If you are a two-wheeler owner, then you might be well aware of the fact that how important is bike insurance online. Even one scratch or dent causes agony and pain.
It is essential to understand that unforeseen accidents are not in our hands and are completely unpredictable. However, to feel secure and safe from such things, it is very important to have insurance for your
vehicle, be it a two-wheeler or a four-wheeler.
What is two wheeler insurance?
As the term indicates, it is a type of insurance policy designed to protect two-wheeler vehicles, such as bikes, scooters etc., from financial loss caused by untoward accidents, theft or damage.
In India, as per the law, this insurance is mandatory under the Motor Vehicles Act of 1988. This is because it covers damages to the vehicle, as well as any third party arising out of an accident involving the insured vehicle.
Further, when it comes to premium, which is paid yearly, it depends on several various factors. These include the make and model of the vehicle, age, location of the insured, and lastly, the vehicle’s IDV (Insured Declared Value).
(Note: The IDV is the maximum amount payable by the insurer in case of theft or total loss of the insured vehicle.)
What are its advantages?
-
Financial Protection
Two wheeler insurance online offers financial protection in case of any damages to your two-wheeler due to accidents, natural calamities or theft. Basically, it covers the repair costs and replacement of damaged parts. If, by any chance, there is a significant accident, the repair costs can be pretty high, and having this insurance can help you avoid these expenses.
-
Legal Compliance
As per the Motor Vehicles Act 1988, it is mandatory to have at least a third-party liability insurance cover for your two-wheeler vehicle. This is because it ensures that you, as a vehicle owner, comply with the law and avoid any legal penalties. In addition, in case of an accident where you are at fault, third-party liability insurance will cover all the damages caused to the other vehicle.
-
Peace of mind
Availing a bike insurance online offers peace of mind to the owner as it protects them against unforeseen circumstances. They can easily ride the two-wheeler without worrying about the financial implications of any mishap. This ultimately helps in reducing stress and anxiety while riding.
-
Personal Accident Cover
It also offers cover for the owner of the vehicle. This covers financial protection in case of injuries sustained during an accident. In addition, the cost of medical treatment, hospital expenses and even compensation in case of permanent disability or death is offered.
How to buy two wheeler insurance online?
Nowadays, availing this type of insurance is as easy as ordering groceries. You just need the right application on your smartphone and an internet connection.
- Download the Bajaj Finserv application on your smartphone
- Sign up
- Go to the ‘Insurance Bazaar’ section from the home page
- After tapping on bike, enter your vehicle registration number as well as your city pin code to get pricing details
- Enter vehicle details to get a quote
- Choose as per your suitability
