The Motor Vehicles Act, 1988, makes it mandatory for every two-wheeler vehicle plying on Indian roads to have insurance, a third-party liability cover at the very least. Without insurance, you can expect to pay a penalty if you are caught by the traffic police or worse, face some jail time! Now, often times people simply buy the base cover – third-party liability cover – to keep themselves from getting into trouble with the law. But is this the best option? Insurance companies generally advise two-wheeler owners to opt for a comprehensive policy so that every form of risk is covered should something unfortunate happen. A comprehensive insurance policy covers damage or loss to your two-wheeler and third-party liability as well.
Once you have decided what kind of cover you want, the next step is finding the most suitable policy. There are many insurance companies offering varying levels of two-wheeler covers, so finding the right policy can get confusing. One of India’s leading online insurance brokers, Coverfox.com, makes this process easy, simple, and straightforward. You can compare bike insurance online on the broker’s website and choose the policy that matches your needs.
To get started, all you need to do is enter the details of your two-wheeler like make, model, variant, RTO location and the year of purchase. After this is done, you need to click on the ‘Get Quotes’ button. The online broker will then show you the list of insurance policies that cater to what you require. Compare the features, benefits, premiums and exclusions of the policies and select the plan you wish to buy.
Liabilities Covered By Bike Insurance
When you compare bike insurance online, you will find that there are two kinds of policies you can avail – third-party liability cover and comprehensive insurance policy. A third-party liability insurance cover provides coverage against third-party liability. In the event your bike is involved in an accident and a third party is affected (bodily injury/death/property damage), the policy will protect you from the legal implications arising from it. A comprehensive insurance policy, on the other hand, provides protection against third-party liability and damage to your own vehicle. It covers:
- Covers cost of repairs – A comprehensive policy covers damages to your vehicle from natural and man-made calamities. Generally motor insurers have tie-ups with garages (referred to as network garages), where vehicle owners can avail the benefit of cashless facility.
- Personal accident coverage – This offers protection against accidental death or disability suffered by the rider. In some policies, additional cover can be purchased to protect pillion rider or co-passenger. It must be noted that you do not get this benefit if you purchase a third-party liability cover alone.
- Theft of bike – If your two-wheeler v is stolen, don’t worry, all is not lost. With a comprehensive two-wheeler insurance plan, you do not have to fret since you can file a claim on it and you’ll be reimbursed an amount equal to the bike’s insured declared value.
Why Renew Your Bike Insurance?
If you own a two-wheeler vehicle, insurance is mandatory by law. In case you are caught driving with a lapsed policy, the traffic police could ask you to pay a penalty or place you behind bars. Also, in the event of an accident, which may be on account of your negligence, you may be asked to pay the affected party a considerable sum of money as compensation. This figure can go up to lakhs of rupees in case of loss of life. To safeguard your finances from the risks involved in driving, insurance for your two-wheeler vehicle is a must. Renewing them on time is critical as this ensures you are covered at all times.
There are many benefits of buying or renewing bike insurance online. Some of them are:
- Ease of comparison – Before you buy bike insurance online, you get the option to compare the policies offered by different insurance companies through the websites of online brokers like Coverfox. You can compare the features and premiums of different policies on your mobile phone, laptop or PC anytime, anyplace.
- Easy renewals and payments – It can easily slip one’s mind when bike insurance is up for renewal. However, when you buy bike insurance online, you will get timely reminders on your email about when payments are due. Additionally, many insurers offer multiple methods of payment, from internet banking to credit card payment, adding to the insured individual’s convenience.
- Complete transparency – While purchasing bike insurance online, everything about the policy in question is available on the internet. From features to customer experience and regulatory action applicable if there is an issue at your end – there is nothing the company can keep from you.
As you can see, there are many benefits to choosing the online route to buy or renew two-wheeler insurance. To find the most suitable cover, get in touch with Coverfox by dialling 1800 209 9930. You can compare various policies online through the broker’s website and choose one that meets your needs the best.
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