India has become the largest two-wheeler market in the world. All thanks to the growing population of the country. Especially in metro cities, a two-wheeler is very convenient to drive as it can cut through the traffic. As more and more people are buying two-wheelers in India, the need for the two-wheeler insurance is also rising. So w23here does one look for the best online two-wheeler insurance, we will try to sort it out this query in the article.
Why is it important to always have a valid two-wheeler insurance?
The Indian government has mandated through the Motor Vehicles Act, 1988 for every person driving a motor vehicle to have a valid third party liability insurance at all times. So is this why should we get insurance? Certainly not! Apart from being on the right side of the law, two-wheeler insurance can be a lifesaver for you and the third party involved in the accident. To the third party, as it helps those to recover financially from the damage and loss caused to them by your two-wheeler mishap. It is a lifesaver for you, as the third party liabilities are taken care on your behalf by your two-wheeler insurance company. So you don’t have to beg and borrow or sweep out your bank savings in compensation, fines and legal tussle of not possessing a valid two-wheeler insurance. Hence, the Government of India has made it mandatory to have valid two-wheeler insurance so both the parties involved in the accident can secure themselves in the times of crises.
The other type of policy of two-wheeler insurance is comprehensive insurance policy. Although it is not mandatory to possess like a third party insurance, it carries an added advantage of own damage component in the insurance plan which can help you repair your badly damaged bike without you having to empty your own pocket. Comprehensive insurance can also be enhanced by further adding different optional add-ons to customise your two-wheeler protection as per your different requirement. For more details on it, you can check out comprehensive two wheeler insurance plans. These plans should be your preferred choice of two-wheeler insurance as advised by the insurance gurus.
Platforms to look for online two-wheeler insurance
There is no doubt that the internet has made a deep plunge into our lives for almost everything and hence, insurance has not lagged behind either and becoming a more desired option for people. You can look for online two wheeler insurance by simply logging onto the website of the general insurance company offering two-wheeler insurance. There you get to read the policy details and also download the brochure of the insurance product. You can try 4 to 5 different websites of the top insures and compare the plans and select the ones which suit best to your two-wheeler. Although this process can be time-consuming it will help you make an informed decision.
The other advanced and smart way these days is to go to insurance aggregator or broker websites like Coverfox.com. These websites will ask you to enter your bike details and within seconds they will present you the comprehensive two-wheeler insurance plans from top-notch insurers on a single web page. This way you can compare the main features of the plans and also clearly see the cost of insurance each insurer is asking for your two-wheeler. Does this sound better? The answer is a resounding YES as not only does it save you a lot of time but also helps you to make the best decision by filtering down the options for you.
Best Policies in the Market
Today, India has many two-wheeler insurance companies and it has become difficult to select few out of the whole lot. Here are some of the current top two-wheeler insurance companies mentioned in the table below-
|Insurance Company||Cashless garage||Personal accident coverage||Online renewal||Add-on covers||Bonus discount|
|Reliance General Insurance||a||a||a||a||a|
Basis of Comparison of Different Insurance Policies
It is not very difficult to compare the best two-wheeler insurance policy for your bike or two-wheeler. There are few important points which you need to ensure are offered by your insurer and is present in its two-wheeler policy
- IDV (Insured Declared Value) – Ensure the IDV in the policy reflects the fair current price of your two-wheeler. In case if there is a total loss, IDV is the maximum compensation you will get for your two-wheeler.
- Claim process – Ensure the claim process of the company is simple and has a good record for settling the claims.
- Cashless garage network – Cashless garage offers to get your two-wheeler repaired with convenience and settling of the claim. Ensure it has a good network of cashless garages, especially in your location.
- Online renewal – Ensure the company has easy online renewal process for its customers
- No Claim Bonus facility – Ensure the company gives NCB to its customers. You can save a lot on renewal premium with NO Claim Bonus.
- Cost – Ensure the premium you are paying is worth the value of your two-wheeler insurance.
- Long-term insurance – This, although not mandatory, but if you opt for a long-term two wheeler insurance can help save money as it is inflation proof.
With a plethora of options available to choose from, comparison may seem confusing. Hence, look for the best plans on online platforms such as Coverfox and let professionals assist you in finding the best two wheeler plan that fits the bill for you and does not burn a hole in your pocket.