Last Updated on December 14, 2022 by Hub Blogging
If you are a two wheeler lover, even a single scratch or dent on it gives you pain. Even though four-wheelers have dominated roads in India, two wheelers still have a loyal customer base.
In order to protect your two wheeler, the primary step is to ride safely and follow all the guidelines when on the road. But, any untoward incident is not in our hands, so this is where this bike insurance online steps in.
What is bike insurance?
Bike insurance is a policy where an insurance company assures to cover damage to the owner’s bike caused due to a collision, accident or theft. Further, it protects against third-party liabilities from injuries to one or more people.
As we all depend on our smartphones for every single task nowadays, buying bike insurance online is one of the best options. Trust me, purchasing insurance from your comfort zone is one of the best things to do!
Here are the top 5 things to consider before buying insurance online –
Type of Policy
Before opting for insurance, you need to know that there are two types of bike insurance policies.
- Third-party bike insurance policy – Covers you against damages or injuries caused to third-party.
- Comprehensive bike insurance policy – Covers for third-party and own damages, i.e., the damage caused to your bike.
So first understand both the policies and go for whichever suits your requirement.
The bike value becomes the base for calculating the premium of the comprehensive two wheeler insurance policy. This value is known as the IDV (Insured Declared Value). It is important to set the IDV of the bike while going for the insurance.
Coverage is another important factor to know while going for an insurance policy. This is because it will be much easier to make a claim if one has a good understanding of the coverage provided by your policy.
A comprehensive policy offers the following coverage –
- Theft cover
- Fire Damage
- Accidental damage
- Damage due to vandalism, riots, etc.
- Damage due to floods, earthquakes, etc.
As knowing the coverage is important, it is also essential to know the exclusions of the same. Knowing the circumstances under which you cannot raise a claim is important. Some of the common exclusions are –
- Regular wear and tear
- Mechanical breakdown
- Electrical breakdown
- Accident while riding under the influence of an intoxicating substance
Don’t just go for any random company while going for a bike insurance policy. Your bike is precious, and so should your insurance!
I agree with the last factor, as I have opted for two wheeler insurance via the Bajaj Finserv app. Firstly, it was just a matter of a few taps on my smartphone to get the insurance; secondly, I got one of the best deals.
As per the Indian government, all vehicle owners must have insurance for their vehicle.
Here is a step-by-step guide on getting a bike insurance online –
- Download the Bajaj Finserv app from the Play Store/App Store.
- Sign up with your details
- On the Home Page, there is a section for ‘Insurance Bazaar.’
- Tap on Bike
- Enter your vehicle registration number as well as city pin code to get the pricing details
- Enter your Vehicle Details
- Get a Quote
- Choose the one which suits your requirement