The vehicle insurance market has changed dramatically with many new insurance companies providing attractive offers, schemes, and benefits to customers. Recently, they came up with a range of features to attract people, retain them, and increase their network.
With the internet being a medium of purchasing insurance plans, the whole process has become fast, easy, convenient, and hassle-free.
An online bike insurance policy is a combination of different benefits and features that make it a preferable choice for people who are working professionals and do not find time to visit the office of the insurance company for minor issues.
They can easily buy for it by registering themselves on the website and filling the required details. After submitting the documents, they receive an email from the insurance company with an attachment of their policy.
Features of a Vehicle Insurance Policy
Comprehensive and Liability Coverage
The rider has an option of choosing either type. The comprehensive insurance cover protects the vehicle against damages caused by accidents. It also provides accidental protection to the co-passenger.
The liability insurance cover, on the other hand, is compulsory under the Indian Motor Vehicle Act. Each rider should have a liability insurance cover.
Personal Accident Cover
Bike owners can now benefit from personal accident cover worth INR 15 lakh, which is an in-built feature of the policy.
The additional coverage on two wheeler insurance is offered at an extra cost but eases the process of filing claims.
Pillion riders can also get a personal accident cover. The owner receives benefits like enhanced cover for spare parts, accessories, and many more.
Secure Transfer of No Claim Bonus (NCB)
The NCB discount can be transferred effortlessly for the purchase of a new vehicle. It is given to vehicle owners and rewards them for safe driving practices and for not making claims in the previous years.
The bike insurance companies approved by IRDA provide several discount schemes for members of recognised automobile associations, and vehicles installed with anti-theft devices. Owners with an excellent driving record also receive NCB concessions.
Insurers provide online policy purchase and renewal options through their websites and smartphones. This process makes it easy for policyholders to get their needs fulfilled.
Since all prior policy claim and additional details are available in the database, the 2-wheeler insurance policyholder can renew or purchase them quickly and conveniently.
The online process also provides growth to the economy of the country.