When it comes to owning a bike, having the right insurance coverage is not just a legal requirement in India; it’s also a smart financial move. With the growing trend of buying bike insurance online, getting the best coverage has never been easier or more affordable.
By buying bike insurance online, you can compare multiple policies and find the one that best fits your needs, all from the comfort of your home. Keep reading and learn the benefits, options, and process of buying bike insurance online.
What Is Bike Insurance?
Bike insurance is a type of legal contract between a bike owner and an insurance company, giving financial protection in the event of accidents, theft, or damage.
Under the Motor Vehicles Act, bike insurance is a legal requirement in India. Buying bike insurance online allows you to compare plans, select the coverage you need, and add extra benefits like personal accident cover or breakdown assistance.
Why Should You Buy Bike Insurance Online?
The rise of digital platforms has made it significantly easier to buy bike insurance online. Here’s why opting for online insurance is the smartest choice:
- Ease of Comparison: You can compare multiple insurance plans quickly, helping you make an informed decision.
- Time-saving: Skip the queues and lengthy paperwork. Complete the process in a few simple steps, right from your smartphone or computer.
- Cost-effective: Online platforms often offer discounts and better rates compared to traditional insurance methods.
Types of Bike Insurance Policies
In India, there are three main types of bike insurance policies to choose from:
- Comprehensive Insurance: This type covers both own damages and third-party liabilities. It’s the most complete protection, covering a wide range of incidents, including theft, natural disasters, and accidents.
- Third-party Liability Insurance: This is the most basic and legally required bike insurance. Protects against damages inflicted on third parties, including death and property damage.
- Own Damage Insurance: This policy covers repairs to your bike due to accidents, theft, or fire, but it does not cover third-party liabilities.
Add-ons You Can Consider
Customising your bike insurance is an excellent way to ensure that you get the most out of your policy. Some popular add-ons to consider are:
- Zero Depreciation Cover: This add-on ensures that you get the full value of your bike without deductions due to depreciation during repairs or loss.
- Personal Accident (PA) Cover for Pillion Rider: Covers the backseat rider in case of accidents or death.
- Breakdown Assistance: 24/7 support in case of a breakdown, ensuring you’re never stranded without help.
- Consumables Cover: Includes the expenses for consumables such as oil, lubricants, and nuts during repairs.
- Return to Invoice Cover: Ensures that you receive the invoice value of your bike in case of theft or total loss.
Popular Bike Insurance Providers
There are several well-known insurance providers offering competitive bike insurance policies. Here are some of the popular ones:
- Royal Sundaram: Known for its hassle-free claim process, Royal Sundaram offers affordable premiums and comprehensive coverage options. With a high claim settlement ratio and a wide network of cashless garages, it ensures quick and efficient claims handling.
- ICICI Lombard: ICICI Lombard boasts a claim settlement ratio of 99% and instant claim approval. With a vast network of over 6,400 cashless garages, it provides reliable bike insurance solutions, focusing on service guarantee and quick repairs, ensuring peace of mind.
- TATA AIG: TATA AIG offers easy, zero-paperwork claims processing with its 99% claim settlement ratio. Its dedicated team of over 650 claim experts across India ensures fast, reliable service, backed by extensive customer support to help you throughout your policy term.
- HDFC Ergo: HDFC Ergo stands out for its doorstep repair service and 24×7 customer support. With a 100% claim settlement ratio, HDFC Ergo provides comprehensive bike insurance with timely support and repairs, ensuring your bike is always in good hands, anytime, anywhere.
- GoDigit: GoDigit offers fast claim settlements and exceptional 24×7 customer service. With a claim settlement ratio of 96%, it focuses on delivering a seamless experience, including hassle-free paperwork and quick assistance for claims, making bike insurance both easy and reliable.
How to Buy Bike Insurance Online
Buying bike insurance online is a simple, straightforward process. Follow these steps to get started:
- Enter Your Bike Details: Provide information like bike registration number and model to get personalised quotes.
- Compare Plans: Use online comparison tools to check premiums, coverage, and benefits across different providers.
- Select Add-ons: Customize your policy by adding extra covers like personal accident, zero depreciation, or roadside assistance.
- Make the Payment: After selecting the best plan, proceed with the payment through secure online payment options.
- Get Your Policy: Once the payment is complete, you’ll receive your insurance policy in your email within minutes.
Protect Your Bike Today with Online Bike Insurance
Buying bike insurance online is a convenient, affordable, and efficient way to secure the protection your two-wheeler needs. By comparing different bike insurance plans, you can find the best coverage options, premiums, and additional benefits that align with your requirements.
The ability to customise your policy with add-ons further enhances its value, ensuring comprehensive protection against potential risks. With a range of insurers offering reliable services, finding the right policy has never been easier.
To make the process even smoother, consider using trusted online insurance brokers like Jio Insurance Broking Ltd. These platforms simplify comparisons and provide expert guidance and seamless policy management for your peace of mind.