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According to a report presented by the Ministry of Road Transport and Highways, in the last decade, the average number of fatalities due to road accidents in India stood at 1.3 Lakh per year. Bikes and two-wheelers accounted for about 25% of the total number of road accidents. With road-safety remaining a significant concern in the country, riders can take pre-emptive measures to counter the financial repercussions arising from these accidents.

Applying for bike insurance online, for instance, is one of the contingency measures that bike-owner should undertake to safeguard themselves from the financial liabilities that can arise from road accidents.

Following is an overview of two-wheeler insurance policy, and how they can help in minimizing the financial damages arising due to circumstances like accidents, natural disasters, theft, etc.

Types of bike insurance policy –

There are two types of bike insurance covers that individuals can avail in India. These are as follows –

  • Third-party insurance cover – This type of insurance policy is mandatory for every two-wheeler owner in the country. With this policy, individuals can shield themselves from the financial losses arising due to damage caused by the insured vehicle to a third party property or vehicle. The term “damage” in this respect includes injury, death, property damage, etc.
  • Comprehensive insurance cover – As its name suggests, this plan provides better-rounded coverage. Unlike the liability-only cover, these bike insurance plans provide cover for damages to the insured two-wheeler, personal accident cover alongside any third-party liability. The insured vehicle is also covered against explosion, fire damages, theft, natural disasters, terrorist activity and more.

On applying for these bike insurance online, individuals can avail several benefits and protect themselves financially against incidents of road accidents, theft, etc.

Top benefits and features of insurance police for two-wheeler  –

If an individual opts for comprehensive or a third party bike insurance in India, he/she can enjoy the benefits listed below –

  • Long term benefits – Most of these insurance policies come with a coverage period of up to 3 years. This allows insurance holders to avoid the hassle of renewing their plan yearly.
  • All-round coverage – With a comprehensive insurance policy, individuals can avail financial protection against damages arising due to theft, accidents, fire, explosion, lightning or self-ignition, terrorist activities, natural disasters, damage in transit, etc.
  • Easy application process – Two wheeler insurance policy comes with an easy online application process that can allow individuals to avail it by just following a few simple steps. One needs to fill in the required information and submit documents like KYC documents, income proof, etc. to avail the policy.
  • No claim bonus benefits – No claim bonus refers to the discount that a policy-holder can avail on premium payments if they do not file any claims in the previous policy period. Further, with financial institutions like Bajaj Finserv, individuals can also transfer 50% of their existing NCB to a new insurer.
  • Add-on covers – If an individual applies for bike insurance online, he/she will be eligible to avail two wheeler insurance add-on covers. These include benefits like an additional cover for pillion riders, zero depreciation cover, protection for accessories and spare parts, etc.
  • Discounts – Few insurance providers offer attractive discounts on the best bike insurance plans in India. These discounts are usually delivered to members of recognized automotive associations, or individuals with a good rider history. A two wheeler insurance cover is, thus, extremely beneficial when it comes to securing oneself financially from any bike-related mishap. But before applying for the bike insurance online cover, individuals must check all the policy-related terms and documents carefully to prevent any hassle with filing claims later on. Nonetheless, it is an ideal way of securing individuals’ finances as well as diminishing their mental strain.
  • Payments are secure – Online payments have become the safest way to transact today. With net banking, UPI and other modes of digital payments, you can purchase the online bike insurance policy with maximum security.

How can you buy a two-wheeler insurance policy?

If you complete the online purchase, by simply visiting the official website of the insurer and selecting the particular policy you want. Buy online and pay the premiums via net banking or through your debit/credit card. There are several financial institutions, including non-banking financial institutions like Bajaj Finserv that offer such facilities.

If you opt to purchase a two-wheeler insurance plan in the offline process, you need to visit an insurance company’s offices or get in touch with an agent who can sell you a policy. Providing all necessary documents along with the premium allows you to avail the bike insurance scheme in such a method.

Choosing the correct product is vital for maximum security in the event of an accident or other damages to your vehicle. The online mode allows you the convenience and opportunity to seek the most suitable product for your needs.

 

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