The sale of two-wheelers in India has seen massive growth in the past decade. The convenience offered by the bike makes travelling easy, and hence there has been a steep increase in the sale of two-wheelers. If you too have purchased a bike or are planning to buy one, then you must know that bike insurance is mandatory. This insurance will cover the cost of repair and maintenance of the bike.
Road accidents are common in India, and damage to your bike in an accident can leave you burdened with the high cost of repair and its maintenance. But with bike insurance, you can easily cover all these costs. In this blog, we are going to discuss the key steps that you should consider while buying a third party bike insurance online.
Types of Bike Insurance
If you have purchased a bike or are planning to buy one, you must know about the type of bike insurance available in the market. There are two types of bike insurance:
Third-party Bike Insurance: A bike owner must have this licence. It is the basic plan that covers the cost of damage caused by the bike to the third-party.
Comprehensive Insurance: This insurance offered wider coverage. It takes into account both the third-party damage and own vehicle damage cost.
Things you should consider when Buying Third Party Bike Insurance Online
With the advent of technology, purchasing a third party bike insurance online has become very easy. Most of the insurance providers offer this facility. Let’s understand the steps to buy third party bike insurance online:
1. Do the basic research– While the insurance products may remain the same, you can still find the difference in the way the company does the claim settlement. As a bike owner, when your third party bike insurance is online, then you are also looking for ease of claim settlement. Discuss with your peer or do the internet search to find the best insurance providers in the market.
2. Compare online– Once you have got all the details about the various companies and their third-party insurance poly. You need to make a comparison to identify which is the best company for your needs. You must assess whether you want basic coverage or a comprehensive one? Knowing what you want will help you buy the right insurance policy. You must also compare the companies based on ease of claim settlement.
3. Does it provide IDV– Your next move should be to check whether the insurance provider offers IDV or Insured Declared Value. IDV is useful in case of theft or complete loss of the vehicle. The insurance companies pay the complete amount to the policyholder in case of bike damage.
4. Claim Settlement Ratio– When choosing the best insurance provider for third-party bike insurance online, you must not miss checking the claim settlement ratio. Choose a plan that fulfils all the criteria mentioned above.
5. Add-ons-This feature is only available if you choose a comprehensive bike insurance plan. You may have to pay an extra premium for this. Hence, it’s always advisable that you check your requirements and then choose the right type of policy.
6. Read the Policy– When you are all set for third party bike insurance online, you must carefully read the policy. Make sure that you don’t fill the form in a hurry.
7. Make the Payment– Finally, you can make the payment for the policy. After filling the form and completing all the formalities, you will get the policy document via email. You can download it and print it.