Benefits Of Getting Your Bike Insurance Renewal Online

Bike Insurance is a legal agreement between a General Insurance company and the policyholder where the Insurance company assures payment of any financial loss that the policyholder may incur to his two-wheeler or to the third party due to an accident, theft, fire, natural calamities or other unfortunate events. The policyholder pays a premium to the bike insurance company for this financial security. It’s a mandatory requirement to have at least a third-party bike insurance in India under The Motor Vehicle Act.

In India, people usually buy or renew their bike insurance from the dealer who sold them the bike without doing much research. However, there are several drawbacks to it, some of which are listed below –

  1. You might be paying a higher premium on the bike insurance.
  2. You may have a lower Insured Declared Value (IDV) on the bike insurance.
  3. The bike insurance company may not have many cashless garage networks.
  4. The dealer might not provide information regarding add-on covers.
  5. The claim process is also not explained while purchasing a policy from the dealer.
  6. The dealer might sell only third-party bike insurance to all, while comprehensive bike insurance might be a better option for few. 

Hence, it is recommended to compare, buy or renew bike insurance online. 

You can follow the checklist below to compare bike insurance before buying a new policy or get existing bike insurance renewal online:

Sr. NoParameter for ComparingExplanationDecision making
1Insured Declared value (IDV) and premiums onlineIDV is the maximum sum assured that the insurance provider shall pay on the bike insurance policy. Premiums are paid by the policyholder to the insurance provider for getting their two-wheeler insured.Select the insurance companies which offer a certain sum assured at lowest premium to buy bike insurance online.
2Claim Settlement ratio (CSR)CSR is one of the most important points of comparison. It denotes the percentage of claims settled by an insurance company against all claims received in a year.Select insurance companies having higher CSR to buy bike insurance online
3Incurred Claim ratio (ICR)ICR indicates the financial ability of the car insurance companies to pay claims. ICR value is calculated using the value of claims paid against the total premiums received in a year.Select insurance companies having higher ICR to buy bike insurance online
4Solvency ratioSolvency ratio indicates the financial stability of an insurance company as it compares all assets and inflows against the liabilities and outflows. Select insurance companies having higher Solvency ratio to buy bike insurance online.
5Claim settlement speedClaim settlement speed shows how quickly the insurance provider approves and disburses the claim amount.Select insurance companies having quick claim settlement speed to buy bike insurance online
6Cashless Garage NetworksCashless garage networks are garages approved by the insurance provider for cashless two-wheeler repair.Select insurance companies having a long list of cashless network garages to buy bike insurance online.
7Online customer reviewsYou may view the ratings and read reviews of the customer service experience on internet for any Insurance companySelect insurance companies having highest online ratings to buy bike insurance online
8Additional benefits or ridersAdditional riders help in enhancing the scope of coverage of a two-wheeler insurance policy such as pillion rider, zero depreciation, invoice protection, personal accident cover etc.Select insurance companies having various add-on benefits and riders to buy bike insurance online

There are several benefits of buying a new insurance or getting existing bike insurance renewal online. A few of them are mentioned below:

  1. Unbiased opinion while buying or renewing online: When you buy bike insurance online, you are not influenced by vehicle dealers or any specific insurance company. You can do your own research or get help from expert advisors in choosing the best bike insurance for your vehicle.

2.  Several insurance options available for comparison: You can view and compare bike insurance on several parameters for different insurance companies at your convenience anytime and anywhere on the internet.

3.  Buy policy without paperwork and minimum documents: You can buy new policy or get existing bike insurance renewal online at the comfort of your home in a few clicks and with least documents. The policy documents are received instantly on payment directly from the insurance broker and insurance company.

4.  Direct payment to Insurance companies through secured payment gateway: While it is true that there are several online frauds. You need to make sure that you are on the official website of an insurance company or insurance broker to make the payments. You can make payments online by debit cards, credit cards, net banking, e-wallets on the secured payment gateways offered by insurance companies and brokers.

5.  Making a claim application online: You can even request a claim online in a few steps at the comfort of your home. The insurance company arranges a staff visit to verify the damages and the claim is processed to your bank account on approval.

Uneeb Khan
Uneeb Khanhttps://blogili.com/
Uneeb Khan CEO at blogili.com. Have 3 years of experience in the websites field. Uneeb Khan is the premier and most trustworthy informer for technology, telecom, business, auto news, games review in World. You Can Read More. Jio Rockers Pushpa Movie Download Emily Rinaudo WPC2025 y2mate com 2022 Cameron Herren Inatogel ramneek sidhu entrepreneur instagram frances beatrix spade Filmy4web bottled and jarred packaged goods

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