Bike Insurance at Bajaj Finserv Markets

1. Steps to Renew Your Bike Insurance Online If you own a bike, it is a must to have an insurance plan, which will cover you in case of accidents, damage, and third-party liabilities. Neither can you have any control over these expenses, nor can you cannot predict such situations. It is best to buy two-wheeler insurance to ensure that your vehicle is safe and so are your savings. An insurance plan is a contract between the insurance company and policyholder. In order to ensure that the contract does not lapse, you need to renew the insurance annually. The process of bike insurance renewal online is very simple and straightforward. Steps To Renew Your Bike Insurance Policy: Use a bike insurance calculator to take a bike insurance quote Enter all your personal two-wheeler details and easily renew your policy The process to renew bike insurance online Use a bike insurance calculator to take a bike insurance quote First and foremost, you can use the online bike insurance calculator to get an insurance quote. You will have to provide details about the bike and personal details to get an accurate quote for the insurance policy. The calculator is available online and is very simple to use. Enter all your personal two-wheeler details and easily renew your policy In the next step, you are required to provide all the personal and two-wheeler details to renew the policy quickly. You will have to provide the policy number, the date of renewal, and details of the two-wheeler you own. After this, you will be taken to the payment gateway where you will have to make an online payment. This will ensure that the policy is renewed instantly. Benefits of renewing your policy online One of the biggest benefits of renewal of two-wheeler insurance policy renewal online is the access to discounts and perks. A number of insurance companies offer concessions and perquisites to those policyholders who do an online renewal of their policy on time. In addition, online renewal will ensure that the policy is renewed immediately. You do not need to head to a branch or the office of the insurance company to make the payment. While you renew the policy online, you will be able to keep a check on the next date of policy renewal and keep the deadlines in mind to avoid any penalties or late fees. With Finserv Markets, the process of bike insurance policy renewal is easy, convenient and hassle-free. You will be able to do it within minutes. Head over to our website to get more tips on how to renew bike insurance online and get a free bike insurance quote today!

2. Benefits of Buying Bike Insurance Online Gone are the days when you had to visit agents, dealers or insurance offices to buy a Bike Insurance policy. Since the introduction of Online Bike Insurance Policies, buying insurance is just a matter of a few minutes. All major Motor Insurance providers including Finserv Markets now offer Bike Insurance online. Buying Bike Insurance online is not only convenient but also entails several other benefits. If you are planning to buy a Bike Insurance Policy soon, here are the top reasons to buy bike insurance online: Help You Make An Informed Decision Saves Times Lowers Cost 24×7 Assistance Less Paperwork Easy Renewal Helps You Make an Informed Decision Whether you are looking for information about insurance products or specifications such as risk coverage, terms & conditions, exclusions etc., you can easily find such details online. All you need to do is visit the Bike Insurance provider’s website and peruse the policy details carefully. The easy availability of information online helps you make an informed purchase decision. Choosing the right Bike Insurance Policy is essential so as to get the right coverage at the right price. Saves Time You can apply for a Bike Insurance policy online in just a few minutes. Moreover, online insurance providers offer secure payment gateways that don’t require time-consuming paperwork and documentation. The processing is done instantaneously, and your bike can get covered quickly. Moreover, you can apply for Bike Insurance 24×7 from the comfort of your home. Lowers Cost Lower cost is one of the most important online Bike Insurance benefits. Since online Bike Insurance does ot involve agents and other middlemen, the cost of buying two-wheeler insurance online is lower. Additionally, the cost of processing is also lower for an Online Insurance Policy and most insurance providers choose to pass on this saving to their customers. Consequently, customers who buy insurance policies online enjoy lower premiums. Some insurance providers also incentivize online purchase by offering customers money-saving offers and discounts. This further lowers the cost of online insurance. 24×7 Assistance

3. When you apply for Bike Insurance online, most insurance providers offer 24×7 assistance from a dedicated customer support team. If you have any doubts regarding the policy or the application process, you and get it answered directly from the specialists. Less Paperwork If you buy a Bike Insurance Policy online, the paperwork and processing time reduces drastically. You can buy the policy online in just a few clicks and make the payment securely. Since online transactions are conducted directly with the company, the documentation required is minimal. Easy Renewal At times, many people end up forgetting to renew their insurance policies on time. When you opt for a Bike Insurance online, the insurer will send you email reminders so that you don’t miss renewing your insurance. Also, online insurance providers offer convenient online renewal and payments, which can be carried out within a matter of minutes. Therefore, when you have an Online Bike Insurance Policy you don’t have to worry about the policy lapsing. In case you miss your two-wheeler insurance renewal before the expiry date, then it is regarded as a break-in case. If you choose to renew your expired two-wheeler insurance online (within the grace period), then the inspection of your vehicle is not mandatory. However, your policy period will start after 3 days of receiving the payment by insurance company. To buy two wheeler insurance online all you have to do is a few clicks from the comfort of your home. Easy right? Types of Coverage under the Bike Insurance Policy The freedom of riding your own bike can be amazing. But this happiness comes with a high sense of responsibility. And a two-wheeler insurance policy is just the thing you need to secure your bike and your future expenses related to it. It is an accepted fact that accidents are unpredictable and have the potential to damage more than just your vehicle. Most of the times, it so happens that an accident happens with no fault of our own. In such cases, third-party insurance cover will sort out your expenses. However, since this type of insurance demands lower premium, its benefits are very limited as well. To tackle this, a comprehensive insurance policy serves the rider’s needs. It promises to cover all the losses one can bear during an accident under the policy’s bike insurance coverage. Apart from this, it also provides the benefit to buy add-ons with your policy. These add-ons increase the premium by a small amount but offer a wide range of benefits to the policyholder. Mentioned below are the types of add-on coverage one can get under a bike insurance policy: 1.Personal accident cover: A severe accident leads to serious medical injuries and sometimes even death. It could be fatal for both the rider and the person accompanying

