As per the law, it is mandatory for all the vehicles owners to buy motor insurance for their vehicle. Otherwise, they could be penalized. Two-wheeler plans are formulated for one year and policyholder has to renew it on an annual basis.
The get rid of annual insurance renewals, the vehicle owners can opt for the long-year insurance plans and avail the benefits offered by these plans.
The get rid of annual insurance renewals, the vehicle owners can opt for the long-year insurance plans and avail the benefits offered by these plans.
The world is going digital, why should you lag behind? Thanks to online bike insurance, buying or renewing insurance plans have become so easier and comfortable. This article is your guide to online bike insurance. Read on to know everything about online bike insurance to avail its benefits.
Types of Motor Insurance
Mentioned below are the types of motor insurance.
- Third-Party Liability Cover It provides the coverage for the damages or injuries to the third-party or its property. Having a third-party cover is mandatory for all the vehicles plying on the Indian roads. This cover provides the partial coverage.
- Comprehensive Insurance Cover It provides coverage against self-damage as well as the third-party damages/injuries. Along with that, it also provides coverage for the natural and man-made calamities. This cover provides full coverage.
The Factors Affecting Your Two-wheeler Insurance Premium
The following factors the premium of your bike insurance.
- Automobile Model and MakeIf your bike is a sports bike, then its insurance premium would be higher. If you have a basic model of the bike then your insurance premium would be lower because insurance premium and bike model share a direct relationship.
- Automobiles’ Year of Manufacture Vehicles’ depreciation increases as the age of the vehicle increases. As the vehicle ages, it reduces its IDV (Insured Declared Value), and lower IDV means that you have to pay a lower premium.
- Engine Capacity If you know the cubic capacity of your automobile, then it would help you to understand if your insurance premium is justified or not.
- Geographical Location If you reside in an urban area that has a high density of the traffic and increased risk of road mishaps, then the insurance premium for your automobile would be higher.
Also Visit: What Is Temporary Two Wheeler Insurance? How To Get It!
The below listed are the benefits of buying bike insurance online.
- Easy and Convenient When you buy or renew insurance online, you don’t have to visit the nearest branch of your insurance provider and waste your precious time in the long queues. You can buy or renew an insurance policy from the comfort of your own home. Isn’t this great?
- No Commission There is no need of an insurance agent when you buy insurance online. No insurance agent means you don’t have to pay any commission from your own pocket. You get to decide what insurance plan your want irrespective of any bias ness. Whereas, your insurance agent might be biased to such plans that provide him the high commission.
- Safety and Security When you make payment online in order to complete your transaction, you pay through a secured payment gateway that makes sure that your transaction is safe and secure.
- Transparency Buying online bike insurance enhances transparency as you get access to all the first-hand information and you get to make an informed decision based on that information.
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