Getting a good two wheeler insurance occupies the minds of many riders. Although it is mandatory to get life insurance, most people tend to delay it. This is because the laborious task of going to an insurance company or contacting an agent becomes too much for some people, especially when they have to take the time out of their busy schedule.
One brilliant way to avoid this problem is to opt for a two wheeler insurance online. By doing so, you will not even have to leave your home and can easily get the job done right from your mobile phone or a computer.
The online option to get a two wheeler insurance encourages people to get one for themselves as soon as possible.
Many people might consider this online process to be too complex for their understanding, but rest assured it is not at all like that. Following is the step by step process for getting two wheeler insurance through the online medium.
Step 1: Select Insurance To Go For
One of the first tasks in applying a two wheeler insurance is to make sure what insurance cover you are looking for. While a third party liability insurance is mandatory, a comprehensive package policy is not. You can opt for it to ensure the safety of your bike and yourself. It is to be noted that in a comprehensive package policy, third party liability cover is also included.
Step 2: Get Familiar With Different Terms
In order to understand a two wheeler insurance policy properly, it is important that you get familiar with the terms mentioned in the policy. These include No Claim Bonus (NCB), Insured Declared Value (IDV), pillion rider policy, etc. Once you are familiar with these terms, it will be easy for you to compare different policies and make sense of which one is the best for you.
Step 3: Compare The Policies
Now that you have identified the insurance type to go for, there will be many two wheeler insurance providers available online. The task is not to go with the first one you come across. The best thing to do here is to compare multiple policies and see which one suits you the most. This involves comparing the premium amount, add ons available, annual or multi year policy, etc.
Step 4: Choose The Renewal Period
There are basically two types of two wheeler insurance policies, annual and multi year. It is recommended that you should go for a multi year insurance policy as it saves some money and also provides many offers and discounts which may not be the case in the annual policy. Besides, with a multi year policy, you do not have to take the headache of renewing your bike insurance policy each year before it gets expired.
Step 4: Declare Your Bike’s IDV
IDV refers to Insured Declared Value which is nothing but the current market value of your two wheeler. At the time of purchasing an insurance policy, IDV is computed to ascertain the current value of the bike. This is done by deducting depreciation cost from the price at which the bike was bought.
Step 5: Select Add Ons
Add ons are a great thing to be included in your two wheeler insurance policy. They provide a wide range of benefits that a regular insurance policy generally lacks. Allowing the medical cover for yourself and the pillion rider, along with the third party is one such add on you must go for. Although the premium amount will be increased as a consequence of add ons, the benefit they provide is much more than the cost they incur.
Step 6: Read The Policy Document
Before signing the documents, it is prudent to go through them at least twice. This will help you clear about everything there is to know about the policy. Do not just rely on the information provided by your agent. Through the online medium, you will be given a document file of the policy paper and you can take your time before approving it.
Step 7: Provide The Details
You will then have to provide the relevant details pertaining to yourself and your bike. This will include your address proof, identity proof and bike registration number. But before submitting the documents, verify them once again before proceeding for agreement.
Step 8: Pay Online
The last step of the online process of getting two wheeler insurance is to pay the policy premium amount online. No cash amount is involved here, you will just have to send the money either through your mobile wallet, bank debit card, or UPI ID. You will get the notification of your payment as soon as it is done.
With these simple steps, you can easily get your hands on a two wheeler insurance policy without having to visit any insurance company’s branch. As there are no middlemen involved, the online process is cost-effective as well as it saves time with minimal paperwork and a quick application process.