The Ultimate Guide to Buying Bike Insurance Online in India

The Ultimate Guide to Buying Bike Insurance Online in India Square Insurance - 04 Sep 2023

Two-wheeler insurance, more commonly called bike insurance, protects against damages or losses to the two-wheeler due to accidents, theft, natural calamities, fire, and other disasters. In India, everyone who owns a bike must purchase third-party two-wheeler insurance, according to the Motor Vehicles Act, 1988. When you buy bike insurance, you can rest assured knowing that you are protected from financial setbacks due to medical expenses, repair costs, or legal liabilities.

Understanding Bike Insurance

Before looking for bike insurance online, you must ask what it is and what you can get out of it. Bike insurance is a legal contract between you (the bike owner) and an insurance company that agrees to provide financial coverage against loss or damages to the bike.

Choosing a customizable bike insurance policy will allow you to fulfill your needs. When you buy a comprehensive policy, you can customize the coverage you need. This will enable you to choose an affordable premium for your bike insurance while ensuring maximum protection against financial loss.

Is Comprehensive Bike Insurance a Better Choice?

Third-party bike insurance only covers financial losses due towards third-party liabilities. It does not protect your bike. If you want to ensure that you get financial compensation to repair and replace bike parts in case of any damage, you need to look beyond the basic third-party insurance. Comprehensive bike insurance is now available with a wide range of add-ons and coverage.

You can choose the extent of coverage you want based on your individual needs. Many insurance providers also provide add-ons so that you can extend coverage beyond the basic scope of the policy.

You should customize your comprehensive bike insurance based on the risks of riding a two-wheeler. If you use a bike rarely, you may be satisfied with third-party insurance. However, if you use your bike daily for a regular commute, then you are increasing your bike's risk exposure. In that case, you have to buy a comprehensive policy. Bike collectors who want to buy expensive bike models should also spend more to purchase additional coverage to protect their luxury bikes.

Things to Look for While Buying Bike Insurance Online

In the digital world, insurance providers offer quick and easy access to their policies. You can get multiple quotes from multiple insurers and compare the bike insurance plans to choose the right one. So, how do you choose the right insurance policy? You have to look for certain policy features and understand what you are getting for the premium you pay. Consider the following factors before choosing a bike insurance plan:

Offered Coverage

The first aspect you must consider in an insurance policy is the offered coverage. At the minimum, you have to get coverage for third-party liabilities, theft, accidental damage, and damages due to natural calamities. With this coverage, you need not worry about repair costs when something happens to your bike. Many insurance providers have a garage network, and you can take your bike to one of these garages and enjoy cashless repair. Some insurers may also reimburse the repair cost. You have to read the policy documents to understand the exact coverage.

Personal Accident Cover

The insurance providers must now provide a compulsory Personal Accident (PA) cover of up to 15 lakhs. This cover provides protection against medical expenses for the bike owner in case of a bike accident. You can increase this accident coverage if you are willing to pay a higher premium.

Available Add-ons

Apart from standard policy coverage, insurance providers offer different types of add-ons. These add-ons expand coverage, but you have to pay a higher premium. In most cases, bike owners will not need all of the add-ons. You must carefully go through the add-ons and choose the ones you need. Some add-ons can be purchased later during the policy period. However, some add-ons can only be purchased when buying insurance or at the time of renewal. Some common add-ons for comprehensive bike insurance are zero depreciation cover, roadside assistance cover, pillion rider cover, etc.

No-Claim Bonus (NCB) Transfer

The No-Claim Bonus (NCB) corresponds to the bike owner, irrespective of the bike. It is a reward for the rider for avoiding insurance claims during the ongoing insurance coverage cycle. Many insurance providers will agree to transfer this NCB to your new insurance policy if you ever decide to switch providers. It is better to find insurers with this feature so you don't lose the bonus you deserve for not making any insurance claims in the previous policy period.

Cashless Repair

When dealing with an unfortunate incident, the first step is taking your bike to a repair center and getting it fixed. However, after repairs, you will end up paying the repair costs despite having the insurance policy. However, it can be avoided if you have opted for a cashless repair facility. It will help you resolve your bike's problems quickly and get it back on the road. You should compare insurance providers based on their garage network to find a cashless repair center in your locality

Is Comprehensive Bike Insurance Expensive?

Insurance ensures financial protection when you own a bike. The premium you pay corresponds to the coverage you get. Basic third-party liability insurance is the cheapest option, but not always the best. With this basic policy, you must pay for bike repair and medical expenses if you are injured and your bike is damaged due to an accident.

Comprehensive bike insurance is slightly more expensive than basic third-party insurance. However, the coverage you get is also better. You can choose coverage based on your affordability to reduce your insurance premium. You should also weigh the risks of not getting any specific coverage before making your decision.

Steps to Buy Bike Insurance Online in India

You can buy bike insurance in India using online platforms. You don't have to visit any insurance offices or contact an insurance agent to buy your bike insurance. You can simply go to a website and purchase bike insurance with just a few clicks from your home. You can log on to the website using your laptop, computer, or smartphone. Following are the steps to buy bike insurance online:

  • Go to Square Insurance two-wheeler insurance portal
  • Enter the registration number of your bike to get the bike details
  • If you have a new bike, simply choose your city, RTO, and make and model of the bike.
  • Once you enter the basic details, you can get insurance quotes from multiple companies.
  • Choose an insurance policy you like and compare premiums.
  • Once you have decided on your plan, go to the payment page and complete your insurance premium payment online.

Should You Buy Bike Insurance Online? Benefits of Online Policy Purchase

Despite the growing popularity of online insurance platforms, many bike owners still wonder whether buying insurance online is right for them. If you also have the same doubts, consider the following benefits of purchasing your bike insurance online:

Avoid Visiting the Insurance Office

You can buy your insurance from anywhere at any time. You don’t have to worry about working days or office hours, as the online platform is accessible 24/7.

Multiple Options

When you approach an insurance agent, you only get a few choices based on the agent. The agents generally suggest insurance policies that provide them with higher commissions. With the online platform, you can choose the right plan that suits you.

Customization Options

Digital platforms provide maximum flexibility when it comes to customization. You can enter your needs, and the platforms will find the policy to meet all your insurance needs. Also, you can customize the policy coverage and add-ons to understand the exact coverage you will get.

Hassle-free Document Verification

The online platforms require you to upload only a few documents before delivering an insurance policy. You don’t have to wait in queues to meet with any officials. The document verification process itself is done within a few minutes.

Seamless Payment

You can use the online payment mode to pay your insurance premium instantly. The policy is activated immediately after you make the payment. Also, the insurer will send you a renewal reminder, and you can use the same steps to renew your bike insurance after the policy period.

Easy Claims Process

One of the key benefits of a digital insurance platform is the streamlined claims process. In case of a bike accident, you can register for an insurance claim using the online platform. You can submit the claim form, upload the necessary documents, and complete the claim process within a few minutes. This makes the claim process a breeze for the common people.

Conclusion

You have to look for the best platforms for buying insurance online to save money and get the best coverage. Comparing insurance quotes from top insurance providers will enable you to choose the right coverage at an affordable premium. You can also renew your insurance policy using the same platform at the end of the policy period. While comparing insurance policies, look beyond the premium amount to compare multiple policy features and find the right plan per your needs.