Riding a two-wheeler serves to be an affordable and sensible means of transportation on Indian roads. It brings in cost savings and also keeps the erratic traffic snarls and issues at bay. But then, the ease and convenience of using motorbikes and scooters come at a price. What if you find yourself knocked down from behind by a heavier vehicle? Or, say a boulder comes in your way and you are sent flying in front of an oncoming commercial vehicle? You may sustain fatal injuries or even meet your death as a result of the collision or accident.
Fortunately, bike insurance online plans come in handy on the happening of such eventualities and safeguard you, third-party property and people, and your bike from the financial repercussions of bodily injuries, death, or any other kind of damage. Read on to know the essential things about purchasing bike insurance online in easy ways.
Easy Ways to Buy Bike Insurance
Gone are the days when you had to run from pillar to post after agents or those working from brick and mortar establishments to purchase two-wheeler insurance. Most bike insurance companies in India have chosen to adopt the many benefits of e-commerce transactions and technology to sell the products online. As you score the web, you will come across exhaustive two-wheeler insurance comparison and aggregator sites like Coverfox.com to aid your purchase. These websites are user-friendly, accurate, and comprehensive in their research of various kinds of bike insurance online plans.
The good thing about using online comparison and tools like an insurance premium calculator is that you get to understand and compare the essentials of bike insurance purchase beforehand. Instead of falling prey to mis-selling agents and other offline fraudulent parties, you can determine the extent, scope, and features of the provided coverage and assess the costs to be incurred before paying for the best bike insurance plan online. Overall, the process of comparing and purchasing bike insurance through online sources is a transparent, quick, and hassle-free one – just go for it.
Essentials of Buying Bike Insurance
As you proceed to buy bike insurance online, it pays to understand and abide by the essentials to save good money and also get the highest payable coverage at a budgeted premium. Here’s a quick glance at some important factors of consideration to guide your purchase and make an informed selection.
1. Know the types of Two-wheeler Insurance Online
Generally, there are two kinds of two-wheeler plans available in the Indian bike insurance online market -space; these are:
1. Comprehensive Policy
This specific type of insurance plan provides full protection for your bike against third-party liability, personal accident cover, and all the other add-ons that you may choose to pay for. It safeguards your vehicle against the damages caused by fire and other natural and manmade calamities such as earthquakes, cyclones, theft, terrorist activity, riots, strikes, storms, flood, etc. The plan also safeguards your interest, as well as those of your co-passenger by providing accidental cover.
2. Third Party Insurance
This type of bike insurance online plan provides cover for the death, bodily injury, or disability of third-party people like a pedestrian, passenger, or driver of the other car, etc. It also provides adequate coverage for the losses or damages caused to the property of the aggrieved party in the course of the accident. The downside of this plan is that it fails to cover you or your vehicle for any loss or damage.
While third-party bike insuranceonline is obligatory as per the Motor Vehicles Act, 1988 and has to be purchased nevertheless, the comprehensive bike insurance online policy serves to be a more popular option as it offers 360 degrees coverage according to one’s needs.
The premium of your bike insurance online is the most essential factor of purchase. It is determined on the basis of the Insured’s Declared Value (IDV) which happens to be the maximum sum insured payable to you in the event of a claim. The IDV is computed after taking the manufacturer’s selling price as listed for the model, brand, etc. of your vehicle, minus the standard depreciation rate as applicable.
Additionally, you need to provide details like the CC (Cubic Capacity) of your bike, geographical location, the location of RTO, year of manufacture of the two-wheeler, etc. to help the insurance company determine the exact premium amount to be paid by you.
Whether you are desirous of purchasing a brand-new bike insurance online or are looking for better options for the renewal of your existing plan, Coverfox.com serves to be your friend in need. Log in to get the highest coverage at the lowest premium possible – today.