Know the Benefits of Buying Bike Insurance Online

Insurance can be understood as an agreement in which a company or state accepts to provide a guarantee of compensation for any particular loss, damage, illness or death. The individual who has taken the insurance has to pay a specific amount as premium.

There are different types of insurances available in India and these include Life, General and other insurances like home and travel etc. Insurance for vehicle is covered under the broad category of general insurance and is more specifically studied under personal insurance.

Vehicle Insurance

This is alternately termed as auto/ motor/GAP insurance. It is purchased to secure vehicles like cars, bikes, trucks from traffic accidents and any other liabilities as well. In India, two wheelers are purchased in larger number than four wheelers.

Third party insurance for two wheelers is legally mandatory in India. Injury to the other individual, damages to both property or vehicles because of accidents caused by the owner of the vehicle is covered by the third-party insurance. This has been made mandatory so that issues like inability to pay for the damage or an accident that has been caused by the third party is covered.

There is yet another insurance called the comprehensive insurance. This covers both third-party liability as well as ‘own damage’ and ‘personal accident’ covers. This is a better option as the owner of the vehicle, third party and the vehicle is protected by this insurance.

Bike Insurance

Different types of bikes are covered under bike insurance and these include mopeds, motorcycles. These bikes might be used for personal, commercial purposes or at times may be used for both purposes.

Apart from the above mentioned uses of insurance there are other advantages like it can

• Help to meet the repair expenses of the bike
• It provides free servicing of the bike and its accessories.
• The customer with bike insurance gets extra discounts.

There are many insurance companies in India that offer bike insurance. Some of the popular ones are ICICI Lombard, Reliance general Insurance, Bajaj Allianz, TATA AIG Insurance, New India Assurance, IFFCO TOKIO, and SBI General Insurance etc. IIFCO TOKIO General Insurance the third largest private general insurance company of India is a joint undertaking between Indian Farmers Fertilisers Cooperative (IFFCO) and its partners, Tokio Marine and Nichido Fire Group.

As it is well known that people in India prefer to ride bikes or two wheelers for the daily commute to the office or workplace as it saves lot of time and money. The cities are crowded and there is very little traffic discipline. This makes it necessary to stay safe, be alert on the road and opt for bike insurance. IFFCO TOKIO bike insurance can be purchased online. The company allows online renewal of bike insurance. IFFCO TOKIO bike insurance renewal can be done offline as well.

The IFFCO TOKIO bike insurance offers financial safeguard against theft, damage and third party liability. The insurance policy covers most of the bike insurance needs. The bike insurance has been customized to suit the needs of the customer.

Some of the Advantages Of Online Purchase Of Bike Insurance Include:

• Easy comparison of the bike insurance policies of other companies. Sometimes a customer may find other insurance companies providing similar or better benefits at an affordable premium. 
• Online purchase of bike insurance is beneficial as it can be done from anywhere. The procedure is quite easy. It saves on time and hassles of going to the insurance office or agent to buy the policy or to get it renewed.
• The documents concerning bike insurance need not be safely stored at home in bulky files but can rather be done in the system itself. It is essential to store the renewal receipt carefully.
• Payment for the policy can be done online safely through debit card /credit card or net banking. 
• Reminders of the validity date of the insurance policy can be saved in the system. This helps to renew the policy ahead of the deadline and avoid payment of penalty and fines. 

When a customer opts for online renewal of IFFCO TOKIO bike insurance then he/she gets “No Claims Bonus” (NCB) of around 50 percent. The company also provides a 24x7 online claim settlement help along with this. However NCB is provided if the policy is renewed within three months from the expiry of the previous policy. The renewal of bike insurance can be done at any time.

IIFCO TOKIO offers claim settlement help pan India. The mode of payment can be selected -online and offline and can be done without any issues. If the NCB is transferred from insurance to IFFCO –TOKIO General Insurance then the full benefits can be transferred. The rate of discount also remains the same if documents supporting entitlement to ‘No Claim Bonus’ from previous motor insurance are produced.