3 min read
Updated on Aug 08, 2023
As per the current mandate of the Motor Vehicles Department, every two-wheeler plying on the roads of India must possess an active bike insurance policy. Failing to do so is a punishable offence. In this digital era, you can easily avail a bike insurance policy with just a few clicks on your smartphone. But you have to keep certain things in mind before settling for such a digital buy.
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While buying online bike insurance, you must consider the various technicalities that are practised in this sector. You have to compare insurance policy and the various terms laid down by the different companies to ensure the best buy.
You will come across the following terms:
This stands for Insurer’s Declared Value, which is determined by the model, make and ex-showroom price of the concerned vehicle along with its registration cost.
This is the amount that you require to pay during every claim. If you properly compare insurance policies digitally from various sites, you can also enjoy a certain percentage of discount in case you choose a voluntary deductible option.
It stands for No Claim Bonus. It is the special discount offered by the insurance companies against each claim-free year.
d. Third-party insurance:
This is the mandatory insurance coverage for your two-wheeler. It compensates for the damage and other liability issues of the third party when it is caused by your vehicle.
When comparing your bike insurance policy online, you need to choose the following:
Nearly all standard insurance companies provide certain additional benefits, improving your bike’s basic coverage. Some of the popular add-ons include no depreciation coverage, 24 x 7 spot assistance coverage, personal accidental coverage for pillion, covering for loss of accessories. You can compare insurance brokers to know the best terms offered by any particular company.
There are minor differences in claim settlement amongst different companies. It is best to compare insurance policy online/offline to assess what suits your purpose best. You will be able to know these terms if you carefully compare insurance brokers too. During claim application, you have to be ready with all the relevant papers for avoiding any delay or hindrance.
Check for the network of garages where you can avail cashless bike insurance claims.
Whenever you are applying for bike insurance, you must ensure the reputation of the company you are willing to settle for. A background record proves to be a healthy criterion for an insurance company to become a popular choice.
The easiest way to check an insurance company’s reputation is to check the company’s customer service, which would come most handy after the policy has been issued.
These are the top 5 things that need to be considered before you go for buying online bike insurance. Careful comparison and consideration on your part, before settlement, will never fail you and serve you the best.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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