Finance

Reasons to Get Bike Insurance Online

Two wheelers are a preferred mode of an everyday commute today as they are easy to ride and offer quick mobility even in conditions of heavy traffic. Owning a bike definitely works cheaper than a four-wheeler with two-wheelers being more fuel efficient and requiring less frequent maintenance.

With a substantial rise in the number of two-wheelers on the road, there has also been an increase in the incidence of mishaps owing to road conditions, non-adherence to traffic rules, and driving at rash speeds. Two wheeler insurance is mandatory for vehicle owners in India and choosing a suitable one helps indemnify against damages, accidents, third-party liability, personal accidents, theft, and loss of the vehicle. To make things easier, two wheeler owners can purchase bike insurance online from an authorized insurance company registered under the Insurance Regulatory and Development Authority of India (IRDAI).

Investing in a premium bike insurance plan online also lets you ride stress-free because it covers repairs, financial expenses, and legal expenses apart from the benefits of cashless claim and roadside assistance.

What Type of Bike Insurance Are to Be Purchased Online?

Today, you can purchase bike insurance online from the comfort of your home. There are generally two types of two-wheeler insurance plans you can consider, each with its set of benefits, inclusions, and exclusions. Here’s a quick look at the bike insurance online plans.

· Third-Party Liability-Only Insurance Policy

Being the most basic type of two-wheeler insurance cover for a vehicle owner, the liability-only policy works for those who require a cover at a lesser premium to ride the bike as mandated by the law.

This policy covers liabilities towards damages to a third party or its assets in the event of an accident, liabilities towards injuries to the third party and the legal expenses resulting thereof. This policy does not include damages caused to the insured’s vehicle and does not provide a personal accident cover either.

· Comprehensive Insurance Policy

As the name suggests, this all-encompassing type is the best bike insurance plan for all-around coverage. This policy provides compensation in the event of damages to third party’s property or his/her physical self.

Moreover, this policy covers damages to the insured’s own bike and injuries to his body. That’s not all! The comprehensive policy also indemnifies against natural calamities, theft, strikes, loss of vehicle, and other such contingencies. Apart from a personal accident cover for the rider, there is an option of purchasing an add-on personal accident cover for the pillion rider.

Make sure you consider the inclusions and exclusions of both these policy types before deciding on which one to go for.. Frequent riders will do better with a comprehensive bike insurance online policy that gives them broader coverage.

What Affects the Cost of a Bike Insurance Policy?

Several factors come into play when an insurance provider decides on the cost of your bike insurance policy and the premium you need to pay each term.

· Rider’s Age

Age is a criterion bike insurance companies consider because young riders in the 17 to 25 years age bracket are more likely to be involved in road accidents and the premium is higher if you happen to be in that age group.

· Residence Location

The location of your residence is also a determinant of the price you pay for your policy because if you reside in an area with a higher incidence of crimes such as bike thefts or a busy town or city with a history of road mishaps, your policy will attract higher premiums.

· Work or Leisure?

If you intend to use your bike for commuting to work, get ready to shell out a higher premium because that would mean you will be out on the roads during peak hours, increasing the chances of accidents.

Give the company a realistic figure of the average miles you would cover per day and do not overestimate it if you want to pay a reasonable figure as premium.

· Bike Model, Make, Variant, and Value

The make, model, and value of your bike are also determinants of the policy cost. Bikes whose spare parts are expensive and difficult to obtain will attract a higher premium because they will be expensive to repair. In addition, modified bikes are not looked at with a favourable eye by insurance companies since they could be more prone to thefts.

· Security of Your Two Wheeler

If you have an enclosed parking space or a secure place for leaving your bike, you can expect to pay a lesser premium amount than you would if you generally park it in a public space or a busy street. In addition, the more your bike is loaded with security features, the lesser your premium to pay.

Ending Note…

Run a comprehensive comparison of different bike insurance plans to make sure you get a good price deal from the service provider. Do take time to go through the terms and conditions of your policy to ensure you get the right amount of coverage for the premium you will be paying each term. Coverfox.com helps you compare bike insurance policies from the best insurance companies so that you get a suitable cover at a reasonable premium cost.

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