Two-wheelers are the most common and preferred commute option for over 37 million Indians. While, as per sales data, bikes remain the most popular vehicle of commute, the corresponding numbers for their mandatory insurance coverage plans leave much to be desired. In other words, while the Motor Vehicles Act 1988 makes two-wheeler insurance mandatory for bike owners, over 60% of bike owners never opt for such liability protection covers. Even if the other 40% opt for such safety covers, they are most likely unable to renew their bike insurance policies due to the mandatory inspection provision enforced by IRDAI – India’s Insurance Regulatory and Development Authority.
Is bike insurance necessary?
A third party bike insurance policy is essential since it offers the bike owner protection against financial losses and liabilities during accidents, theft, natural calamities, and other mishaps involving a third party vehicle, person or property. Settling third-party obligations in an accident would require the bike owner to spend a fortune from their savings without insurance coverage. Given the utility value of a bike insurance policy, the noticeable disregard for such safety nets can be accorded to the complicated procedures involved in buying and renewing them through the conventional routes.
Lengthy inspection processes, coupled with the strenuous process of document submissions, are the most significant factors cited by most one-time insurance holders who refuse to renew their lapsed bike insurance policies. Moreover, apart from being time-consuming, this inspection process can also potentially lower the vehicle’s IDV or Insured Declared Value, thereby affecting one’s coverage umbrella. This is where bike insurance policies offered by Bajaj Finance Limited make a difference.
The right type of bike insurance
When selecting a bike insurance policy, you can either opt for a third-party bike insurance policy or a standalone own damage policy or a comprehensive bike insurance plan. The coverage umbrella of each is explained below:
● A third-party bike insurance policy covers injuries and damages caused by the rider’s vehicle to another individual’s property or vehicle. It covers any permanent disability caused due to the accident to the owner/rider and third-party. However, this policy does not cover the owner’s bike against damages incurred during an accident or as a result of theft, natural/ man-made disasters, and personal accidents.
● Standalone Own Damage policy covers the insured bike itself from accidents, theft, natural & man-made calamity, etc.
● A comprehensive bike insurance plan offers the policyholder a more holistic insurance cover. While it covers all third-party liability claims due to damages caused by the vehicle, it also indemnifies the damages caused to the two-wheeler of the policyholder. Moreover, such a policy also provides personal accident coverage to the policyholder.
While a third-party bike insurance plan is the mandated baseline policy requirement in India, the comprehensive bike insurance policy is the preferred option, owing to its extended liability coverage. Bike owners can buy and renew these insurance policies online and offline. However, opting for the online route has some distinct benefits absent from the conventional offline insurance channels.
Bike insurance plans from Bajaj Finance Limited
An all-encompassing bike insurance policy can help you save on indemnity payments and repair charges. At Bajaj Finance :Limited, you get to choose your ideal bike insurance plan from two of the most trusted and highly-rated insurance partners in the market – Bajaj Allianz General Company Limited and Acko General Insurance Limited. Both Bajaj Allianz and Acko offer comprehensive and third-party bike insurance policies. With numerous network garages, cashless claim settlement benefits and customisable add-on covers, bike insurance policies from both these partners help policyholders maximise their benefits at a reasonable premium.
Benefits of opting for a bike insurance policy from Bajaj Finance Limited
Comprehensive and third-party bike insurance policy seekers can benefit from the plans offered by Bajaj Finance Limited. The benefits of opting for such policies include:
● An easy application process - The streamlined application process requires customers to fill in an online application form with their vehicle registration number and mobile number. After entering a few additional details and choosing the ideal insurance plan, they need to pay the initial premium online to complete the purchase.
● Compare plans - Customers can compare plan coverage umbrellas, premiums, add-on covers and additional benefits before choosing to maximise their gains effectively.
● Cashless claim settlement - The claims settlement process can be initiated with the help of a smartphone. By clicking on the self-inspection link sent to the registered mobile number, customers can opt for reimbursements or cashless claim settlements. Since the repair expenses are settled directly with the network garages by the insurer, policyholders can enjoy a cashless and convenient claim settlement process.
● No Claim benefits and discounted premiums - Under the lucrative No Claim Benefits (NCBs) clause, policyholders can avail a discount of 10% to 50% off on their premiums if they have not registered claims for the previous policy year.
● Great customer service - The ultra-responsive customer service department of Bajaj Finance Limited effectively addresses customer queries and issues. Thus, premium, round-the-clock assistance is guaranteed to all policyholders.
Thus, by opting for a bike insurance plan offered by Bajaj Finance Limited, you get a 100% digital buy journey with no tedious paperwork. Additional benefits like low premiums and attractive add-on covers help further optimise these plans.
