IRDA has formulated guidelines to regulate insurance policies.
Two-wheelers are one of the most ideal travel options for people travelling shorter distances.
Considered as one of the most convenient modes of transport, it is also preferred by people travelling to offices daily.
However, with convenience also come risks and uncertainties.
Riding on roads can often be unsafe too.
Hence, it is always advisable to take a two-wheeler comprehensive insurance cover.
There are many two-wheeler insurance policies available online which covers any kind of financial loss arising due to damage.
These policies also come with additional features.IRDA (Insurance Regulatory and Development Authority Of India) has formulated guidelines to regulate insurance policies.
By law, third party liability insurance is mandatory for all vehicles running on public roads in India.
This insurance covers liability for injuries and damages done to any person or property by someone else's two-wheeler.
However, this type of insurance doesn't cover any incidentals related to own damage.
Also, it doesn't cover any kind of security against theft or vehicle loss.
This means that one should prefer taking a comprehensive insurance cover, which may cover both third party liabilities along with any kind of financial loss.
A comprehensive insurance policy acts as a safeguard for one's finances.
It covers any damage caused to the vehicle due to an accident, burglary or theft, riot and strike, fire explosion, self-ignition or lightning, natural calamities or transit by road, rail, inland waterways and air or lift.
Online insurance policies give an ease of buying.
Customers can sit at home and conveniently purchase the right insurance that suits his/her need by just a click of mouse.
Motor insurance coverage online includes car insurance, two-wheeler insurance, and commercial vehicle insurance, among others.Benefits of buying two-wheeler insurance online:1.
Online insurance platform lessen the burden of paper works and documentation.
One can simply buy the policy online and make the payment done via secure payment gateways.
This makes the work very convenient for the customer.2.
Online purchase of policy is instantaneous and time saving.
Customer can avoid lot of hassles.3.
Purchasing two-wheeler insurance online gives the option of selecting a suitable one.
Customers can compare different policies available online and then select the most suitable policy.4.
The cost of processing the insurance online is less as everything is available online.
Customer can avoid broker or a middleman who may charge extra while buying a policy offline.
At times, lower premiums may be available online on two-wheeler insurance policies.5.
Also, certain offers (cashback/discount) may be available online on insurance policies.
This again saves money.6.
Buying an insurance policy online gives the option of easy renewals and payments.
Insurers keep on sending email reminders so that the customer doesn't miss renewing the insurance.7.
Two wheeler insurance is important and the ability to purchase online enables an informed decision.
Customer can do a lot of research work at his/her convenience of time.8.
Online insurance policies give the option of downloading policy document instantly.9.
Online policies offer attractive premium rates.
There are many policies available online that claims of giving the best rates.
However, the customer needs to be very careful before purchasing a policy.10.
Applying for online two-wheeler insurance means saving of all documents in one place.
This helps policyholders maintain and review a policy at any time they require, along with what all the policy entails.11.
In case, the customer is unsatisfied, cancellation of insurance policies are also available online which is also time saving.12.
Endorsement policy becomes simple on taking an online policy.
If policyholders want to make any amendments in the policy documents, then he/she can simply fill up an endorsement form available on the company's website.
After the endorsement form is filled up and submitted to the insurer, the request is sanctioned instantly.
Buying insurance online helps policyholders save time, money, energy, and effort.
It is more customer friendly.Safety of online two-wheeler InsuranceBuying online two-wheeler insurance is secured.
However, customer may be worried because of online transactions but if brought with extra research, it is always safe to buy two-wheeler insurance online.
It is advisable to read all the features offered before purchasing an insurance plan online.
Customer must also read insurance reviews of other policyholders before going for an online insurance purchase.
Also, he/she must take care of forged offers, cross check information and find out the accurate one.Types of two-wheeler insurance available onlineUnder online motor insurance cover, there are two types of policies on broader perspective- comprehensive insurance plan and third party liability insurance.
A comprehensive vehicle insurance plan includes third party liability as well as any expense incurred by the policyholder.
This comprises of any damage caused by fire, severe weather, and natural disasters, damage caused by a third party or animals, damage caused to vehicle due to civil disturbances like riots, theft and vandalism.
While third party liability insurance protects policyholder's interests from damages caused to property or an individual by the policyholder.
This comprises of damage caused by another vehicle (third-party), damage caused to another vehicle and injuries caused to people by policyholder during an accident.Insurance policies based on purposeThere are two main insurance policies based on purpose which are available online.
These includes- commercial vehicle insurance and private vehicle insurance.Private vehicle insurancePrivate vehicle insurance is intended for private vehicle owners only.
Customer with a privately owned two-wheeler vehicle may go for this policy.
Under this cover, both third party liability and comprehensive cover policy are available.
Some of the basic benefits extended by this plan include coverage for vehicle in case of accident or injury caused to a third party.Commercial vehicle insuranceCommercial vehicles insurance helps businesses protect the companies interests from damages caused due to different reasons.
Accident cover and third-party insurance are the most common insurance covers that commercial vehicles subscribe to.
Some of the commercial motor vehicle insurance plans include- comprehensive cover, named driver policy, any driver policy, fleet insurance, third-party, theft and fire.