Bikes are the most preferred choice of vehicle amongst the middle-income groups. Such motorcycles are used widely in cities where public transportation systems are less than adequate. All the two-wheeler owners must adhere to the Motor Vehicle Act, 1988 and hold two-wheeler insurance whatsoever. Also, buying a third-party liability cover is compulsory, according to the law. You can also opt for a comprehensive plan, which is optional.
Nowadays, the process has streamlined, and more and more insurers are opting for the online route. Hence, there has been a sudden spike in online bike insurance applications. Following are the reasons why –
- Comparison of lenders
Before you buy a bike insurance plan, it is essential to compare the insurers and their policies. Each company has its plus and minus, and you can get those details online. Check the reviews, claim settlement ratios, and track the reputation these companies hold. This is possible only with some online research. Buying insurance online could land you with a better deal instead of opting for a provider and a policy suggested by your dealer or agent.
- The policy that fits the budget
The moment you decide to buy 2 wheeler insurance online, you give the chance to select a plan that fits your budget. You can make an unbiased, well-researched decision, be it a third-party or a comprehensive policy. Many insurance companies offer the same plans, but the add-ons differ, and associated costs could also vary. You need to compare policies and find the one that meets your requirements, apart from offering optimum coverage.
- Avoid reliance on agents
Agents who sell such insurance policies charge a commission for the service. This adds to the actual cost of the policy. Moreover, agents can be biased and suggest expensive plans that help them get a higher commission. Your agent might not understand the needs entirely and may recommend policies that cost high but offer minimum coverage. It is, hence, better to buy plans online or at the insurer branch, instead of paying commission to an agent who is unaware of your needs.
- Simple process
The online bike insurance application process is hassle-free. After comparing the policies, you must visit the website of the insurer. Fill details such as name, contact number, and then enter the vehicle number, make, model, and manufacture year. Then, select the kind of insurance plan you seek to buy along with the add-on covers. Once select these details, pay for the policy using debit/credit card, or net banking.
- Renewal of the policy
Besides buying the policy online, you can renew two-wheeler insurance on the website. If you choose to renew the policy with the same insurer, the system has all your information, and therefore, the renewal completes in seconds. You accrue the no claim bonus benefits if gone claim-free for a year, and can modify them at renewal.