India saw a total of 4.61 lakh road accidents in the past year, with 1.49 lakh fatalities. While the number of accidents has declined from that of 4.65 lakh in 2017, the number of fatalities has increased showing the poor condition of India’s road system.
Among the total number of road accidents, a significant number was caused by two-wheeler collisions.
Despite the increasing awareness amongst riders, the number of accidents hasn’t decreased that much due to the inherent unsafe nature of two-wheelers.
Bike accidents are something that sometimes cannot be prevented even with precautions. That is why it is best to avail a bike insurance policy that can help you to protect yourself from any financial liabilities that arise due to an accident.
Following is a checklist of things you should know before availing a two-wheeler insurance policy:
- Learn about the different types of insurance cover available
In India, there are two types of two-wheeler insurance policies that you can avail for your bike. These are:
- A liability-only insurance
This insurance covers the cost of damages caused by the insured vehicle to any third party property.
Damages covered include injury, death, third party vehicle and property damages. However, this cover does not include damage to the insured vehicle or rider.
This liability-only insurance is also known as the third party bike insurance cover and is mandatory according to the Motor Vehicles Act, 1988.
- A comprehensive bike insurance policy
This insurance policy provides comprehensive coverage for your two-wheeler. It provides cover for damages to the insured two-wheeler, accident cover for the rider, along with any third party liability caused by the insured vehicle.
Thus, this insurance is much more beneficial than ordinary policies. Along with above-mentioned covers, the insured vehicle is also protected against theft, accident, explosion, fire, natural disasters, terrorist activities, damages in transit, etc.
- Know what benefits you can avail
The best bike insurance policies in India offer numerous benefits.
These are:
- You can avail the insurance online easily. You no longer need to undergo the hassle of visiting the insurer’s office to purchase a policy.
- You can receive a no claim bonus or NCB if you make no claims against your policy throughout a financial year.
- You can benefit from the quick inspection and easy claim process.
- Insurance policies from companies like Bajaj Finserv also provide additional covers like cover for accessories, and spare parts, zero depreciation cover, etc.
- Know the benefits of policy renewal online
You can avail several benefits if you renew bike insurance online.
These are-
- You don’t need to undergo fresh documentation or inspection to renew your insurance.
- No additional charges are levied for renewal, and you can complete the process in minutes.
- When you renew your policy online, you can compare different quotes offered by various insurance providers, to avail the best one for yourself.
Following are a few documents you will need to provide to renew your two-wheeler insurance cover-
- KYC documents
- Your driving license
- Vehicle registration number and registration certificate number
- Insurance details
- Learn about the claim process of the insurance policy
The claim process of bike insurance policy involves the following steps:
- Register your claim by informing your insurance company.
- File an FIR with the local police station in case of theft, property damage, accidental injury, etc.
- Take your bike to the garage and submit the necessary documents alongside your claim form.
- Your insurance provider will reimburse your expense incurred because of damages covered under the insurance policy.
- Compare between different insurance covers before choosing one
Before settling for a bike insurance policy, look through the options at hand.
You need to check the benefits offered by different insurance companies and the insurance prices to avail the one best suited for your needs.
You can easily find the information you require online to choose the best policy available. If you look through the information provided above before availing an insurance plan, you will be able to get a comprehensive plan for your vehicle.
However, make sure you comply with the eligibility criteria to avail the insurance before applying.
