7 Credible Benefits of Buying Two-Wheeler Insurance Policy Online

4 min read

Following the current legal mandate, as laid down by the Motor Vehicles Department, maintaining a valid two-wheeler insurance policy is compulsory. It is important from the vehicle user’s perspective too. An insurance plan offers several benefits both for you and your vehicle as well.

In today’s digital era, when everything is getting digitized, the online platform is becoming popular with every passing day for buying/renewing insurance. You can compare insurance policy and you can even bike compare online.  It is considered one of the safest and user-friendly mediums these days. The internet provides you with a host of information which you can easily filter according to your requirement.

Benefits of Buying Two-wheeler Insurance Policy Online

1. Making an Unbiased Informed Decision

You must do a careful analysis, research, and homework about several plans offered by different companies. Without any intervention or influence of any third party, you can decide on your choice. The major risks that are covered by the bike policies include

  1. Legal liability of the third party
  2. The loss occurred due to any natural calamity
  3. Damage incurred due to man-made disasters
  4. Covering the cost of accidental hospitalization caused by the concerned vehicle

Exclusions

  1. Any sort of mechanical breakdown
  2. Cost of depreciation
  3. Normal wear and tear
  4. Loss incurred due to intoxicated driving

2. Direct Buy

When you are buying the plan online, you are directly buying it from the company itself. You can easily avoid any sort of intermediary version of the information. Moreover, there is minimal risk of any misspelling. You communicate directly with the company.

3. 24 x 7 Assistance

In case of any clarification, you can approach the company at any odd hour of the day, at your convenience. All the standard insurance companies provide the facility of online chatting or you can call customer care. Moreover, the online plans even start giving you reminders days before you are due. You can even avail the facility to bike compare online.

4. Payment Security

The online payment portals of all the standard insurance companies are safe and secured. There is minimal risk of any sort of hack or theft in this module of availing of the two-wheeler insurance policy.

5. Convenient

The online bike policies are easy, fast, foolproof, and hassle-free involving minimal paperwork. Whether you buy a new policy or renew your existing one, the online medium is the best.

6. Comparison

During online purchase, you get the facility to compare insurance policy that you have chosen with others. Based on your study and research, you can proceed accordingly based on your requirements. You can even bike compare online following the digital trend.

7. Cost-effective

The online purchase of the insurance plans offers you many discounts and rebates, making it comparatively more cost-effective. You have to compare insurance policy to grab the best deal.

Follow these points while renewing the Bike insurance

The lack of two wheeler insurance will make you vulnerable to any damages that might occur due to natural calamities, manmade calamities, and legal proceedings due to an accident.

1. Renew Before Expiry

With the busy lifestyle that we all lead, there is a high possibility that you might forget to renew your two-wheeler insurance. This is where you need to take reminders from your insurer a bit more seriously. If you fail to renew your policy before it expires, you can lose any accumulated benefits. 

With access to better customer service these days, you can ask your insurance provider to remind you of the policy renewal a few days before expiry. 

2. Insurance Types

Policy renewal is a good time to assess whether you should continue with your existing policy or not. Here are two major policy types that you can choose from, depending on your needs and usage.

3. Third Party Liability

It is a bare minimum bike insurance policy, which comes into effect in the case of an accident. The policy covers any injuries or damages to individuals, vehicles, or properties. However, if there are any damages to your bike, the policy would not cover those. Due to its minimal cover, the policy is one of the most affordable ones.

4. Comprehensive Policy

Comprehensive bike insurance carries forward the goods of a third-party liability policy and adds its own damage cover along with it. With this policy, you can claim damages to your bike as well. Also, you can plug in riders to your policy to enhance its coverage.

5. Do not Forget NCB

For those who have had a bike insurance policy for more than a year and have not made any claims, do not forget to claim NCB. Insurance companies award NCB or No Claim Bonus to riders in the form of discounts for not making any claims. As you renew your insurance, make use of NCB discounts to reduce the policy premiums.

6. Update Information

There are several instances where a policy document might have some incorrect information. If you are facing the same, renewing a policy is a good time to rectify them. A good example of the same is any change in address. 

If you have moved within the same city to a new address or a different city, you can update the same during policy renewal. In the event of any other mistakes, you would need to provide proof of the same and it can be rectified as well.

From the above study, it is evident why more and more people are resorting to the online mode for purchasing bike insurance. Under the current pandemic situation, this trend has even grown popular to maintain social distancing and minimize physical interaction. To make lifestyle easier, people are resorting to the online system.

Also Read:

How multi-year Insurance Plan is Beneficial for your Bike?

15 Tips for First Time motorcycle insurance Buyers

Why do you need to choose brokers for Two-Wheeler Insurance?

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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