Riding a two-wheeler gives a sense of freedom and convenience like no other. However, with great freedom comes great responsibility, and in this case, the responsibility to ensure your safety and that of your bike. A bike insurance online policy is a must-have in today’s world where accidents, theft, and damages are unpredictable. But with so many insurance policies available online, choosing the right one can be overwhelming.
In this guide, we’ll walk you through the basics of bike insurance online policy, including the types of coverage, add-ons, and factors to consider while choosing a policy. Let’s get started!
What is Bike Insurance Online Policy?
A bike insurance online policy is a contract between you and the insurance provider, where the provider agrees to cover the financial losses incurred due to damage, theft, or third-party liability of your bike in exchange for a premium. The policy covers the expenses of repairing or replacing your bike, third-party damages or injuries, and any legal liabilities arising from accidents involving your bike.
Types of Bike Insurance Coverage
The basic bike insurance online policy offers two types of coverage- Third-Party Liability Insurance and Comprehensive Insurance.
Third-Party Liability Insurance
Third-Party Liability Insurance is mandatory by law and covers the damages or injuries caused to a third party in an accident involving your bike. It also covers the legal liabilities arising from the accident. However, it doesn’t cover the damage to your own bike.
Comprehensive Insurance
Comprehensive Insurance, on the other hand, covers both third-party liability and damages to your bike. It also covers the damages due to natural calamities, theft, fire, or any other unforeseen circumstances.
Add-On Covers
Apart from the basic coverage, you can also opt for add-ons to enhance your bike insurance online policy. These add-ons come at an additional cost but provide extra protection for your bike.
Personal Accident Cover
Personal Accident Cover offers financial support in case of accidental death or permanent disability of the policyholder.
Zero Depreciation Cover
Zero Depreciation Cover is an add-on that ensures that the policyholder gets the full claim amount without any deductions due to depreciation.
NCB Protect Cover
NCB Protect Cover protects the No Claim Bonus (NCB) earned by the policyholder. NCB is a discount offered by the insurer if the policyholder doesn’t make any claims in the previous policy year.
Factors to Consider While Choosing Bike Insurance Online Policy
Choosing the right bike insurance online policy can be a daunting task, but considering these factors can make the process easier:
Coverage
While choosing a policy, ensure that it covers the necessary coverage required for your bike. If you own a new or expensive bike, comprehensive insurance is a better option than third-party liability insurance.
Add-Ons
Assess your need for add-ons and choose the ones that provide maximum protection for your bike.
Premium
Compare the premium rates offered by different insurers and choose the one that offers maximum coverage at an affordable premium.
Claim Settlement Ratio
Check the claim settlement ratio of the insurer before choosing a policy. The claim settlement ratio indicates the percentage of claims settled by the insurer. A higher claim settlement ratio implies that the insurer is more reliable.
FAQs
- Is it mandatory to have bike insurance?
Yes, it is mandatory by law to have at least third-party liability insurance for your bike.
- How can I buy bike insurance online policy?
You can buy bike insurance online policy from the website of the insurance provider or through online insurance aggregators.
- Can I renew my bike insurance policy online?
Yes, you can renew your bike insurance policy online before the expiry of the policy.
- Can I transfer my bike insurance policy to a new owner?
Yes, you can transfer your bike insurance policy to a new owner when you sell your bike.
- How can I make a claim for a bike insurance policy?
You can make a claim for your bike insurance policy by informing the insurer about the accident and submitting the necessary documents like the FIR, claim form, and other relevant documents.
Conclusion
A bike insurance policy online is a necessity in today’s world to ensure the safety of you and your bike. Understanding the basics of the policy, the coverage options, and the factors to consider while choosing a policy can make the process of buying insurance easier. Moreover, opting for add-ons that cater to your needs and comparing the premium rates and claim settlement ratios of different insurers can help you choose the best policy for your two-wheeler.
