If you are a bike owner, then you might be well aware of the fact that owning a two wheeler insurance along with the two wheeler is very important. This insurance policy is responsible for providing financial protection against potential risks and accidents, giving riders peace of mind while enjoying their vehicle ride.
Moreover, in the current digital era, availing this type of insurance is as easy as ordering groceries from your smartphone. There are many applications available on your smartphone that you can easily download and apply on them for the same.
What is bike insurance?
Also known as two-wheeler or motorcycle insurance, it is a type of insurance policy that offers financial protection against losses or damages related to your vehicle. It is designed in order to cover various risks associated with owning and riding a bike, including accidents, theft, and damage to the two-wheeler.
There is no doubt that this insurance, which is mandatory by the Government of India, safeguards both the rider and the vehicle from unforeseen circumstances.
Without adequate insurance coverage, riders face the potential of substanstial financial burdens and legal complications in the event of an incident or damage.
(Tip: Bike insurance online is better than availing it offline. It will save you a lot of time, money and energy.)
What are the key features of a bike insurance policy?
● No Claim Bonus (NCB)
If you don’t make any claims from your insurance during the policy tenure, you become eligible for a no claim bonus. It is basically a discount on the premium amount payable upon policy renewal, encouraging safe riding habits.
● Third-Party Liability Coverage
This compulsory component of insurance offers coverage for any damage or injury caused to a third party due to an accident involving your two-wheeler. It includes compensation for medical expenses, property damage as well as legal costs.
● Own Damage Coverage
This feature protects your vehicle against damage or loss caused by thefts, accidents, fires, natural disasters, or even vandalism. In addition, it tends to cover the repair/replacement costs of your vehicle as well as its accessories.
● Personal Accident Cover
This policy often includes personal accident cover, which offers compensation for permanent disability or death resulting from a bike accident. The coverage amount here varies totally based on the policy.
● Policy Tenure
These are usually valid for a year. Therefore, renewing the policy before it expires is essential to maintain continuous coverage. However, there are some organizations out there that offer policies for even up to three years, providing potential cost savings.
How to avail bike insurance?
Availing bike insurance or even bike insurance renewal online is relatively easy nowadays. Around two months ago, when I purchased a two-wheeler, I was on a hunt for insurance. This was when one of my colleagues told me about the Bajaj Finserv app. I couldn’t believe I would not have to travel anywhere and that every formality could be quickly done online only on the application.
- Download the Bajaj Finserv application. It is available for free on both Play Store (Android) as well as App Store (iPhone).
- Sign up using your mobile number
- Go to the ‘Insurance Bazaar’ section from the home page
- After tapping on bike, enter your vehicle registration number as well as your city pin code to get pricing details
- Enter vehicle details to get a quote
- Choose as per your suitability
Lastly, if you are thinking about “how to check bike insurance validity online?”, then no need to worry as this application is your one-stop solution. Highly recommended!