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6 Reasons Why Buying Bike Insurance Plans Online Make Sense

newsnit by newsnit
3 May 2020
in Finance
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6 Reasons Why Buying Bike Insurance Plans Online Make Sense
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The two-wheeler has become one of the ideal transportation solutions for Indians. As practical as it may seem, two-wheelers are always accompanied by their own risks and uncertainties. Driving on the road can never be considered 100% safe, and that’s exactly where bike insurance policies come in.

According to the Motor Vehicle Act, it is compulsory to have your vehicle insured. Taking advantage of the same, the cost of bicycle insurance has skyrocketed. And there is no need to mention all the hassles one has to go through just to get insurance. However, buying a policy online can have several advantages.

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Advantages of purchasing two-wheeled insurance online

The era of buying insurance from your agent is long gone. The online insurance market has made the entire buying process as transparent as possible. Below is a list of some of the benefits you can get from purchasing insurance online:

1) Less paperwork involved

Doing your paperwork for your insurance policy can sometimes be tedious. One of the main advantages of purchasing your insurance online is to consult the documentation. While obtaining your insurance online, you just need to choose the insurance you want to take out and make the payment via a secure gateway. While offering such convenience, everyone is looking forward to the online market instead of buying offline.

2) Compare different policies

Another great advantage of purchasing a bike insurance policy online is that you can compare different policies while on the go. Instead of just relying on your agent to introduce yourself, you can view different policies at the same time and decide which one you want to use. Some websites also let you know all the pros and cons of different policies before opting for one.

3) Choose the most effective policy

With a multitude of policies to choose from, there is always a bike insurance policy for someone. In addition to comparing them online, you can also be sure of how different add-ons affect your policy, and which one can offer you the best deal for the price. Truth be told, some of the lowest bike insurance premiums you can buy in the market are only available online.

4) Scrapping of the intermediary / broker

Did you know that in all of your insurance agent’s friendly behavior, there is a huge brokerage below? One of the reasons why you can get cheap insurance online is that it eliminates the middleman or the agent who charges a large commission on the premium.

5) Easier policy renewal

Renewing your policies has never been easier. Not only your bike insurance policy but also all the other policies that you can find on the Internet. Thanks to a secure payment gateway, you can always benefit from a worry-free policy renewal.

6) Easy cancellation

Previously, if someone wanted to cancel their insurance policy, they had to go through a long process to do so. When you buy your policy online, you can cancel it at any time. Whether your insurer has issued a new policy or you are having difficulties with the current policy, for whatever reason, you can cancel them at any time. On a pro rata basis, once your policy is canceled, you can easily get a refund on the remaining policy.

Types of bike insurance plans

Generally, bicycle insurance policies can be classified into two types, namely:

Third party insurance

Liability insurance, as the same suggests, covers all injuries and damage caused to a third party by the insured vehicle. Liability insurance does not cover damage caused by the vehicle itself. This insurance covers the legal responsibilities of the third party.

Comprehensive insurance

Although liability insurance does not cover damage to your vehicle, insurance does. If you are looking for a versatile insurance solution, the complete solution is the one for you. In addition to providing liability coverage, it also provides security against loss or security of the vehicle.

Always buy your bike insurance online!

That being said, the points mentioned above are some of the benefits of buying a bike insurance policy online. Now, if you want to enjoy the same benefits and get the most out of what you pay for, online insurance purchase websites are just what you need. Browse their full list and find the insurance that works best for you. Once everything is in order, you are ready for the rest of the year.

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