Two-wheelers are one of the most ideal travel options for people travelling shorter distances. Considered as one of the most convenient modes of transport, it is also preferred by people travelling to offices daily. However, with convenience also come risks and uncertainties. Riding on roads can often be unsafe too. Hence, it is always advisable to take a two-wheeler comprehensive insurance cover. In India, according to the Motor Vehicles Act, it is also mandatory that all vehicles must have a motor vehicle insurance cover. There are a host of two-wheeler insurance policies available online which cover any kind of financial loss arising due to damage. These policies also come with additional features.
Types of Two Wheeler Insurance:
- Third Party Two-Wheeler Insurance
- Comprehensive Two-Wheeler Insurance
Third Party Two-Wheeler Insurance
Insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) has formulated guidelines to regulate insurance policies. By law, third party liability insurance is mandatory for all vehicles running on public roads in India. This insurance covers liability for injuries and damages done to any person or property by someone else's vehicle. However, it is to be remembered that this type of insurance does not provide any personal cover. Having a third party two-wheeler insurance cover is not meant for protecting the vehicle. This is especially designed to look after the legal liabilities towards the property damage, loss of vehicle or injury and death of the third party caused by the two-wheeler during an accident.
Comprehensive Two-Wheeler Insurance
Third party two-wheeler insurance doesn't cover any incidentals related to own damage. Also, it doesn't cover any kind of security against theft or vehicle loss. To overcome these limitations of third party two wheeler insurance, one should prefer taking a comprehensive insurance cover, which may cover both third party liabilities along with any kind of financial loss. A comprehensive insurance policy acts as a safeguard for one's finances. It covers any damage caused to the vehicle due to an accident, burglary or theft, riot and strike, fire explosion, self-ignition or lightning, natural calamities or transit by road, rail, inland waterways and air or lift. However, in India, comprehensive bike insurance check is optional while third party liability cover is mandated by the government, even for bike insurance renewal.
The internet and smartphones have made it extremely easy to buy two-wheeler insurance online. Online presences of insurance companies have given an ease of buying to existing and prospective customers.
Benefits of buying two-wheeler insurance online:
1. Less paperwork required: Online insurance platform lessen the paperwork and documentation. One can simply buy the policy online and make the payment securely. This makes the work very convenient for the customer and a customer also gets to deal directly with the authorised personnel of the insurance company.
2. Customer can compare policies online: Purchasing two-wheeler insurance online gives the customer, the option of selecting a suitable policy. Customers can compare different policies available online and then select the most suitable policy. By doing this one gets to know the merits and demerits of the policy and compare the premium rates thoroughly.
3. Customer gets to choose most cost effective policy: The cost of processing the insurance online is less as everything is available online. Customer can avoid broker or a middleman who may charge extra while buying a policy offline. At times, lower premiums may be available online on two-wheeler insurance policies.
4. Ease of policy renewal: Buying an insurance policy online gives the option of easy renewals and payments.
5. Flexibility of making an amendment to policy document: If a subscriber wants to make any amendments in the policy documents, then he/she can simply fill up an endorsement form available on the company's website. After the endorsement form is filled up and submitted to the insurer, the request is sanctioned instantly.
Safety of online two-wheeler Insurance
Buying online two-wheeler insurance is secured. However, customer may be worried because of online transactions but if brought with extra research, it is always safe to buy two-wheeler insurance online. It is advisable to read all the features offered before purchasing an insurance plan online. Customer must also read insurance reviews of other policyholders before going for an online insurance purchase.
Here are few things one needs to keep in mind before purchasing a two-wheeler insurance online:
Fraudulent offers: Fraudulent offers are very common these days, where a customer can be tricked into divulging his/her bank account details. In order to ensure the authenticity of the policy, one should get in touch with the insurer.
Asking for a receipt: Customers should always ask for a receipt for any payment done either for purchase or renewal of a policy and keep a record of the same.
Companies such as IFFCO Tokio also offer motor insurance policies. Two-wheeler insurance, car insurance policy, commercial vehicle insurance are some of the motor insurance policies offered by them.