Ruchi Verma Did you ever think that prevention and safety will become more relevant than anything as it is now? No right? The pandemic has changed the face of life pushing humans to make decisions that refers to necessities or demands to fulfill regulations.
One such important rule for the bike owners is to own a two-wheeler insurance policy. This is the prerequisite for all the motor two-wheeler owners who plan to put their vehicle to use on roads. Don’t know what is two-wheeler insurance?
What is two-wheeler insurance?
Falling under the category of general insurance, two-wheeler insurance is an essential policy in India. Any person driving a bike or any other two-wheeler must have a policy before putting the vehicle to use on the road.
A two-wheeler insurance policy can be bifurcated into three types as the following:
A. Third-party policy: When you are held responsible for an accident, this policy covers the damages to the third-party vehicle/property and injuries/death of the third party person. This is commonly known as TP Cover and it is illegal to drive without this in India. The absence of a third-party liability policy can cost you a heavy penalty of Rs.2000/- as per the Motor Vehicles Act.
This policy does not cover the damages to your own vehicle.
B. Own damage cover: If you already have a valid/active Third-party policy, you may opt for the OD cover as well. This policy helps you to recover the expenses of your bike caused due to accidents, fire, natural calamity, theft, etc. This cover is not mandatory but you must consider if you want to take good care of your bike.
C. Comprehensive policy: As the name suggests, this policy consists of two components:
i. TP liability cover
ii. Own damage cover:
This single policy covers the third party liability and the damages to your own vehicle in an accident, theft, fire, natural calamity, etc.
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Where can you buy online two-wheeler insurance from?
If you are willing to buy a two-wheeler insurance policy online, here is the detailed list of insurance companies providing bike insurance online through their website or app:
1. Digit Insurance
2. Policy Bazaar
3. Insurance Dekho
4. Acko
5. Coverfox
6. ICICI Lombard
7. Iffco-Tokio
8. Hdfc Ergo
9. Reliance General Insurance
10. Bajaj Allianz
If online does not satisfy you and you think that traditional methods of purchasing a two-wheeler insurance policy are better, you can try the alternative.
Benefits of buying a two-wheeler policy online.
Buying a two-wheeler insurance policy online turns out to be a better option. Here are the reasons to support the online mode of purchase:
- Buying a two-wheeler policy online saves time.
- Quick and convenient comparisons of the quotations from different insurance companies.
- You get to know about all the coverages and do not have to wait for your agents to clarify the points.
- You can choose from all the available add-on covers and decide to buy as per your ease. It will be your decision and not biased.
- As a buyer, you can avoid the involvement of all the middlemen which makes your policy affordable.
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Where can you buy offline two-wheeler insurance from?
For offline purchase of a two-wheeler insurance policy, you can contact :
1. Insurance POSP
2. Vehicle dealer where you bought your two wheeler
3. Approach a broker to provide you with quotations from different insurance companies. You can then compare the quote and ask for clarification if need be.
Difference between buying two-wheeler insurance offline and online.
| Particulars | Offline | Online |
| Cost of Insurance | Buying a two-wheeler policy offline is an expensive affair comparatively because it includes the cost of moderators. | Buying a two-wheeler policy online is comparatively cheaper because it excludes the cost of representatives and other administrative costs. |
| One-click solution | For offline two-wheeler policy, you need to approach more than one agent or a broker to provide you the best quote. | Under an online facility to buy two-wheeler insurance, you can get to know quotes from different insurers just by one click. |
| Reduced Paperwork | Offline policy purchase methods still involve a lot of paperwork. | Whereas, when buying a two-wheeler policy online the time consumed in paperwork reduces considerably. |
| Time-efficient | Offline purchase of two-wheeler insurance policy consumes a lot of time as you have to wait for your queries to be answered by the agents or the insurance companies. | On the other hand, under an online purchase method, the time taken is less. The communication is done via emails that you can check from anywhere and at any time. |
| Convenient Comparison | Buying a two-wheeler policy offline makes it difficult to compare the quotes from different insurance companies. | When buying online, it is easy to compare the quotes from several insurers. |
Not just for the convenience of purchase, choosing the online mode is better for filing claims also. Most insurers allow the customers for self-inspection as a part of complete digital infrastructure. Finding and buying a two-wheeler policy online will always be a better option. Still not convinced?
Look at these points that will back your thoughts on why online is a better way to purchase a two-wheeler insurance policy.
© Ruchie Verma.
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Vehicle insurance is a must. People tend to overlook insurance for two wheeler and they tae insurance mostly for four wheeler. The differences that you have explained are pretty clear. Let me forward it to my relatives in India.
I had heard about ICICI lombard before but all other options are new to me. thanks a lot dear for sharing info about other options. also, it was a great learning to know difference between online and offline insurance.
Useful post for all those who own or are planning to buy a two-wheeler. The information overload on the internet can get overwhelming. Your post will make it easier to make a decision.
wow Ruchi this is quite an informative and detailed post. I wasn’t aware of any of these information. Will definitely share with people who are interested in buying a two wheeler.
I feel that buying two-wheeler insurance online is fast and hassle-free. Surely we must compare policies and the cover we’re looking for properly.
oh this is indeed a good guide to those who own two wheelers. i have not idea about a two wheeler and never rode one either. but I think its time to get once for myself.
Online purchasing really has an edge today as it cuts off the middlemen involved and thus reduces the cost , also it is so much easier to compare the various rates and benefits and so much safer too .
This is truly an insightful post buddy for a two wheeler owner. These points can help them buy the right insurance.
Buying two wheeler insurance has so many aspects, will share your post with as many people as i can.
We got an online policy from Iffco-Tokio for our two wheeler. It was quick and easily sorted along with hr paperwork
When the entire world is moving towards digital solutions, two-wheeler insurance should also be bought online. This post shares very crucial inputs to get your insurance soon and hassle free.
Vehicle insurance is a must . We got online policy for our two-wheeler. This post is very helpful and informative on this case . Will share with my friends.
I will share this with my husband right away. He was looking for a new platform to get his bike insurance done. This is a very helpful post indeed. It will definitely help him make an informed choice.
This is interesting. indeed, online insurance seems to be the most convenient choice! easy and quick – definitely our preferred method of working 🙂
Very useful post. Insurance of vehicle is a must but there is confusion about how, where and more. This post sort out many queries.
Vehicle insurance is must and it ia great that we can get this done online and the convenience of purchase, choosing the online mode is better for filing claims also. Great post .
Vehicle insurance keeps our drive stress free too. In the online world if things are quicker and easier then I shall always select online method. Liked the comparison of both the things for people to decide faster.
Very detailed and comprehensive information here. I would love it if you could post about 4 wheelers as well. It would be very useful for me:)
Thanks for this informative post on where to buy vehicle insurance from. I am sure this will help people with two-wheeler to decide the best mode of getting insurance. We do it online, it’s easy & hassle-free.
We have to do the insurance for the two wheeler and thats Ruchie for sharing this one. Its going to help me lot.
Thanks for this informative article my mom who uses a two-wheeler is always confused about this thing. I can share your post to her and she will surely benefit from it. Comparing different policies is intelligent thinking.
I agree with Mayura. Some useful messages and searches get missed due to the influx of a whole lot of meaningless information. The information overload on the internet can get overwhelming. Your post helps a reader get to decide his/her choices, especially when it comes to something as critical as two-wheeler insurance.