Every day, most people use a two-wheeler for transportation. With a bike, you can easily travel through the congested traffic and arrive at your destination on time, while more oversized vehicles like cars get stuck for long hours. Bike insurance online covers the cost of repairing or replacing your bike in case it is damaged or lost.
Gridlocks, on the other hand, are dangerous to drive through and may hurt you or your two-wheeler. In addition, parking spots are hard to come by on busy streets, making it more likely your bike will be stolen. It is therefore of utmost importance to be insured for your two-wheeler so that you do not have to pay significant out-of-pocket expenses in case of an unfortunate incident.
Buying bike insurance online is more accessible due to the busy schedules and extended working hours in our day and age. Bike insurance online has many advantages besides being convenient.
You should know the following things when searching for the correct online two-wheeler insurance:
What to look for when purchasing two-wheeler insurance
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The kind of policy
Bicycle insurance policies come in two varieties—liability coverage for third parties and coverage for comprehensive bicycles. Choose the policy that fits your needs. Only third parties’ damage is covered when you use the third-party policy. The comprehensive policy, however, will cover both third-party and own-damage risks.
To find out the exact differences between two-wheeler insurance policies, you can compare them , Experts suggest that a comprehensive policy is always a good idea since it offers much coverage, and you won’t have to pay a considerable amount when an accident occurs. Moreover, check online for Bike insurance with Square Insurance.
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Your bike’s value
We will use the current market value of your bike to determine the price of your comprehensive bike insurance policy. A value of this sort is called an Insured Declared Value (IDV) in the insurance industry. To buy bike insurance, the IDV needs to be set. You can easily calculate the IDV of your bike if you know its approximate current market value. To find out what your insurance offers, compare two-wheeler policies. An expensive or sports bike will have a higher IDV. You will not have to pay as much if you own a simple 110cc bike since its IDV is lower.
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Coverage
You must understand the coverage an insurance policy provides before purchasing it. Understanding your policy’s coverage will make making a claim much more accessible. Buying bike insurance online will give you better coverage. Your policy will cover:
- Coverage for theft
- Damage caused by a fire
- Various natural disasters will cause damage to property, including floods, earthquakes, landslides, etc.
- Typical examples include damage caused by riots, vandalism, etc.
- Damages caused by third parties
- Liability of third parties
- Accidental damage
Damages that are not covered by your policy will result in a denial of your claim. The insurer’s website provides information about the coverage of online two-wheeler insurance.
Exceptions
Exclusions and coverage are equally important aspects of your policy. Knowing the circumstances under which a claim cannot be raised is essential. When purchasing your bike insurance policy, you will also find a list of exclusions in the policy document. The following exclusions are standard:
- An electrical or mechanical failure
- An average amount of wear and tear
- While impaired, one rides a two-wheeler and suffers an accident
- Outside the geographic boundaries, damage occurs
- Nuclear reactions cause damage
- The policy document may mention any other situation that is excluded.
It is possible to find out what is covered in your online two-wheeler insurance policy on the company’s website. You can also see what is excluded from the policy.
Whether the insurer is credible
An insurance policy for your two-wheeler should be obtained from a reputable insurer. This policy will prove helpful throughout the claims process. You may be unhappy if the turnaround time, services, product features, etc., are not as promised. Be careful which insurer you choose. Before choosing a company, research its reputation. Social media is the best way to find out about existing customers’ satisfaction levels after buying two-wheeler insurance online.
Reducing the cost of bike insurance
You can take a few steps to reduce the cost of your bike insurance policy. The above tips will be helpful to you when buying bike or bike insurance online.
- Driver’s License Clean
A person with a clean driving record and no traffic violations will be eligible for a lower premium rate than someone who has been in an accident or has multiple violations. A clean driving record is less likely to cause an accident, leading to cheaper insurance rates.
2. Install an anti-theft device on your vehicle
Insurance companies offer customers who install anti-theft devices discounts. You will be eligible for a discount from your insurance company if your bike or two-wheeler is fitted with an anti-theft device. You should make sure the anti-theft device has been approved by ARAI (Automotive Research Association of India).
3. Bonus for no claims
For the period of one policy year, you do not need to claim anything on your bike insurance. You will earn an NCB for not claiming. Renewals of your policy can be made more affordable if you use your NCB. If you intend to change insurance companies, you can also request an NCB certificate from your current insurer.
Why should you choose Square insurance for Bike Insurance?
- Our Clients’ Interest is Priority One For Our Trained, Qualified, And Professional Advisors.
- Providing our clients with the highest quality, cost-effective service and assisting them with their insurance needs demonstrates our commitment.
- An easy and convenient way to meet your insurance needs. Customized insurance solutions are available.
- Assisting customers with insurance claims-related services and sending timely renewal reminders is how we provide the best services to the customer.
- Rather than just selling insurance, we help our clients “buy” the right insurance and manage it well.
