What you must know before you buy your bike insurance policy.
Buying Third-party 2 wheeler Insurance can be challenging and complicated for the first time as you have a colossal amount of things to take care of.
At first, it may appear difficult, which might hinder you from even researching it. A major contributing factor that can cause you to feel fairly overwhelmed is the sheer amount of stuff you need to take care of ,
But owing to the amount of risk involved in driving a two-wheeler on Indian roads, third-party bike insurance is a mandate.
As per relevant source-
‘The Indian two-wheeler insurance market is projected to expand at a double-digit CAGR over the forecast period (2020–2024), as a result of rising road accident rates brought on by increased traffic and rising two-wheeler sales’,
Thus as a mandatory course of action, if you own a two-wheeler you ought to have insurance as well.
Don’t worry, if you do not know how to go about it!
We’ll take you step-by-step through the procedure of purchasing third-party insurance for the first time. You’ll save a tonne of money while also getting a clear and comprehensive view of the policy purchase procedure.
What Is Third-Party Insurance?
Third-party two-wheeler insurance is a type of insurance that protects you from any third-party liabilities that could arise from an accident or mishap.
A third-party insurance policy essentially protects the bike from any accidents that can result in loss or damage to a third party.
if your two-wheeler is involved in an accident that results in specific damages. The third party’s loss will be covered by the insurance company.
This type of insurance is simple to get and can be done instantaneously, which makes it a great option for anyone who wants to be financially protected in the event of an accident.
Methods of buying 2 wheeler Insurance:
A third-party bike insurance policy can be purchased easily in India in two different ways: offline and online. Let’s talk about each approach separately.
OFFLINE PROCESS
For purchasing bike insurance offline, it is necessary to get in touch with either an insurance company representative or an agent who works for a certain business. The agent or representative will advise you on the insurance purchasing procedure to get the policy.
However, purchasing 2 wheeler insurance offline is an expensive, time-consuming, and energy-intensive operation. You are responsible for paying the commission that your insurance agent receives when you purchase or renew the policy. As a result, this approach is not regarded as the best.
ONLINE PROCESS
2 wheeler insurance is also available for purchase online. From the convenience of your home, you are free to compare various insurance plans, types, coverages, and advantages.
You need to give the necessary information and facts in order to purchase or renew bike insurance online. The amount of the premium is determined by the chosen sum assured, the kind of coverage, and any add-ons. Additionally, paying for a premium only takes a few clicks.
Step by step Guide for buying third-party 2 wheeler insurance Online:
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Research and Analysis:
You can help yourself by doing some online research on bike insurance third-party available options. By doing this, you can decide which one best suits your requirements.
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What factors should you consider when buying your 2 wheeler insurance:
Pre-purchase:
- Compare the insurance premium to the vehicle’s IDV (Insured Declared Value).
- Make sure to account for NCB (No claim bonus), if applicable.
- The coverages provided by various market-based insurers
- The different add-ons that can improve your policy’s coverage
- The percentage of claims that insurance companies settle.
- The list of network garages that may be helpful if you need to have your vehicle repaired or replaced,
- Appropriate premium prices
Post-purchase:
- Verify that all the information is accurately stated in the policy paper.
- Set a reminder to renew your two-wheeler insurance for the upcoming year
- Select A Suitable Insurer:
After researching the various insurers, you must select the one that best suits your requirements. You must go to the insurer’s official website to start the transaction after choosing it.
- Choose the Insurance type you would want to purchase:
Once the procedure has begun, you must decide between a complete or a bike insurance third-party plan. To ride your bike on the road, having third-party insurance is a mandate while a complete insurance plan is a matter of choice.
- Specifics and what are the documents required?
To get a bike insurance third-party policy online, no paperwork is needed. This greatly simplifies matters.
However, you will have to offer information such as:
- Number of registration
- Motor number
- Vehicle number
- Former policy number (if you have any)
- Date of vehicle manufacture (mm/yy)
- Date and location of the purchase
- Your contact information (address, phone no. and email id)
- Additionally, you ought to have a copy of your car’s repair manual. (RC Book)
The webpage requires you to provide accurate information regarding your bike insurance.
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Payment
Once the purchase has been made in full, you must complete the transaction online.
Benefits of buying 2 wheeler insurance Online:
The following are the main advantages:
The simplicity of Purchase –
Online two-wheeler insurance purchasing is a quick and easy process.
Simple to Approach –
Since insurance companies publish all the information online on their official websites, you do not need to contact an expert to finish the application procedure.
Convenient-
Anyone can easily and conveniently purchase a two-wheeler insurance policy online. All you require is a reliable internet connection and a smartphone, PC, or laptop.
Extremely fast Payment-
It is straightforward to purchase or renew plans because you may pay the premiums online with net banking, credit/debit cards, and online wallets.
Customer service-
Online assistance and support is available through live chat, customer service, and round-the-clock toll-free helplines.
Summing up-
Buying third-party insurance might look a little complicated but it’s actually not that bad. All you need is a little research and patience, and you will have yourself a policy in no time.
