Getting bike insurance is as essential as getting a Covid-19 protection mask in the current times. If you are a bike lover, you might know that even a single scratch on it gives you pain and agony. Now, it is well-known that four-wheelers have dominated Indian roads, but bikes still have a loyal customer base.
Now, the first and foremost step to protect your bike is to ride safely and follow all the guidelines when you are on the road. But, any untoward incident is not in our hands, so this is where bike insurance steps in. Getting bike insurance online is one of the best investments you can make.
I believe that gone are the days when people used to go physically to purchase vehicle insurance, as with just a few taps on the smartphone, one is good to go. For example, while planning to buy bike insurance online, I went on my go-to application, i.e. Bajaj Finserv and quickly got it within a few minutes.
What is bike insurance?
A bike insurance policy is an insurance policy to cover any damages that may occur to your bike due to theft, natural disaster or an accident. Further, it also protects against third-party liabilities that may arise from injuries to one or more people.
Like everyone, when I purchased my Harley Davidson Street 750, I looked for the best bike insurance online. I’ve been using the Bajaj Finserv application for over a year for all kinds of recharges, so I came across their ‘Insurance Bazaar’. Well, just a few taps saved me a lot of energy, time, money, and fuel.
Why do you need bike insurance?
When you buy bike insurance online, it helps you comply with the Motor Vehicles Act 1988, which states that third-party motor insurance is mandatory in our country. However, not every biker pays the same insurance amount, as many factors come into play to determine its cost.
No Claim Bonus/Discount
It is a fact that if, in any policy year, you haven’t made any claim, then at the time of renewal, you’ll receive a substantial discount on the premium payable. This No Claim Bonus is adjusted against the premium.
Protection against natural & non-natural incidents
Insurance protects you from the expenses incurred due to damage sustained by your bike in natural disasters like earthquakes, floods etc. Further, it also covers non-natural incidents such as loss and damage due to theft, burglary, strike or even war.
If a third party is involved in an accident with your bike, there are bound to be legal liabilities. So, the best bike insurance online protects you against any third-party liability arising from an accident.
Here is the procedure to get your bike insurance online –
- Download the ‘Bajaj Finserv: UPI, Pay, Loans’ application. It is available on both App Store and Play Store
- Sign up with your personal details
- On the Home Page, you’ll see the ‘Insurance Bazaar’ section.
- Click on Bike
- Enter your vehicle registration number and city pin code to get pricing details
- Enter Vehicle Details
- Get a Quote
- Choose the one which suits your budget and requirements.