Everything You Need to Know About Bike Insurance

Bikes offer a lot of convenience for traveling and reaching a destination as part of an adventure or daily work.

This is the reason why the sales of bikes have increased in the past few years. Indians love to travel to different areas and cities while enjoying their ride to their destination. Although the reasons for riding a bike may differ from person to person, you must maintain the bike as it is your responsibility.

Use our  Ontrack App to search for RTO vehicle Information and information on bike insurance.

Why should you get Bike Insurance?

There have been numerous accident reports that are majorly populated by road accidents.  With 40% of the reports being documented as road accidents, it has become necessary to consider the after-accident finances and accidental stress that the rider might go through.

It is always better to take action and plan ahead rather than wait for things to happen. The cost of repair for the vehicle is just one aspect, as the injuries and hospital expenses can create problems for you in the future.

It can be beneficial for you to own insurance to manage these unavoidable issues cleverly and without any hassle. Bike insurance will cover the safety of the bike rider as well as others involved in the accident.

Types of Bike Insurance:

1. Third-Party Insurance: Third-party insurance is mandatory as per traffic laws. It is mandatory for all classes of bike owners to buy third-party bike insurance. This insurance works by paying for the damages caused by the respective third party.

2. Comprehensive Insurance: Comprehensive policy as the name suggests covers a wider range of damage to your vehicle and also covers third-party liability.

Use our  Ontrack App to search for RTO vehicle Information and information on bike insurance.

How to Get Bike Insurance Online?

Getting bike insurance in India has become quite simple with the system advancements and the improvement in efficiency. There are some steps you must follow to get any type of bike insurance policy in India. You need to follow these steps in a step-by-step format to get financially safe and secure against damages.

Step 1: Identify the Need– Why should you get bike insurance? 

Two-wheeler insurance is equally important for a number of reasons, aside from the fact that it is mandatory for drivers of motor vehicles. A bike insurance policy is also a good way to protect yourself from other people’s damage.

Understanding why you should insure your bike is critical before you begin the process. The Motor Vehicles Act of 1988 requires that you inspect your bike before riding it on public roads. There can be legal and monetary consequences if you don’t comply.

Step 2: Research–Know the Basics

A bike insurance policy isn’t hard to understand. There are, however, some terms that you need to be aware of before purchasing the policy. Acquire a basic understanding of the terms used in vehicle insurance. Make sure you are familiar with terms like IDV, NCB (No Claim Bonus), and third-party liability. Know the common bike insurance jargon so you can understand the policy better.

Also, you should know that the Third-party Policy covers third-party liabilities, but not own damage. To cover both liabilities and your own damage, you need a Comprehensive Plan.

Use our  Ontrack App to search for RTO vehicle Information and information on bike insurance.

Step 3: Compare policies and select the right insurance company

You should compare two-wheeler insurance plans based on coverage, available services, and the amount of the premium policy. Don’t forget to compare plans of similar types as well. 

It is to be noted that the premium for a Comprehensive Policy of Bike Insurance can also vary. This depends on various factors one of which is the add-ons that you opt for with the comprehensive plan. 

Next, comes the part where you have to select the right company to get bike insurance. It is essential to buy the right insurance policy, but it is equally important to get it from the right company. A provider who offers excellent services pre-sales and post-sales is ideally the right insurance provider. Also, the claim settlements as well as the past history of the insurance company are what you must check early on.

Settle on one provider only when you are satisfied with their services. Make sure to check the customer reviews to get a clear understanding of their bike insurance services.

How to Get a Bike Policy Number?

The RTO website provides all details about your insurance once you enter the registered bike’s registration number. An offline way to get the bike policy number is by visiting the zonal RTO and providing the officials with your bike registration number so that they can search for your insurance details in the online system.

Use our  Ontrack App to search for RTO vehicle Information and information on bike insurance.

How to Get Bike Insurance Claim?

After an accident, there are two situations. You can either be a victim or the rider who caused the accident.

Scenario 1: When you are the victim, the third-party files an FIR and raises a claim with the other party’s insurance provider. 

Scenario 2: When you have caused the accident, you need to raise a claim with the insurer.

You can raise a claim in an efficient manner using the ONTRACK app.  It can be completely operated online and uses a smarter approach to giving a better experience to users with the need to file a claim quickly.

Use our  Ontrack App to search for RTO vehicle Information and information on bike insurance.

What the claim process looks like using the Ontrack app:

Step 1: Log in to your Ontrack account through the mobile app or website

Step 2: Click on “ Claim Now” after selecting your policy card against the bike

Step 3: You must upload the documents in the form of photos to register the claim successfully

It’s done! Once the Ontrack team goes through your claim and assesses all the standard prerequisites, they will get in touch with you to settle the claim. The duration of settlement usually depends on whether it was minor damage or severe damage. To ensure that a transparent and smooth process is deployed, make sure to inform the Ontrack team instantly after the bike accident to help them better help through the settlement.

Points to remember while raising a claim:

1. Make sure to inform both Ontrack and the authorities after the accident.
2. To support your claim, you must collect as much information as possible.
3. For a successful claim registration, make sure you have all the documents ready.

Use our  Ontrack App to search for RTO vehicle Information and information on bike insurance.