A bike insurance online policy covers certain risks depending on the type of policy you choose. Understanding what different bike insurance policies cover helps you in evaluating your financial risk in case a mishap or accident occurs. That said, there are two main types of online bike insurance policies; third-party liability cover and comprehensive cover. What does each policy do?
1. Third party liability
As the name implies, third-party liability policy covers financial liabilities that are incurred once your bike causes fatal or non-fatal injuries to a third party or damages their property. As such, it does not cover personal accident costs. You can buy the owner/rider personal accident cover which offers financial support in case an accident occurs and the rider is injured.
2. Comprehensive insurance policy
This policy offers a comprehensive bike insurance coverage. It is an all-round policy that covers third-party liabilities, natural calamities, man-made calamities, and personal accidents.
Natural calamities include landslides, hurricanes, earthquakes, storms, rain, explosions, self-ignition, lighting, fires, and rockslides just to mention a few. Man-made calamities are any type of bike damage that is caused by human errors like accidents, theft, collisions, malicious acts and damages during transit when your bike is transported via water, air, rail or road. Personal accidents are quite common among bike riders/owners and can result in permanent or temporary disability. Under personal accidents, the comprehensive policy covers personal financial costs incurred due to accidents that occur when using the bike.
Various Features on Bike Insurance Policy
1. Easy transfer of no claims bonus
Bike insurance providers offer an easy and stress-free transfer of the no claims bonus in case you decide to renew your policy with a different insurance provider. Note that the no claim bonus is offered to riders/bike owners and not the bike. The owner/rider is rewarded for being a careful biker and for adhering to safe driving practices that not only reduce accidents but also save money for the insurance provider.
2. Bike insurance online policy purchase or renewal
Bike insurance providers allow clients to make online policy purchases and renewals in a bid to ensure convenience. Clients can renew bike insurance by visiting the insurance providers’ websites or installing their mobile apps that also notify clients when the premium is due for payment. All bike insurance policy details are offered online on aggregator sites like Coverfox.com to ensure that the online policy renewal or purchase is quick and hassle-free.
3. Optional covers
Bike insurance online policies allow clients to opt for additional coverage in order to adequately cater for their insurance requirements. Optional covers include the personal accident cover, zero depreciation cover, an enhanced cover for bike accessories and spare parts. However, optional covers are offered at an extra but affordable cost.
Purchasing or renewing bike insurance online is not only convenient but affordable due to the numerous discount offers. For instance, insurance providers offer discounts to bike owners with memberships in recognized automotive associations, approved anti-theft devices, and unblemished biking records. Other bike insurance online policy providers offer premium discounts to clients who purchase or renew their covers online.
5. Instant policy
Unlike before when clients would get cover notes upon purchasing a policy and the policy document was mailed to them later, insurance providers are now using technology to not only facilitate faster payment of initial premiums but also to provide instant and digitally signed policy documents that are valid until the predetermined policy duration expires.
Get your Vehicle Insured Now
Apart from being a mandatory legal requirement as per the Motor Vehicles Act, 1988, the right bike insurance online policy offers peace of mind from knowing that your bike is covered against financial burdens that arise due to accidents or theft. Additionally, insurance providers have made purchasing or renewing bike insurance policies easier by introducing online subscription options. Clients simply visit the insurance provider’s website or comparison and aggregator portals like Coverfox.com, select their preferred policy type, fill in the required details, select the riders, and proceed to make initial premium payments to activate the policy. Getting your two-wheeler insured is now easy, convenient, and affordable.
But, before making a bike insurance online policy purchase, ensure that you are conversant with all policy inclusions and exclusions as well as the insurance provider’s terms and conditions. This ensures that you not only enjoy purchasing or renewing your bike policy from any location but also enjoy adequate coverage that does not leave you stranded when accidents or calamities arise. Moreover, online chat agents are always available to answer your questions and help you decode the sometimes tough insurance terminologies.