Two Wheeler Insurance Policy has suddenly become a talk of the town. This is mainly due to amendment in motor vehicle act 2019 & traffic police fines for violations. As per new law, if you are caught driving the uninsured vehicle you need to pay the penalty of Rs.2000. If you are unable to pay fine you need to undergo imprisonment up to 3 months. This is for the first-time offense. In case you are caught driving uninsured vehicle for the second-time penalty is double Rs.4000.
The only way to save yourself from the penalty is to buy an insurance policy for your vehicle. It is generally seen that for two-wheeler insurance is purchased only once at the time of buying a vehicle. After year general tendency is not to renew the two-wheeler insurance policy. But, now as a hefty penalty is imposed on uninsured vehicle people will surely renew or purchase the two-wheeler insurance policy.
If you are planning to renew your two-wheeler insurance policy or planning to purchase two-wheeler insurance to avoid penalties, you are at the right place. In this post, I will share “Best Ways to renew two wheeler Insurance” along with the name of a few best online bike insurance companies.
Types of Two-Wheeler Insurance in India
There are two types of two-wheeler insurance policy.
Third-Party Liability Insurance
Third-party liability insurance is mandatory insurance cover as per law. This type of insurance policy covers damage or loss arises due to accident to the third party or property. This type of policy does not cover any loss or damage to the insurer vehicle. It is a low-cost insurance policy.
Comprehensive Policy
A comprehensive policy is complete coverage policy. This type of policy provides complete coverage to the policyholder. It provides complete protection including own bike damage cover and third party liability coverage. This policy also covers bike theft. The cost of this policy is slightly higher.
Ways for buying Two-wheeler Insurance in India
The process of buying two-wheeler insurance in India is very easy. There are three ways to purchase a two-wheeler insurance policy. You can buy this policy offline, online or via online web aggregators.
Offline Purchase
The conventional route of buying two-wheeler insurance is via an offline process. In this process, you need to visit an insurance company or insurance agent. You need to submit documents and cheque for the premium amount. The entire process is time consuming, tedious and costly. You will be paying a higher premium amount as insurance agent payment is also involved. The physical policy will be sent to your mailing address.
Online Purchase from Insurance company website
Another way of buying two-wheeler insurance is online purchase from the insurance company website. In this process, you need to directly visit the insurance company website and select insurance which you need to purchase. You need to be careful about what type of insurance you are purchasing and features offered by the company. In this option payment of premium will be made online and e-copy of policy will be sent to your email address. It is the fast, easy and convenient option of buying an insurance policy.
Online Purchase from Web Aggregators
Next way to purchase a two-wheeler insurance policy is via online web aggregator. There are multiple online web aggregators in India. The web aggregators offer the facility of comparing various plans online. You can take an informed decision after comparing various plans using web aggregators.
How to select the Best Two Wheeler Insurance Policy?
To select Best Two Wheeler Insurance Policy, you need to consider the following important points.
Types of Insurance Policy
The first thing to check is the type of insurance policy sold by the insurance company. As discussed earlier, it is mandatory to purchase third party insurance cover. However, if you can afford a comprehensive cover you should go for the comprehensive insurance plan.
Insured Declared value offered
The premium of the insurance policy is decided based on IDV( Insured Declared Value). If IDV is high premium applicable for the policy is high. So, when you receive the proposal for renewal/purchase of bike insurance policy you should check IDV offered by the insurance company.
Premium Amount
The next point to consider while buying a bike insurance policy is the premium amount. Generally, people go for a policy with a lower premium rate. However, you should compare features offered by the insurance company before taking a call.
Add on & Riders
Add on & riders separately priced item. Add on & riders are of different types such as engine coverage, roadside assistant, personal accident cover, medical expense etc. You must evaluate insurance offer based on add on and riders offered & your requirement.
No claim bonus (NCB)
No claim bonus is a discount in premium offered by the insurance company. This discount is offered only if the vehicle owner has not made a single claim during the term of insurance. You must consider NCB facility while buying a new insurance policy.
Claim process
The process of raising a claim should be easy and customer friendly. Most of the company disclose their claim process on the website. You must go through this process and select the company with the easy claim process.
Zero Depreciation
Zero Depreciation provides complete coverage. In zero depreciation insurance company will make payment of the entire cost of the body including plastic for replacement. If zero depreciation cover is not taken policyholder needs to pay 50% from his pocket for part replacement in case of an accident. You should keep this point in mind while buying bike insurance.
Best Online Bike Insurance Companies
Based on the various points mentioned above and market reputation few recommended bike insurance companies are given below.
- Bharti AXA Insurance
- HDFC Ergo Insurance
- IFFCO Tokio Insurance
- Reliance Insurance
- Bajaj Allianz Insurance
For more information and key features details please go through a complete article on “Top Bike Insurance Policy in India 2019-20“
Over to you
Have you purchased a two-wheeler insurance policy in the recent past? Which points did you consider while renewing auto insurance policy?
Do share your queries and experience in the comment section given below.
