Bike Insurance Renewal - Compare & Buy online
Bike insurance is basically a contract between two parties; insurance company and the customer in which the customer is the first party to the contract and the insurance company is the second party to the contract. The insurance company settles the claims of the customer in case of an accident or loss in return for a definite amount from the customer in the form of Premium. Third party is any other person other than the first and second party involved in an accident with the customer’s bike. In third party insurance bodily damage, death and property damage of third parties is covered by the insurance company. Bike insurance is generally taken for a period of one year and is renewed on or before the expiry date. Long term bike insurance policy can be taken for 5 years.
Online Bike insurance renewal is the better option in the market as it saves both time and money of the customer. Renew your bike insurance online from our portal where there are many options to select from the list. We at PolicyBachat have tied up with all the major general insurance companies offering bike insurance, the process of online insurance renewal is made simple with our portal. We offer bike insurance quotes from the top general insurance companies to enable our customers to renew their bike insurance online. Our portal acts as a comparison platform where a customer can compare the bike insurance quotes from different bike insurance providers and select the best insurance policy for renewal.
Two wheelers are the most preferred mode of transport in India due to the heavy traffic, congested lanes, worst road conditions and other conditions such as maintenance of bikes which is less when compared to the cars and other 4 wheelers. Bikes also take less space for parking whereas cars take more space which would be difficult to get in metro cities like Mumbai, Bangalore etc. Almost 3 bikes can be parked in a place where a car is parked, and the cost of maintenance of bike is 1/4rth of that of a car. Apart from this there affordability is a big factor which decides in the vehicle purchase. Cars are still considered as Luxury in India and two wheelers are seen as common man/ middle class mode of transport.
There are many options to do bike insurance renewal but online bike insurance renewal is considered as the best option by many people due to the convenience it offers for the customers. Online bike insurance renewal can be done from your place of convenience and there would be no physical paperwork involved in the bike insurance renewal process. Online bike policy renewal can be done from our portal our portal and the policy copy can be obtained immediately after the payment. Bike insurance renewal online provides the customer with many options which would otherwise not be available offline. For cheap and best bike insurance renewal quotes please visit Two Wheeler Insurance where you can compare the bike insurance quotes from different insurance companies and decide the best online renewal insurance policy as per your convenience. We also have a dedicated team of agents to help our customer with their bike insurance renewal process in selecting the best bike insurance as per their requirements.
What are the things to consider while comparing bike insurance online?
There are certain things which should be considered before renewing bike insurance policy which are discussed below:-
- Insured Declared Value:
claims the insured declared value of the bike plays an important role in deciding the claim amount. From insurance company’s point of view IDV is the maximum liability in case of any accident or loss. Insured declared value for first year is considered to be 95% of the invoice value of the bike and for each renewal 10% reduction is applied while calculating the IDV.
General insurance companies offer almost similar IDV for same make and model. Higher the IDV, higher would be the premium to be paid by the customer. It is important to strike a balance between the IDV and the premium to be paid. At the time of renewal it is important to consider the IDV offered by the insurance company and the premium charged for it. PolicyBachat offers bike insurance renewal quotes from different insurance companies and the IDV can be adjusted depending on the affordability.
Insured declared value is the sum insured agreed by the customer before taking the policy and later at any stage the IDV cannot be increased. In case of an accident, the maximum claim amount that can be paid would not exceed the IDV mentioned in the policy. In simple words if the claim amount is more than the IDV mentioned in the policy, the difference amount has to be borne by the customer. If the claim amount is less than the IDV, then the claim amount would be settled to the customer.
- Tie-up Repair Centre / Cashless Garages:
There are two types of claim settlement options such as Cashless and Reimbursement. In cashless claim settlement option the claim amount up to the IDV would be paid by the insurance company to the garage directly. In case of reimbursement, customer has to settle the repair bill and later claim from the insurance company. Cashless garages are the list of network garages which are tied-up with the insurance company to provide cashless service to their customers. Every insurance company has tied-up with garages to offer cashless service to their customers in case of claim.
It is important to check for the cashless garages in your location or in your area of operation before purchasing the policy from insurance companies. Higher the number of garages, higher would be the feasibility to get the repairs done in case of claim. The number of cashless garages would be high in metro/urban areas compared to semi-urban and rural areas. There would be multi brand garages in few locations which would cater to almost all the major brands of bikes.
