Steps to Buy Cheap Two-Wheeler Insurance Online India

4 min read

Revathy is an employee in a private company and she recently bought a scooter for her office commute. Since she is new to auto insurance, she doesn’t know how to pick the right insurance plan for her vehicle. Hence, she started browsing the insurance companies online to know the details of plans in detail. Finally, she succeeded in buying a Two-Wheeler Insurance plan online at a low price that made her save some money.

Buying a two-wheeler insurance plan requires one to acquire some basic information before making an informed purchase. Nowadays, many insurance companies offer a wide range of two-wheeler insurance plans for customers. But not all of them are the same and one should evaluate them properly before spending their hard earned money in making an insurance purchase. Choosing the right type of two-wheeler insurance plan provides financial protection from potential losses. Moreover, it gives ways to minimize unwanted issues significantly to get peace of mind.

Types of two-wheeler insurance 

Insurance firms offer comprehensive and third-party insurance plans for two-wheeler owners. One should evaluate the difference between them minutely. This will help a lot to select the right plan which optimally suits a buyer’s needs.

Things to consider before buying a two-wheeler insurance plan 

Before buying a two-wheeler insurance plan, one should not only go for cheap bike insurance plans that might reduce the expenses significantly but also look at the overall benefits and exclusions.

Here are some factors to keep in mind while buying an insurance plan.

  1. Coverage requirement

It is important to know the coverage requirement before purchasing a two-wheeler insurance policy from an insurance company. Having the right type of coverage allows two-wheeler owners to ensure maximum protection from third-party liability and other losses.

  1. Understanding insurance declared value (IDV)

Insurance declared value (IDV) refers to the current market value of a vehicle. Since it will influence the premium of an insurance plan, customers should evaluate the same and not overstate or understate it.

  1. Looking for riders to extend the insurance cover

Add-ons refer to additional features that will help increase the protection. While buying a two-wheeler insurance plan, one should consider them to gain more advantages.

  1. Choosing a reputed insurer

Those who want to purchase the cheapest two-wheeler insurance plan should consider selecting a reputed insurer. This is because not all insurers are the same and the reputed insurance companies have a better claim settlement ratio.

  1. Renewability 

Renewability is an important factor to consider when buying a two-wheeler insurance policy from an insurer. An easy and streamlined renewal process is definitely helpful.

How to buy a two-wheeler insurance plan online?

Anyone who wants to buy a two-wheeler insurance plan online should follow the below steps.

  1. Consulting with peers

One should consult with his/her peers who have bought a 2 wheeler insurance policy. This will help a lot to determine whether he/she requires a third-party or a comprehensive insurance plan. While consulting with friends, one should decide whether a plan will suit him/her or not.

  1. Making complete research 

Two-wheeler owners should research and compare plans offered by insurers online that will to make an informed decision. Moreover, they can find the lowest insurance for bike while picking a plan that caters to their requirements.

  1. Reading online reviews 

Customers should read online reviews while buying an insurance plan for two-wheeler vehicles. Do not just look for the cheapest 2 wheeler insurance plan but also read the reviews to find a suitable plan which exactly suits the requirements and budget.

  1. Reading terms and conditions 

A two-wheeler owner should consider reading the legal documents properly. This is because it may vary from one insurer to another insurer. Reading the terms and conditions will help a lot to overcome disputes and other problems after buying an insurance policy.

  1. Consulting with a company’s representative 

Two-wheeler owners who want to select the cheapest bike insurance in India should consult with a company’s representative to get more details. Another thing is that it enables a person to focus more on his/her objectives to ensure high protection from potential risks.

  1. Making payments

Customers can make payments online after selecting an insurance policy online. They can use net banking and other methods while making payments.

What are the benefits of buying car insurance plans online?

  • Convenience: Online buying offers more convenience to two-wheeler owners because it saves more time. A person can buy the lowest two-wheeler insurance online anytime depending on his/her budget. Apart from that, it allows him/her to get high discounts that will reduce expenses.
  • 24/7 customer support: 24/7 customer support is available online and two-wheeler owners can contact the same anytime to know more about the plans. Most insurance firms offer customer support services for customers to assist them when buying an insurance plan.
  • Comparison of policies: Customers can compare insurance policies online that will help match the prices for the benefits offered. Also, online insurance buying involves only minimal documentation and paperwork that will save time.
  • Allows customers to check the creditability of an insurer: Buying two-wheeler insurance online provides ways to check the creditability of an insurer by addressing the essential needs of customers and also avoid unwanted complications.

The bottom line

Purchasing a two-wheeler insurance plan involves several things that require suitable guidance. Many insurance companies offer free quotes for customers when they want to purchase a two-wheeler insurance plan. This helps a lot to select a plan at an estimated cost The expert advice from PayBima’s team makes online insurance purchase a simple process allowing customers to get more protection from risks. It even makes for feasible methods to buy a cheap insurance plan that caters to the budget of a person.

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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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