Eligibility for a Bike Insurance Online

Eligibility for a Bike Insurance Online

The last thing on an individual’s mind while buying a two-wheeler is what if he/she meets with an accident or incurs damages. Although situations like these are uncommon, buying a bike insurance online is still considered a way to obtain financial cover for the bike. Since bike insurance is mandatory in India, it is good to look out for the best plans available online that suits one the best. One may wonder if there are any eligibility criteria for buying a bike insurance online.

Getting online is the best way to familiarize yourself with this. There are websites like Coverfox.com which contain information about all the insurance companies with plans available for you to choose from.

When looking for the eligibility, one needs to first get a grip on certain terms and terminologies associated with it.

IDV: Insured Declared Value or the IDV is the accurate value for which your two-wheeler has been insured. This is an important term with regards to two wheeler insurance. By definition, this is the final or maximum amount which is provided to the policyholder in case of any damage, accident or theft of the vehicle. In simple terms, this can also be called the current market value of the two-wheeler.

NCB:  No claim bonus or NCB is a discount to the policyholder from the insurance company for not making any claims during the working tenure of the policy. This is an important point to consider while presenting the eligibility criteria, when you apply for bike insurance online.

How to check eligibility for Bike Insurance Online

The following few steps provide the eligibility for bike insurance online. Once you are on the page of the website, you will have to enter the following details to know your eligibility:

  • Your two-wheeler number
  • Select among the options for your policy expiry: if  it is still active or expired in the last 90 days or if it expired more than 90 days ago
  • Select the company with which you have your existing policy
  • The model of your two-wheeler
  • The variant of the two-wheeler
  • The place where the two-wheeler was registered
  • It’s year of registration
  • Select if you have already made any claims against your policy.
  • Select no claim bonus. This is crucial information. Companies usually have a very strict policy on this. If the data is found to be incorrect or false, the claim can be denied by the company.

Once this is done, one is presented with the names of the various insurance companies and their plans. In a charted manner, one should be able to find facts regarding the no claim bonus, Insured Declared Value and the respective premium.

Bike insurance Online vs. Offline

Some experts suggest that there are barely any differences between buying a policy offline and online. However, there are a few disparities between them with respect to certain features, which are listed as follows:

Cost: The cost incurred in applying for insurance through an agent is more when compared to that of the online application. The obvious reason being saving the commission or the fees of the agent paid. The online applications and quotes are done for free. All one needs to do is visit the online portals which provide plans from different companies. These are often called third-party insurers.

Claim Support: If you happen to file a claim against your policy, then online support can prove to be very handy as against offline support. There are times when you are not able to connect to your agent due to various reasons. This will not be the case if you are looking to claim your insurance online. The process is simple and you are guided at each step for claiming your cover. Moreover, in some companies, there are totally separate departments which help the customers throughout the process of the claim.

No waiting time for coverage: Online is a quick process as you get connected directly to the company and the time taken is way lesser. On the other hand, the agent may take time to get things done owing to his/her availability. Also, any person would want to get his/her cover as soon as possible. So, online insurance is the way to go.

These are some of the advantages that buying bike insurance online has over its offline counterpart. So go ahead and get your bike insured today!

Categories: Finance

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