike insurance online.
Most insurance companies have a bike insurance calculator on their website. You can easily calculate your bike insurance quote using an online insurance calculator. All you need to do is provide the details about your bike, like the insured declared value, registration zone, age, and cubic capacity to get a quick estimate of the insurance premium you will have to pay annually.
You should take a look at all the bike insurance plans available online from different insurance companies. You will be able to compare all the different plans in relation to the benefits offered, cost of each plan, additional riders and other features. Try to find the best possible insurance policy with the most benefits under your budget.
When buying insurance online for your bike, it is a good idea to choose your plan from a reputed insurance company. Since anyone can set up a website, there may be many scammers and shady companies offering insurance services at low rates. However, if you want a good insurance policy, you should stick to reputed insurance companies.
You need to consider the cover very carefully. Often, third-party coverage is not enough to cover all the expenses in case of an accident. Ensure that you have a comprehensive bike insurance cover, which offers coverages in case of damage to your bike, third-party liabilities and accidents. Understand the features of the cover and the benefits you receive in case of an accident or a third-party liability.
Buying a long term policy online will ensure that you get cheaper premiums, as compared to buying a short term policy. Moreover, the insurance company may also provide you with additional discounts or features when buying a long term policy.
Once you purchase bike insurance, you need to renew the policy after it ends. It is now possible to renew the policy online from the comfort of your home. You only need the policy number and your personal details in order to renew the policy online. Read how to renew bike insurance online in a few easy steps.
When buying insurance online, you will also have the option to buy add-on riders on top of your bike insurance policy for enhanced protection. You should go through the available add-on riders and choose the ones that will be especially helpful for you.
While the above points will be helpful to buy bike or two-wheeler insurance online, you should also be aware of a few steps you can take to reduce your online bike or two-wheeler insurance premium cost.
Individuals who have a clean driving record and no traffic offences will be able to get lower premium rates compared to people who have gotten into accidents or have multiple traffic offences. The reason people with clean driving records get cheaper premiums is that they are considered to be at a lower risk for accidents.
If you install an anti-theft device on your bike or two-wheeler, you will be eligible for a discount from your insurance company. An anti-theft device decreases the risk of theft, hence the insurance companies provide a discount. However, make sure the anti-theft device has been approved by the Automotive Research Association of India (ARAI).
When you do not claim any amount on your bike insurance for the period of one policy year, you are eligible for a no claim bonus or NCB. Make sure you use your NCB to get reduced premium rates when renewing your policy. You can also get an NCB certificate from your insurance company if you are planning to move to a different insurance provider.
As insurance companies have taken their businesses online, getting a bike or two-wheeler insurance has become an easy and hassle-free process. If you are looking to buy a bike or two-wheeler insurance, you can check out the various bike insurance plans available on Finserv MARKETS and take advantage of benefits such as 24x7 roadside assistance, swift claim process, affordable premiums and much more.
Yes, it is completely safe to buy bike insurance online as long as you are buying your policy from a reputed insurance provider.
You can take a look at the insurance policies available from different companies and buy one from the website by providing all your details and making an online payment.
A comprehensive insurance plan provides the best overall protection for your bike. In case you feel the need for additional cover, you buy add-on riders too, as per your needs.
As per the Motor Vehicles Act, 1988, all vehicle owners need at least third-party liability insurance, so you will need insurance at the time of driving your bike out of the bike dealership.
Yes, buying bike insurance online is generally cheaper than buying it in person, as there are no agent commission costs involved.