Purchasing your dream vehicle is always a special moment, and it is very important to ensure that it is protected round the clock. Now, if you are a bike lover, you’ll understand the agony if, by chance, there is even a little dent or scratch on your new vehicle. Undoubtedly, it is a well-known fact that four-wheelers have dominated the roads, but bikes still have a loyal customer base. 

Around six months ago, I was planning to purchase my first bike, which I’ve been eyeing for a very long. Earlier, the times were challenging due to the lockdown, and I couldn’t go for it. However, when I purchased it recently, one of my colleagues told me about how to get bike insurance online

What is a bike insurance policy?

Also known as two-wheeler insurance, bike insurance is a contract signed between the bike owner and the insurance company whereby the latter assures to cover damage to the bike due to an accident, collision or theft. Furthermore, it protects against third-party liabilities arising from injuries to one or more individuals. 

Remember that you can buy bike insurance online or offline, but in today’s digital era, it is highly advisable to remain in your comfort zone and go for it.

Here is a step-by-step guide on how to get bike insurance online – 

  1. Download the ‘Bajaj Finserv: UPI, Pay, Loans’ application. It is available on both App Store and Play Store 
  2. Sign up with your personal details
  3. On the Home Page, you’ll see a section for ‘Insurance Bazaar.’
  4. Click on Bike
  5. Enter your vehicle registration number and city pin code to get pricing details
  6. Enter your Vehicle Details and Get a Quote
  7. Choose the one which suits your budget and requirement

Why do you need bike insurance?

When you purchase bike insurance online, it helps you comply with the Motor Vehicles Act 1988, which states that third-party motor insurance is mandatory in India. However, not every biker needs to pay the same insurance amount, as many factors come into play to determine the cost of a bike insurance policy. 

  • Protection against natural & non-natural incidents

Insurance protects you from the expenses incurred due to damage sustained by your bike in natural disasters like earthquakes, floods etc. Furthermore, if we talk about non-natural incidents such as loss and damage due to theft, burglary, strike or even war, insurance covers you for it. 

  • Legal liabilities

If a third party is involved in an accident with your bike, there are bound to be legal liabilities. So, bike insurance online protects you against any third-party liability arising from an accident. 

  • No Claim Bonus/Discount

It is a fact that if, in any policy year if you haven’t made any claim, then at the time of renewal, you’ll receive a substantial discount on the premium payable. This is the No Claim Bonus being adjusted against the premium. 

So, if you are planning to buy insurance, go for bike insurance online. This is because we all should benefit from the availability of internet-enabled smartphones and not waste our energy by physically going to places to complete such tasks. Think how much time you will save if you sit at your home, scroll on your smartphone and purchase insurance instead of travelling. 

I’ve shared the example of Bajaj Finserv because I have been using this application. However, readers can choose any application they like, as I’m not promoting any brand. I just stated regarding this application due to the easiness and accessibility that it offers. 

 

Categories: Insurance

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