How are your purchasing insurance for your bike?

Driving a motorcycle without a valid insurance policy can not only land you in trouble with the authorities, but can also burn a big hole in your pockets in case of a road mishap. Despite the fact that third-party motor insurance is mandatory under Indian law, still many bikes plying on roads across the country are not insured. Insurance is not just an object it’s a subject of safety which safes you from third damage cover, your bike damage including physical harm, if any. The earlier a two-wheeler owner realizes the benefits of third-party insurance, the better it is for him or her because, in case of an accident, he or she could be left poorer by a few thousands of rupees. Though one is not required to insure one's vehicle against damage or theft under the law, but its better you consider insuring the vehicle from such threats as well. 

While there are various methods to insure your two wheeler such as handing over the job to trusted insurance agents, calling up customer service & visiting the branch etc. one good option which has emerged over the time is two wheeler insurance online. One of the most convenient method of modern day insurance purchase, it is quick and hassle free as well. A computer or laptop or your phone and internet connection are just minimum requirements that you need to have and there you’re started with the journey of buying bike insurance online.

Today insurance agents do not show interest in promoting such products because of the small ticket size of two wheeler insurance. To insure a motorcycle worth, say, Rs 60,000, the annual premium works out for the mere amount of around 1,600-2,000, including 460 for the third-party cover. It is a small amount, but two-wheeler owners tend to ignore it altogether. Once the policy lapses, getting the vehicle insured becomes a tedious task. The vehicle has to be physically inspected again and the owner has to go through a lot of paperwork. People find it inconvenient to go through the process of getting their vehicles inspected if the insurance has expired. But people don’t realize that somewhere the fault is theirs as well as either they skip to renew the insurance deliberately or unintentionally. 

The bike insurance online advantage

According to market experts two wheeler insurance accounts for barely 12% of the total premium of motor insurance. And the high lapse rate seems to be a silver opportunity for insurers to boost premium income especially through bike insurance online. The world is getting tech savvy now. People are getting more and more addicted to things at the click of buttons. So promoting two wheeler insurance online is the best ways to target the new era customers. 

Many insurance companies have started schemes that allow bike owners to get their vehicles insured online without physical inspection. "Companies are also going to an extent of taking a slight risk with their decision to waive the pre-inspection in case of online renewal of expired two wheeler policies. Understand that such efforts are taken by company only to promote two-wheeler insurance in India.

Researchers say such efforts are yielding positive results and more and more people are now buying two wheeler insurance online to avail the benefits. It is advisable that if you decide to buy an insurance policy for your vehicle after a break, take a close look at the fine print. For instance, the cover may not start immediately. Also, if the vehicle is being insured online without inspection, the risk inception date starts three days from the date of issuance of the policy. Physical route is always about utilizing your time along with energy but buying bike insurance online or renewing it online is only about investing your time and save your valuable energy.

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