Benefits of Buying Insurance Policy for Two Wheeler

Purchasing bike insurance online and selecting the right insurance plan requires a sense of responsibility for the owner as it protects against damages of property and lives of others.

Abiding by the guidelines of the Motor Vehicles Act, 1988, a third party insurance plan is mandatory as it ensures safety on the roads. Additionally, it safeguards the policy-holder from bearing extra costs arising from damages to third-party.

Features and benefits of bike insurance policies

The essential characteristics and advantages that bike insurances cover are listed below:

1. Wide range of coverage to choose from

Bike insurance policies have a wide array of options for coverage. One can quickly select between a liability-only insurance plan and comprehensive cover, which ensure protection to both the rider and the two-wheeler along with third-party liabilities.

2. Benefits for the long term

It is no longer a hassle to renew two-wheeler policies annually as some of them provide long term coverage benefits up to three years.

3. Discounts on premium

Most insurance providers approved by IRDA offer discounts on two-wheeler insurance plans for timely premiums payments.

4. Easy no claim bonus availability

In case any policy-holder does not make any claim throughout the financial year, he is eligible for NCB (No Claim Bonus) facility. Also, certain financial service providers offer two-wheeler insurance plans with the facility of transferring up to 50% of one’s previous NCB to a new insurance aggregator under a two-wheeler insurance policy.

5. Hassle-free claims facility

The entire claim procedure and full and final settlement process is seamless and time-saving.

Applying for bike insurance online is an easy and hassle-free procedure. There are wide ranges of financial service providers available online that should be compared to purchase the right product.

Read Also: What are the Features and Benefits of Bike Insurance?

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