COVID-19 has spread across the globe, sending billions of people in quarantine. The city streets are empty, and vehicles are parked in their owner's garages. Let’s find out whether buying a two wheeler insurance plan during a lockdown is worthy or not?
The contagious pandemic Coronavirus Disease (COVID-19) has spread across the planet and has claimed over 1,50,000 lives. At the moment, while the global count of confirmed COVID cases stands over 2 million, the disease has affected more than 18,000 people in India. Thus, in an attempt to stop the spread of the virus, Prime Minister Narendra Modi has enforced a nationwide lockdown till May 3.
While the lockdown is essential at the time like this, it has also created panic amongst people regarding the regular functioning of everyday activities. This article is aimed at addressing your concern regarding buying a two wheeler insurance policy for your much-loved scooter/bike.
Is it worth buying two wheeler insurance during a lockdown?
One of the most buzzing questions is 'Is it the right time to buy or renew two wheeler insurance policy during a lockdown?' Well, we at Coverfox understand this concern of yours and stand together with you during this tough time and are there at your service to keep your two wheeler insurance buying process hassle-free. Even if your two wheeler insurance policy is due for renewal or is heading towards its expiry, you can get it renewed instantly in a few steps.
How to Buy Two Wheeler Insurance Policy Online?
It is easy to buy two wheeler insurance online during the lockdown. Here is a step by step procedure of purchasing two wheeler insurance online.
Do the research: A lockdown can stop you from going out, but you can still buy an insurance policy online. Whenever you go online shopping, you can look out for multiple options and seek to choose the best. Therefore, don't buy the first two wheeler insurance policy you come across; instead, prepare yourself with basic knowledge and then make an informed decision.
Compare different bike insurance policies: Choosing the best two wheeler insurance policy can be a complex task, but it's not difficult if you have compared different insurance plans. You must consider the following factors while buying two wheeler insurance to make sure that you buy the right plan that matches your requirements.
Type of coverage
- Make of vehicle
- Factors that affect your premium amount
- Time to process the claim
Incurred Claim ratio
Select the insurance provider: There are nearly 30 general insurance providers in India. Selecting the right insurance provider is as essential as buying the right insurance plan. Go for the company that offers smooth claim settlement procedure. Moreover, visit the company website and look for customer reviews.
Select the type of bike insurance you need: To select the type of two wheeler insurance policy online, visit the bike insurance page and fill up the details about your vehicle. Next, choose the type of insurance plan you want to buy. You have two policy options to choose from:
Third-party liability cover: This type of insurance is mandatory in India and covers the liability arising due to third-party damage.
- Comprehensive cover: Along with the third-party cover, a comprehensive policy includes own damages. This type of policy is optional.
Choose the IDV: Once you finalise the two wheeler insurance policy for your bike, the next thing you have to do is set the IDV (Insured Declared Value) for your vehicle. IDV is nothing but the current value of your bike. It is usually calculated as the cost of the bike minus the depreciation on it.
Do not forget the add-ons: Add-on, also known as a rider, offers additional coverage that can be included in your two wheeler policy by paying an extra nominal premium. However, they could be added only to the comprehensive policy. You can increase the coverage of your comprehensive two wheeler insurance policy by adding a suitable add-on to it. Zero depreciation cover, roadside assistant, and engine protector are some of the popular riders that people add to their basic policy in order to get the maximum coverage for their vehicle.
Understand the policy coverage: It is important to understand the policy coverage before buying one. You can do this by reading the policy document carefully. Following are some crucial points to go through in the policy document:
Understand policy terms and conditions
- Read coverage details
- Know the geographical coverage of the policy
Read and understand policy exclusions
Make a payment: Provide accurate personal and vehicle-related details in order to avoid hurdles at the time of making a claim or getting your policy terminated. Check the summary and make payment. Once you make the payment successfully, the insurer will send the copy of your two wheeler insurance policy on your registered email address.
Do I need to renew my two wheeler insurance policy during a lockdown?
If your two wheeler insurance policy is due for renewal, then yes, you need to renew your plan even during the lockdown. This is because, as per the Motor Vehicles Act, 1988, at least a third-party insurance policy is required for all vehicles in the country. Under the current traffic rules in India, driving a vehicle without a third-party insurance policy attracts a fine of Rs. 2000 and/or imprisonment up to 3 months. And, if you do not renew your comprehensive two wheeler insurance before its expiry, you will lose all the accumulated no claim bonus. Hence renewing your two wheeler insurance policy is very important.
During this lockdown, you may not be able to visit the insurance company branch and buy or renew your two wheeler insurance. But what you can do is make the best use of the internet and start looking for the best bike insurance plans available in India. A comprehensive bike insurance policy provides coverage for things such as theft and natural calamities. Therefore, you will want to retain these coverages as well even if your bike is parked right outside your home.
Recommended Link: Top Insurance Company for Buying Two Wheeler Insurance