The major purpose of taking insurance is to get financial assistance at the time of claim and if the assistance is upfront then it would benefit the customer very much. Hence the cashless claim settlement option should be considered by the customer before taking the policy online. There are many links available online where you can check the cashless garages available in your area from different insurance companies, one such link is that of IFFCO TOKIO. The list of cashless garages can be checked based on pin code or the city and the list would be displayed. It is possible to check the list of cashless garages manufacturer wise for your bike and decide on the renewal of your bike insurance online.
Riders or add-ons are the extra coverage offered by the insurance companies on payment of additional premium. Riders such as Bumper to bumper, consumables, Engine protection cover, and Road side assistance cover are provided by the insurance company at the time of bike insurance renewal on payment of extra premium. The extra premium to be paid is under the own damage section of your bike insurance policy.
It is important to understand the type of rider to be purchased at the time of bike insurance renewal. Every rider would not be beneficial at every location. For instance engine protection rider would be useful for customers residing in flood prone areas such as Mumbai, Himachal where there are heavy chances of roads getting flooded in monsoon season and thereby damaging the bike engine.
Cities like Delhi NCR and other north states are notorious for bike theft where the Return to invoice cover should be purchased by the customer. This cover provides the invoice price of the bike in case of total loss or theft of bike. Riders such as Bumper to bumper and consumables which provide the depreciation cost and consumables cost should be included by all the customers to prevent paying a part of the claim at the time accident or loss. Road side assistance rider can be purchased by customers who wish to get assistance at the time of breakdown of bike on highways.
Riders are available on payment of extra premium; hence including every rider blindly would increase the premium to be paid by the customer. It is important to exercise caution at the time of deciding the riders for your bike insurance renewal.
- Compare and Buy:
The first and foremost thing to consider before renewing your bike insurance is to compare the premium from different insurance companies. We at PolicyBachat assist you with comparison of premium from the top general insurance companies. The best bike insurance renewal quotes can be compared online at Two Wheeler Insurance by entering the basic details such as Make, model, date of registration, RTO location etc. The premium would be displayed by almost all the general insurance companies with the Insured declared value offered by each company. Compare bike insurance online for better prices and best coverage in terms of sum insured and riders. Online platform offers a way to compare the premium and other options to decide on the decision to purchase bike insurance online from insurance companies.
PolicyBachat enables customers to have apple to apple comparison when it comes to bike insurance renewal. Comparison helps the customer identify the best bike insurance for renewal and the process of comparison is done after considering all the factors. We at PolicyBachat have a dedicated team of agents to help customers with their bike insurance renewal. Once you decide on the renewal insurance then you can proceed to payment section and get the policy instantly. For every bike insurance renewal it is important to compare and buy to get the best bike insurance policy at the time of renewal.
Another important thing to consider while renewing the bike insurance is the premium charged by the insurance company. Too high premium and too low premiums should be examined cautiously by the customer before making any payment. High premium results in customer paying extra premium for the same coverage available in the market and fewer premiums may be the result of some kind of hidden clause in the insurance contract.
The premium should be compared only after finalizing the above mentioned factors such as IDV, riders, cashless garages. These factors should be considered and the list should be made with the insurance companies offering these. Among them the best one with the less premium should be selected by the customer. Premium once paid cannot be returned in full to the customer after the cool off period. Cool off period is the period where if the customer is not satisfied with the services or the coverage provided by the insurance company, he/she can cancel the policy and get 100% refund.
If the policy is cancelled after the cool off period then pro rata premium would be refunded by the insurance company i.e. premium for the days covered would be deducted and the remaining premium would be refunded to the customer.
- Claim Settlement time:
Claim settlement time is the time taken by the insurance company from the receipt of the claim intimation to the repair and handover of the bike to the customer. Normally the claim settlement time would be calculated from the time of arrival of vehicle in the garage as the customer would be towing the bike to the garage. Insurance companies usually allot a surveyor within 24 hours of reporting the claim; surveyor reaches the garage or the accident spot to ascertain the loss.
The surveyor prepares the report and shares with the insurance company where the insurance company will come into contact with the customer for claim settlement amount. If both the parties agree to the claim settlement amount, the insurance company will process the claim after the repairs are done and the bike would be handed over to the customer. This process takes anywhere between 2-7 days depending on the type of loss and the spare parts availability.
Few insurance companies offer claim amount upfront with video based survey of the damaged bike if the losses are minimal. In this case the repairs can be done by the customer as per the convenience and the claim settlement time is less. When comparing bike insurance online, it is important to check the claim settlement time taken by the insurance companies. Few insurance companies actively settle bike insurance claims while few other companies neglect bike insurance claims as the premium received for bikes is very less and the claim amount is high. Hence, it is important to understand the way to compare bike insurance online before making the final purchase decision.