Online shopping is in trend now. Today not just clothes and accessories but insurance can be bought online too. This article elaborates on buying two-wheeler insurance online in India. Vehicles today are a necessity. Having two wheeler insurance is not just a shield against legal liability but a need to protect oneself against financial losses that may incur due to human-made and natural accidents. Two wheeler insurance ensures you as well as your fellow traveller’s safety.
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Steps for buying two wheeler insurance in India
Buying two-wheeler insurance online and getting your bike secured is not a big deal. All you have to do is to follow this step by step procedure and get yourself as well as your bike secured within minutes.
STEP 1: MAKING THE RIGHT DECISION
Whenever going for a two-wheeler policy, it is essential to convince yourself of its need and benefits. It is imperative to understand that two-wheeler cover is not just the need of the hour but a shield against damages caused to yourself as well as third parties.
STEP 2: RESEARCH
Although today all the information is available online, still it is recommended to explore the market. Just like in shopping one explores multiple options before selecting what suits ones the best, similarly while buying a two-wheeler insurance online one should not only have basic background knowledge about the cover but should also explore multiple policies finalizing one.
One should also be familiar with the various technical terms such as Third-party liability, IDV (Insured Declared Value), NCB (No Claim Bonus).
STEP 2: COMPARE AND ANALYZE
Selecting a policy could seem like a complicated task, but you can make it easy by comparing different two wheeler insurance online. The plans must be compared and analyzed on the following parameters before choosing the right one:
• Type of cover
• Insurance premium and factors affecting it
• Add-on covers and network garages
• Duration to process the claim
STEP 3: SELECT THE COMPANY
With multiple companies overboard, it is important to select the right insurance company as per your needs. You can visit two-wheeler insurance web-aggregators and compare plans offered by various insurers.
STEP 4: SELECT THE TYPE OF COVER
One can choose from the following:
• Third-party cover: It is compulsory in India, and it covers liabilities from third-party damage.
• Comprehensive cover: It is optional and includes a vehicle’s own damage in addition to the third-party policy coverage.
STEP 5: SELECT THE IDV (Insured Declared Value)
After finalizing the insurance policy, it is essential to set the IDV (Insured Declared Value)of your vehicle, which is the current value of your vehicle after depreciation.
STEP 6: THE POLICY DOCUMENT
It is vital to go through the two-wheeler insurance document and its clauses carefully. The following points should be given a careful reading:
• The declaration page
• Terms and Conditions
• Coverage Details
• The exclusions
• Geographical Limits
STEP 7: DETAILS AND SUMMARY
It is important to fill in all the vehicle and personal details carefully as errors can lead to termination of the cover. Or make it null and void. You should always check the summary of the information filled.
STEP 8: PAYMENT
The final stage is to make the payment of the two-wheeler insurance cover. Once payment is successful, the policy copy will be sent to the registered email address. The copy of the same can be downloaded and printed for your reference. It is always advised to keep a copy in the vehicle also. As you may be required to present it at the time of the claim.
Once you have made the payment, the procedure is complete. If you have insurance already and are looking for renewal, you need to remember that there is no grace period available.
A two-wheeler policy should be renewed the same day or anytime before the policy expires. If this renewal gets delayed even by a day, the insurance policy providing company may inspect the vehicle before the policy is issued.
Enjoy your ride, but not without having a valid insurance policy.