4. him. A personal accident cover takes care of all the expenses of both the travelers, in case they meet with an accident. 2.Zero or Nil depreciation: When you buy a zero depreciation cover with your two wheeler insurance policy, the insurance company will cover the expenses, in case you decide to repair certain parts of your bike. The repair could be required due to wear and tear or due to an accident. The insurance company will not include any depreciation charges and reimburse the actual amount. Insurance companies often try to sell several add-ons to their customers, claiming that it will protect them better. However, before you buy bike insurance online or offline, it is important for you to do your own research. And, before you pick an add-on, read about the effect each one would have on your premium. Short Term vs Long Term Two Wheeler Insurance A Two Wheeler Insurance policy can be likened to a guardian, it will see you through tough times on the road and off it. However, even a small break in your insurance coverage could lead to significant losses. Forgetting to renew the policy is a common mistake that many policyholders tend to make. Which is why Long Term Two Wheeler Plans were introduced in the market. If you are planning to buy bike insurance online and are confused between getting a Short Term (Annual) and a Long Term Two Wheeler Insurance, here’s everything you need to know:- What is the difference between the two? The basic difference between the two is the policy term. A Short Term Two Wheeler Insurance plan provides coverage for one year and needs to be renewed on an annual basis. On the other hand, a Long Term Two Wheeler Insurance provides coverage for up to 3 years by paying a single premium. Hence a Long Term Two Wheeler Policy saves you from the hassle of annual renewals and the risks associated with policy lapse. Apart from the policy term, they also differ in terms of: – Flexibility – If you wish to modify your policy, a Short Term Two Wheeler Insurance offers more flexibility at the time of renewal. For example, you can increase your policy coverage or opt for a rider at the time of policy renewal. Therefore, a Short Term Two-Wheeler Insurance plan is more flexible than a Long Term Two Wheeler Insurance plan as you can change your policy every year. Cost-effectiveness – A Long Term Two-Wheeler Insurance is more cost effective as it saves you from the annual premium hikes imposed by the IRDA (Insurance Regulatory and Development Authority of India). Additionally, most insurance providers offer discounts on Long-Term Insurance Two Wheeler Insurance premiums. Therefore, a Long Term Two Wheeler Insurance is more cost effective than a Short Term Two Wheeler Insurance.

5. How to Choose the Right Bike Insurance Plan? As you can see, both Short Term as well as Long Term Two Wheeler Insurance plans have their own pros and cons. A Long Term Policy is relatively cheaper and saves you from the hassle of annual renewals. If comfort and cost-effectiveness is your priority, opting for a Long Term Two Wheeler Insurance definitely makes more sense. On the other hand, a Short Term Two Wheeler Insurance offers you more flexibility. Hence, if you expect precise protection along with the flexibility to change each year then, you can opt for a Short Term Two Wheeler Insurance policy. IRDA Rules about Two-Wheeler Insurance Policies You Must Know The Insurance Regulatory and Development Authority of India (IRDA) is the prime regulatory body for the insurance sector in India. The main objective of the IRDA is to ensure that the interests of the policyholders are secured and they are not duped by any means. Hence, the IRDA has set some guiding principles for two-wheeler insurance policies to ensure that motor insurance companies offer fair terms and conditions. You can also read IRDA rules when opting for two-wheeler insurance online. The two-wheelers that are included under the domain of the IRDA are motorcycles, scooters, and scooties. The main rules laid down by the IRDA include: Non-eligibility for claim The insured will not be eligible for claims in the following circumstances: Loss of vehicle due to a home burglary Damage to the vehicle in case of strikes/riots Damage caused due to lightning, fire explosion, or inflammation Damage caused due to a natural disaster such as earthquake, hurricane, flood, and typhoon, among others Damage caused due to terrorist activity Damage caused due to radioactivity or nuclear explosion Damage caused due to the transit of vehicle by an external mode such as waterway, elevator, rail/road, or air Depreciation rate The rules pertaining to the depreciation rate or deduction rate in bike insurance plans as stated in the IRDA guidelines are: 30% for components made of fiberglass

6. 50% for tires, batteries, tubes, and components made of nylon, rubber, and plastic No depreciation rate is stated for glass parts. There are some guidelines about the deduction rate related to painting, which is generally mentioned in your policy document. Insured Declared Value The Insured Declared Value (IDV) is decided based on the market value of the brand of the two- wheeler. The IDV is an important factor in determining the premium for your two-wheeler insurance and the sum insured. There is also a schedule of depreciation rate applicable for the two-wheelers, and it depends upon the vehicle age. There are also a few other rules with regard to the following: If there is a liability of the third-party Indemnity limits The right to recovery Various types of additional covers Coverage for personal accident The IRDA has an elaborate set of rules for bike insurance Plans when it comes to providing coverage for any personal accidents. Some of the generic ones subject to the specific terms of an insurance policy are: 100% compensation in the event of the death of the policyholder 100% compensation in case both limbs are lost, or one eye and one limb is lost 50% compensation if one limb or one eye is lost 100% compensation in case of complete disability Two-Wheeler insurance will not provide any compensation if the accident was due to self-harm, pre-existing physical defect, or driving under the influence of alcohol or drugs.