Two wheeler insurance is a type of insurance that covers your bike or scooter against various risks such as accidents, theft, fire, natural calamities, and third-party liabilities. It is a legal requirement in India to have at least a third-party insurance policy for your two wheeler, which covers the damages or injuries caused by your vehicle to another person or property. However, it is advisable to opt for a comprehensive policy that also covers the damages or losses to your own vehicle.
In this blog post, we will explain everything you need to know about two wheeler insurance online, such as the benefits, types, features, add-ons, premiums, and how to buy or renew it. We will also introduce you to Bima Leap, a trusted online platform that helps you compare and buy the best two wheeler insurance plans from over 20 insurers in India.
Benefits of Two Wheeler Insurance Online
Buying two wheeler insurance online has many advantages over the traditional offline method. Here are some of the benefits of buying two wheeler insurance online:
- Convenience: You can buy or renew your two wheeler insurance policy online from anywhere and at any time, without visiting any branch or agent. You just need a smartphone or a computer with an internet connection and a few minutes of your time.
- Savings: You can save money on your two wheeler insurance premium by comparing different plans and choosing the one that offers the best coverage at the lowest price. You can also avail discounts and offers from various insurers and platforms. Moreover, you can save on the commission or fees that you would otherwise pay to an agent or a broker.
- Choice: You can choose from a wide range of two wheeler insurance plans offered by various insurers in India. You can compare the features, benefits, exclusions, and reviews of different plans and select the one that suits your needs and preferences.
- Paperless: You can buy or renew your two wheeler insurance policy online without any paperwork or documentation. You just need to enter some basic details of your vehicle and yourself and make the payment online. You will receive your policy document instantly on your email or phone.
- Claim Assistance: You can get hassle-free claim assistance online in case of any unfortunate event involving your two wheeler. You can register your claim online, upload the required documents, track the status of your claim, and get it settled quickly and efficiently.
Types of Two Wheeler Insurance Online
There are mainly two types of two wheeler insurance plans available online in India:
- Third-party Liability Insurance: This is the basic and mandatory type of two wheeler insurance that covers the legal liability arising from an accident involving your vehicle that causes damage or injury to a third party person or property. The third party can claim compensation from your insurer for the losses incurred due to your fault. However, this type of policy does not cover any damage or loss to your own vehicle.
- Comprehensive Insurance: This is the advanced and optional type of two wheeler insurance that covers both third-party liability and own-damage. This means that it covers the damages or losses caused by your vehicle to a third party as well as to your own vehicle due to accidents, theft, fire, natural calamities, man-made disasters, etc. This type of policy offers complete protection to your two wheeler.
In addition to these types of policies, you can also buy a Personal Accident Cover (PA Cover) for yourself as the owner-driver of the insured vehicle. This cover provides compensation in case of accidental death or permanent disability due to an accident involving your vehicle. The PA Cover is mandatory as per law and has a sum insured of Rs. 15 lakhs.
Features of Two Wheeler Insurance Online
Some of the common features of two wheeler insurance online are:
- No Claim Bonus (NCB): This is a reward given by the insurer to the policyholder for not making any claim during the policy period. The NCB is a discount on the premium that can be availed at the time of renewal. The NCB can range from 20% to 50% depending on the number of claim-free years. The NCB can also be transferred from one insurer to another or from one vehicle to another.
- Cashless Garages: These are the network garages authorized by the insurer where you can get your vehicle repaired without paying any money upfront. The insurer will directly settle the repair bill with the garage after deducting any applicable deductible or depreciation. The cashless facility saves you from paying out of pocket expenses and ensures quality service.
- Add-on Covers: These are the additional covers that you can buy along with your base policy to enhance your coverage and benefits. Some of the common add-on covers are zero depreciation cover, engine protection cover, roadside assistance cover, consumables cover, return to invoice cover, etc. These add-on covers come at an extra cost but provide extra protection to your two wheeler.
- IDV: This stands for Insured Declared Value, which is the current market value of your vehicle. The IDV is the maximum amount that the insurer will pay you in case of total loss or theft of your vehicle. The IDV is calculated by deducting the depreciation from the manufacturer’s listed selling price of your vehicle. The IDV affects your premium as well as your claim amount.
Premium of Two Wheeler Insurance Online
The premium of two wheeler insurance online depends on various factors such as:
- Type of Policy: The type of policy you choose affects your premium. A comprehensive policy will have a higher premium than a third-party policy, as it offers more coverage and benefits.
- IDV: The IDV of your vehicle affects your premium. A higher IDV will result in a higher premium, as it increases the liability of the insurer.
- Make, Model, and Variant of Vehicle: The make, model, and variant of your vehicle affect your premium. A higher-end or luxury vehicle will have a higher premium than a lower-end or economical vehicle, as it has a higher value and repair cost.
- Age and Condition of Vehicle: The age and condition of your vehicle affect your premium. An older or poorly maintained vehicle will have a higher premium than a newer or well-maintained vehicle, as it has a higher risk of breakdown or damage.
- Location and Usage of Vehicle: The location and usage of your vehicle affect your premium. A vehicle used in a metro city or for commercial purposes will have a higher premium than a vehicle used in a rural area or for personal purposes, as it has a higher exposure to traffic and accidents.
- Add-on Covers: The add-on covers you opt for affect your premium. Each add-on cover comes at an additional cost that increases your premium.
- NCB: The NCB you have affects your premium. A higher NCB will result in a lower premium, as it reduces the liability of the insurer.
How to Buy or Renew Two Wheeler Insurance Online
Buying or renewing two wheeler insurance online is easy and simple. You can follow these steps to buy or renew your policy online:
- Visit Bima Leap website or app and enter your vehicle number or details.
- Compare various plans from different insurers based on the coverage, features, benefits, exclusions, reviews, and premiums.
- Select the plan that meets your needs and preferences and click on buy or renew.
- Enter your personal and payment details and make the payment online using debit card, credit card, net banking, UPI, etc.
- Receive your policy document instantly on your email or phone.
Why Choose Bima Leap for Two Wheeler Insurance Online
Bima Leap is a trusted online platform that helps you compare and buy the best two wheeler insurance plans from over 20 insurers in India. Here are some reasons why you should choose Bima Leap for two wheeler insurance online:
- Unbiased Advice: We use our expert and unbiased advice to highlight the best insurance coverages for you.
- Customized Package: We can showcase the best insurance cover while you can focus on other priorities.
- Super & Simple Claim: We will support you in settling the claim as quickly and efficiently as possible.
- Always at Your Service: We will perform valuable day-to-day services and recommend adequacy of coverage.
- 100% Reliable: We act as an advisor in making the right decisions for all your insurance needs.
So, what are you waiting for? Visit Bima Leap today and get the best two wheeler insurance online for your bike or scooter.
Buy Two Wheeler insurance policy online from Magma HDI and be rest assured about your two wheeler.
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Two Wheeler Insurance plans safeguard you against the financial impact of accidents, natural calamities & other unfortunate events that could harm your vehicle
