The Indian automobile industry is on the number 4 rank on the global charts owing to increased sales of two-wheelers all across the country. Subsequently, there has been massive road traffic leading to escalated accidents over the last decade. In an attempt to mitigate the financial loss caused due to any such accidental loss, theft or damage to a vehicle, IRDAI has made it a mandate to go for at least a 3rd party bike insurance cover.
Considering the mandatory state of such policies, insurance providing organisations have to ensure that these covers are available at their underwriting offices and all channels of distribution that includes its online procedure too. Additionally, any complaints about the non-availability of these insurance policies are treated seriously by the authoritative body.
Following such importance of bike insurance covers, insurance issuers have kept it convenient for individuals to purchase these policy plans –
Step 1: Do thorough research of the available insurance policies
Considering that these two-wheeler insurances have become a mandate for all, multiple companies now offer bike insurance policies in India. Despite the host of financial benefits that these policies offer, one needs to check a few factors before settling upon a policy. Theses pointers include –
- Bonus on your claim
- Insured Declared Value, etc.
Step 2: Select the right insurance company
Decide on an insurance policy issuing company that offers you with maximum benefits. It ensures that you are financially covered against any happenstances – natural or man-made. Your choice of company must necessarily depend upon these features –
- A hassle-free online process.
- Easy NCB transfer.
- A choice of coverage.
- Received discounts on insurance policy cover.
- A long-term policy that ensures no need for frequent renewal.
- Easy claim and inspection procedure.
- Convenient renewal without the need to go for inspections.
Under such circumstances, purchasing Two Wheeler Insurance policy from companies like Bajaj Finserv can be a beneficial option. It offers one with maximum financial security for their vehicles against a nominal premium amount.
Step 3: Finalise the type of bike insurance in India
Choose between the two available insurance types based on your coverage requirements –
- Comprehensive: Helps ensure that a two-wheeler has a financial security net in cases of any risk arising due to man-made or natural calamities.
- Third party two wheeler insurance: Under third party bike insurance scheme, an insured vehicle is financially covered against any damage done by it to a third person and/or property.
While the latter has been mandated by IRDAI, you can choose whether or not to opt for the former. Make sure to read into the finer terms of the cover before purchasing one.
Step 4: Decide upon the Insured Declared Value of the two-wheeler
The IDV or Insured Declared Value of a bike defines its existing market rate and has a crucial role to play in deciding the premium of the insurance. Considering that your bike is damaged or has been stolen, you can claim this amount.
While registering for the purchase of your bike insurance policy covers, the online website of the issuing company provides a calculator, adjusting which can help you settle the IDV.
Step 5: Select the add-on riders
In case you have opted for a comprehensive policy cover, you have the option to increase its scope by going for an add-on cover in the form of an extra rider. All that you need to do is offer a nominal extra amount and include the same.
Step 6: Make the payment
Keeping in mind the convenience of the potential insurance holders, companies offer multiple modes of payment that ensure a convenient payment option. It includes –
- Digital Wallet
- Online net banking
- Credit card
- Debit card
Considering the ease of purchasing a bike insurance policy that requires a minimum annual premium and offers maximum financial security, they are the preferred financial security that all two-wheeler owners should opt for.