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Well, there are two types of two-wheeler insurance: 'Third-Party Insurance' and 'Comprehensive Insurance'.
Third-party insurance protects you against losses, which occur due to bodily injury or death to a third party or any damage to that person’s property. It is mandatory, by law, to have third-party insurance.
Comprehensive insurance, on the other hand, protects you against losses caused to you, your co-passengers and your vehicle in addition to third-party coverage.
Zero documentation is required to buy a two wheeler insurance policy online. This makes things really simple.
However, you will have to provide details like:
- Registration number
- Engine number
- Chassis number
- Previous policy number (if you have any)
- Vehicle manufacturing date (mm/yy)
- Date and city of purchase
- You contact details (address, phone no and email id)
- You should also have a copy of your vehicle’s RC book.
The biggest benefit an online platform offers you is the ability to make any purchase decision in a simple and convenient manner. Since most insurance companies now offer this service, it is very easy to compare costs and features of all the policies. You can even calculate your motorcycle policy premium online and get a clear picture of the kind of expenses involved in buying your insurance plan. Payments also become easier via Net Banking and Credit Card.
Apart from all this, online insurance portals offer facilities like renewal reminders and tracking, which make your life a lot easier.
If your motorcycle policy has expired, you can renew the policy by making payment online. Your Inspection ID will be generated and post satisfactory inspection and recommendation by surveyor your policy will be issued. Note this is only for Private Car & Two Wheeler and not for Third Party Liability Insurance
If you’ve not claimed anything on your policy in the previous term, you get a discount on your scooter/bike insurance premium in following next terms. This discount is called a No-Claim Bonus.
This discount can be accumulated on a yearly basis starting from 20% at the first claim-free renewal, 25% at the second, 35% at the third, 45% at the fourth and 50% at the fifth claim free year, which is then continued for following claim-free years.