Vehicle theft is considered one of the most widespread crimes across India. This is followed by rising cases of inefficient regulatory compliance’s, whereby only 970 cases of the registered 4,600 vehicle thefts (as of FY 2018), have been solved.
Approximately 75% of the stolen vehicles are two-wheelers and are hence even more challenging to track down. Under such circumstances, a bike insurance plan can provide suitable financial coverage against these losses. Following up with such cases, the popularity of two-wheeler insurance plan covers are rising steadily.
The Motor Vehicles Law, 1988 was recently amended to set provisions, which make it mandatory for every automobile owner to purchase an insurance policy. Failing the same, it would lead to a penalty of Rs. 1,000 or 3 months of jail time.
Role of two wheeler insurance in case of theft
Taking into account the insurance coverage popularly needed, numerous financial institutions now offer their lucrative feature-loaded bike insurance policies. Such policies provide financial coverage in case of vehicle theft as well as for various other pointers as well.
Although such insurance covers come with a host of benefits, a lack of knowledge regarding the same results in individuals missing out on its advantages. Here is all that they need to know to avail the best bike insurance policy in India.
a) Benefits of this insurance plan in case of theft
Keeping in mind the convenience of potential insured individuals, financial institutions have introduced a host of features and benefits under this policy. Following is an elaboration on the same –
All-round coverage – Under this insurance policy, individuals can choose to avail a comprehensive cover or a third-party liability cover, based on their requirements. While a third party two wheeler insurance cover is mandatory for two-wheeler owners in India, a comprehensive cover can ensure protection for the insured individual’s vehicle as well in case of theft or damage.
It is, therefore, essential to conduct necessary research before availing the policy.
- No claim bonus facility – No Claim Bonus refers to the feature where individuals can avail a discount on their “own damage” if they do not raise any claims during the policy period. With this feature, individuals can also transfer about 50% of their existing NCB to a new insurer.
- Easy claim process – Bike Insurance policy from Bajaj Finserv offers a hassle-free claim settlement process. This easy claim process allows individuals to avail the benefits of their insurance policy in the shortest period.
- Attractive discounts – Few insurance providers offer attractive discounts on two wheeler insurance policy. These discounts are available on the premium paid or for no claim bonuses of the plans. Usually, members of recognised automotive associations or individuals with good rider history are eligible for this discount.
- Add-on covers – The best third party bike insurance policy in India come with add-on benefits like an accident cover for pillion riders, zero depreciation cover, accessory and spare part cover, etc. Apart from these, two wheeler insurance add on covers provides features like easy renewal benefits, the quick application process, longer policy tenor, etc. allow bike-owners to maximise the benefits from the policy even further.
b) How to claim bike insurance online?
To make availing a two-wheeler insurance policy simple, most financial institutions have introduced an online application process for the same. As an insurer, you should –
- Compare insurance plans and choose the one best suited for your requirements.
- Select the policy you require – third-party or comprehensive insurance plans.
- Choose any add-on cover as per your needs.
- Fill in the application form. Checks the list of documents required and upload.
- Choose your policy period and convenient premium payment cycle.
- Pay the policy premium online.
Upon completing the above steps, you will be provided with a digital copy of your insurance policy.
Two wheeler insurance plans provide substantial coverage in case of theft or third-party damage. However, a comprehensive insurance policy is recommended over a third party two wheeler insurance policy because it also provides coverage for theft of the vehicle.
In case you newly apply for bike insurance plan, ensure to conduct thorough research into the terms and conditions of different insurance policies to choose what best complements your need. Bajaj Finserv is an NBFC that provides Two-Wheeler Insurance policies with several features and benefits.
Primarily, there are two types of two-wheeler insurance policy –
- Liability-only: This policy only covers a third party on account of damage to his/her vehicle which you have caused. Hence, it is also known as the third party bike insurance policy.
- Comprehensive: In this case, you receive compensation for financial losses suffered by you due to a two-wheeler vehicular accident, irrespective of the victim.
Apart from a two-wheeler policy, you can also consider a life insurance policy to financially safeguard your family in case of any fatality suffered by you in road accidents. A significant number of on-road deaths are caused by two-wheeler accidents.