About to buy insurance for your bike online? We will guide you through the whole process.
Taking Insurance for your two and four-wheeler is mandatory in India. But despite the insurance purchase process being so simple online, most buyers are still buying two-wheeler insurance offline.
However, if you’re not one of them and want to buy two wheeler insurance online, then simply follow these 5 easy steps.
Steps to Buy Two-Wheeler Insurance Online
1. Assess your requirement
When buying a two-wheeler insurance online, always start by looking upon the policy features and riders that you are likely to require, as opposed to accepting every benefit and rider that the insurance provider offers you. Do note that, the more riders you accumulate in the policy, higher the premium goes. The insurance provider will fix the declared value of the policy based on the vehicle’s perceived depreciation over the years, possibility of theft or loss of the vehicle, whether you are transferring NCB (No Claim Bonus) from earlier insurer, etc.
2 Assess the best two-wheeler insurance plans
When researching online for 2-wheeler insurance plans, do check for comparable policies across leading insurance providers only. You can find recommendations for the best policies online from current customers, or ask an insurance broker, or approach your bank for the insurance providers they have tied up with. Do compare all their features and benefits and use an online premium calculator to find out how much your yearly premiums will be.
3. Transfer from an existing insurance provider to a new one
If you are a bike owner for some time, then you obviously have an insurance policy on the vehicle. But if you are looking to buy two wheeler insurance online from a new provider, then you must first transfer the NCB (No Claim Bonus) from the older provider to the new one. You can affect this transfer online quite easily – keep the policy details handy and fill out the application online as prompted.
4. Opt for online 2-wheeler insurance
Buying two-wheeler insurance online is not just faster and more convenient, but it also results in a lower premium. Insurance providers are happy to extend online policies to customers because processing the plan becomes much easier. Since operational costs are lower on the Internet and the insurance provider does not have to pay a broker their commission when you buy directly from the insurer, these savings are passed on to the customer. Thus, you pay a lower premium in most cases.
5. Start using your two-wheeler with valid insurance
Once your premium is paid and processed, the policy is deemed ‘in force’. This means that your two-wheeler insurance policy is now valid for a period of one year (depending on the plan you take). You can start riding your bike once the policy is valid – do note that riding a two-wheeler without insurance or with a lapsed policy can invite legal trouble.
The post How to Buy Two-Wheeler Insurance Online [Checkout These 5 Easy Steps] appeared first on MoneyGyaan.com.
