Why Buy Two-Wheeler Insurance Online?

 trishasharma
  Aug 09, 2018

Two-wheelers have always been a favoured mode of transport for people. They are more affordable, and navigating through traffic in peak traffic hours becomes much easier on a two-wheeler. However, one of the commonly ignored aspects of owning atwo-wheeler is the fact that you need to get proper two wheeler insurance coverage for your vehicle. According to Motor Vehicles Act 1988, any vehicle being driven on the roadshould be covered with at least a third party liability insurance. Apart from the fact that it is mandatory by law, having proper insurance in place is also quite beneficial for the owner as it extends a sense of security, knowing that in case of an accident, damage, or loss of the vehicle, they will be financially covered by their motor insurance policy.

When You Buy Two-Wheeler Insurance

Much more than in the case of car insurance, people forget to renew their bike insurance policies on time. If you too are one of those people, or even if you are simply looking for a better alternative to yearly renewals, you should consider long term two-wheeler insurance plans. Of late, a number of insurers have been offeringlong term insurance plans online. These plans can cover your bike for up to three years, freeing you from the need of renewal for at least that long.The IRDAI has permitted the introduction of such long-term covers to encourage two-wheeler owners to keep their bikes insured.

While buying long term two-wheeler insurance online is not mandatory, and people can opt for the regular one year cover, there are numerous advantages that come with buying the former.

Convenience–When you buy long-term two-wheeler insurance, you do not have to worry about the hassles of renewing the policy every year. Withtwo-wheeler insurance online, you have the option to set up renewal reminders, but there is no denying the fact that it can become rather cumbersome after a while, especially if youhave multiple policies to keep track of. Then there is the fact that even if you remembered the renewal date, you might miss out because of your schedule or some other reason. So, when you opt for a long term policy, it offers you the convenience of buying insurance for a longer period, of up to 3 years, freeing you from yearly renewals.

Avoiding Non-Renewal Related Risks–When you forget to get your bike insurancerenewed on time, you are exposed to a number of risks till the time the policy is renewed or you buy a new one. For example, if your bike meets with an accident or is stolen after your policy has lapsed, you as the vehicle owner willhave to bear the financial loss yourself. However, you can easily avoid such situations for three years if you buy long-term two-wheeler insurance online.

Avoiding the Problems of Renewing Lapsed Policies – If a policy has lapsed, there are cases where some insurance companiesinsist on getting the inspection of the vehicle done to determine the condition of the bike before they renew the policy. Plus, there is the fact that you might have to pay a penalty for letting the policy lapse. When you buy long-term policies, you can avoid such situations, because you don’t have to renew the policy for two or three years,based on the tenure you chose for the policy.

Discounts on Own Damage Premium–Insurance companies offer discounts on the own damage part of the two-wheeler insurance premium when you opt for long term policies. With these policies, insurers can cut down on the administrative and policy-issuing costs.Thesesavings can then be passed on to the customers in the form of discounts. However, you need to remember that not all insurance companies offer these discounts.

Avoid Annual Hikes In The Third Party Premium Rates – The third party premium rates are fixed by insurance regulators. These rates are normally hiked by 10-15% on an average, every year. Moreover, based on your claims experience, coverage, and certainother factors, some insurance companies also increase the OD (own damage) premium from time to time. But, with long term insurance,you stay shielded from such hikes during the policy term.

NCB advantage – The structure of the NCB slabs for renewal for long-term policies is different from regular one-year policies, with more benefits on offer.

Why Buy Two-Wheeler Insurance Online

Whether you need to buy car insurance or bike insurance, buying your policy online is always a great idea. Here are some of the advantages you get when you buy insurance online for your two-wheeler:

It Saves Time

Buyingtwo-wheeler insurance onlinesaves you a lot of time across the entire process.There is no need to fix appointments, and you can browse, compare, and buy policies from anywhere, at any time.

Lower Premiums

Generally, online insurance policies quote lower premiums as compared to offline policies. This is because of the simple reason that an insurance company is able to save on distribution channel expenses, infrastructure, and other overheads, which they pass on to you in the form of lower premiums.

Ease of Comparing

One of the best parts of buying insurance online is the fact that you can take your own time and learn, research, and compare different policies to find the best two-wheeler insurancethat’s best suited to your needs.There is no need for you to rush into the purchase.You can take your time to browse through various online plans, compare features, and research the insurance company before you choose the right policy.

Do-It-Yourself

When you buy online, you get to experience a lot of flexibility. You control every aspect of the transaction, right from research and short-listing a bike insurance policy to filling out the form and making a payment.

Less Paperwork

Insurance companies offeronline insurance through websites that are intuitive and engaging. When you have chosen a policy, you need to fill an online form, choose the supporting documents and upload them through easy and secure user interfaces. You don’t have to get anything photocopied or to courier any documents anywhere;the whole process is hassle-free.

Online Reviews

This is an advantage that you must utilize before you buy motor insurance online. You can read online reviews of the company and policy, seek opinions from existing customers, get suggestions, and consider different unbiased perspectives from industry experts about the bike insurance and the company that you are planning to buy from.

Easy Access to Policy Details

A number of claims are rejected every year because of incorrect or incomplete details being submitted at the time of filing a claim. Then, there are instances where the insured is not completely sure about the features of their policy or of the defined coverage. But when you buy two-wheeler insurance online, you can download and view the policy features and clauses at your own pace.

Servicing the Policy

Since there is no person or agency involved in the transaction, there is no ambiguity about the details. Paying premiums or seeking information is just a few clicks away.

There is no doubt that every two-wheeler owner needs motor insurance, but with online buying, it becomes much easier to find the best two-wheeler insurance for you.

Why Buy Two-Wheeler Insurance Online?

trishasharma

I am Trisha Sharma, an avid automobile blogger, who has been blogging for about five years. Passionate about discovering hidden attractions across the Globe and writing about them and I believe in writing informative content to educate people about what and when to check when they plan to buy their car insurance.

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