It’s very easy to purchase a bike insurance policy online. You will get a complete feature and cost comparison with a click of a button. You just need to feed require inputs and make payment to purchase bike insurance online. It is very quick, hassle-free and completely paperless. You can save a lot of time when you opt for an online bike insurance policy.
Bike Insurance provides coverage against theft, loss, and damage against an accident. It is mandatory in India to purchase two wheeler insurance as per the motor vehicle act. Apart from legal binding, it is good to have insurance coverage as it gives peace of mind and guards against financial losses.
You will find multiple options for buying a bike insurance policy online. You have to be aware of your exact requirement and budget to get a good deal. If you are planning to purchase bike insurance and you are finding it difficult here is a complete guide that will help you in making your task simpler.
In this post, I will cover topic like types of bike insurance policy, key features, and benefits of buying bike insurance online, key factors to consider while buying policy & top online bike insurance policy in India.
Importance of Bike Insurance
Bike Insurance policy provides protection against loss, damage and third party liabilities arising at the time of accident. Let’s understand importance of bike insurance via example.
Suppose Mr.X is bike owner decide not to purchase insurance policy due to whatever reason. Suppose he meets with an accident then entire cost of damage caused during accident will be borne by him. This includes third party damage cost. However, If Mr.X has purchased bike insurance policy the entire cost of damage and third party liability will be paid by insurance company.
Types of Bike Insurance Policies
There are two types of bike insurance policies available in the market.
Comprehensive Two Wheeler Insurance
Comprehensive two wheeler insurance policy is complete coverage policy that provide coverage against loss and damage due to fire, floor, accident and any other unfrozen events. It also covers third party liability claim.
Third party liability only Insurance
Third party liability only insurance is limited coverage policy. It only provide coverage to third party. You will not get coverage of loss or damage cause to your own vehicle.
Online Bike Insurance Key Features & Benefits
Key features and benefits offered by online bike insurance policy is given below.
- Easy and hassle-free way to purchase insurance policy
- Completely paperless process
- Online Plan & Feature comparison
- Online discount offers
- Zero depreciation coverage
- Transfer of no claim bonus
- Personal accident coverage
- Third party Insurance coverage
- Instant policy issue
Key Factors to Consider before Buying Bike Insurance Policy
You should consider following factors before buying any online bike insurance policy.
The first point you should consider before buying two-wheeler insurance is policy premium. The premium of two-wheeler is calculated based on various factors such as bike condition, claim history, age of vehicle and location. You should buy policy with affordable and competitive premium rates.
You should compare policy features before buying insurance policy. There are certain features which are good to have but you really don’t need them. So make sure to select the best policy features as per you requirement.
Claim Settlement Ratio
Claim Settlement ratio is one of the important indicator in deciding insurance policy. If claim settlement ratio of company is good that means company is settling claims. It is good to purchase insurance with company offering good claim settlement ratio.
Look for Add-on
Add-on is additional benefit that come at the little extra cost above your premium. The add-ons are like personal accident insurance, zero depreciation, medical coverage, pillion rider and cashless hospitalization.
Compare before buying
Always compare policy before buying. There are multiple insurance aggregator available online such as policybazaar that will help you in comparing insurance policies.
Top Online Bike Insurance Policy in India 2021-22
Bharti AXA Two Wheeler Insurance
Bharti AXA is most popular and trusted general insurance company in India. You can get two wheeler insurance from Bharti AXA at competitive rates. You will get wide range of insurance policy options at Bharti AXA Two Wheeler Insurance Company. Key features of Online two wheeler insurance by Bharti AXA are given below.
- Long term flexible policy with discounted premium rates
- Basic bike insurance with additional accidental coverage of 1 Lakh for pillion rider
- Free services across cashless network garages
- 24×7 customer support for faster issue resolution
- Quick renewal and instant policy issue
- Add-on for comprehensive coverage
HDFC Ergo Two Wheeler Insurance
HDFC Ergo Two Wheeler Insurance is one of the best bike insurance policy online. You will get option to buy single year, long term and two wheeler liability only insurance policy at HDFC Ergo online portal. Key features of HDFC Ergo two wheeler insurance is given below.
- Easy and fast online process
- Overnight car repair service
- 24×7 Online support
- Complete paperless operation
- Zero Depreciation add on coverage
- Emergency Assistance Cover
- Good Claim settlement ratio
IFFCO Tokio Two Wheeler Insurance
IFFCO Tokio is one of the preferred insurance options by many for the two wheeler insurance. It is very easy to purchase online bike insurance from IFFCO Tokio. Key features of IFFCO Tokio two wheeler insurance policy is given below.
- Zero depreciation coverage
- Coverage from natural calamity flood, earth quake etc
- No Claim bonus option
- Cashless garage option for repair
- Additional personal accident coverage
- Third party liability coverage
- Average claim settlement ratio
Reliance Two wheeler Insurance
Reliance Two wheeler insurance is presented by reliance general insurance. Reliance offers wide range of insurance coverage with very good features some of them are given below.
- Quick and online issue of policy
- Fast claim settlement via NEFT
- Free repair and replacement service at designated garages
- Competitive rates
- Customized Add-on options
- 24×7 Customer support
- Policy renewal up to 3 years
Bajaj Allianz Two wheeler Insurance
Bajaj Allianz is next in the list of Top Online Bike Insurance companies. Bajaj Allianz is known for innovative product, customer centric approach and services. Key features of Bajaj Allianz Two wheeler policy is given below.
- Easy online purchase and renewal
- 24×7 customer support for claim settlement queries
- SMS service for claim status
- Add on – depreciation shield
- Covers consumable expenses
- No claim bonus
- Free services in the selected garages
I hope you have got complete understanding of online two wheeler insurance policies and features.
If you have any query feel free to post it in the comment section given below.