A two-wheeler insurance policy is essentially an agreement between an insurance company and a person in which the insurer covers any damage sustained by the two-wheeler in the event of an accident, natural disaster, or theft.
You can buy two-wheeler insurance online from okbima.com as it is a one-stop insurance portal where you can evaluate numerous bike insurance packages and choose the best insurance for your bike.
okbima.com is where you can evaluate numerous bike insurance packages and choose the best insurance for your bike. There are a variety of reasons to buy term insurance from okbima.com, including:
1 Lac+ Satisfied Customers- Understand & We are a dependable and trustworthy company with over 100,000 delighted customers. Join our expanding group to benefit from our excellent services, amazing value, and commitment to client happiness.
30+ Life Insurance Choices- Understand & It is easy and fast for people to get access to more than 30 insurance firms that specialize in life insurance.
24 hours a day (dedicated relationship manager)- Understand & We are available to you 24 hours a day, seven days a week through our online platform, which also makes the investment process more transparent and faster overall.
Empathy- Understand & At okbima.com, empathy is our guiding principle as we believe insurance should prioritize the needs and well-being of individuals over mere statistical figures.
There are three different types of bike insurance plans, which are described below:
Third-Party Bike Insurance Plan
A Third-Party Bike Insurance policy is the most basic sort of two-wheeler policy, providing coverage for any damages and losses caused by your two-wheeler to a third party's person or property.
According to the Motor Vehicle Act of 1988, any bike owner is required to carry third-party bike insurance. This provides coverage for third-party liabilities such as injuries, fatalities, and property damage. Only personal damages are covered under this policy.
Comprehensive Bike Insurance Plan
A comprehensive bike insurance policy covers all of the flaws of a third-party bike insurance policy. A comprehensive bike insurance policy, also known as a package bike insurance policy, covers all forms of damages to the insured's bike in the event of an accident.
Also, it offers protection against both third-party liabilities and own losses sustained by the insured's bike.
Standalone Own Damage (OD) Bike Insurance Plan
In a standalone own-damage bike insurance policy, the policyholder is covered for losses or damages to their own insured bike due to an accident or unexpected event.
If you buy a solo own-damage policy, you must also buy a third-party policy to meet the legal criteria specified by the Indian Motor Tariff, 2002.
Bike insurance is essential to shield you, your car, and any potential financial damage from accident-related losses and third-party responsibilities. Here are some of the reasons why do need motorcycle insurance:
If you damage someone else's property or injure someone while riding your bike, you may be held accountable for the cost of repairs or medical fees.
You can avoid this by purchasing 3rd Party Insurance for your two-wheeler. This will help cover any financial expenditures incurred as a result of third-party liability.
For even more security, insurance can help cover your own medical costs and offer personal injury protection in the event of a collision.
Your medical insurance coverage will assist you in paying your bills regardless of who caused the accident, allowing you to remain financially stable regardless of what happened.
Optional personal injury protection coverage can also assist pay for child care, lost earnings, and other related expenses incurred while recovering from your injuries.
If your bike is stolen and not located, your financial loss will be reimbursed if you have Comprehensive Bike Insurance. With okbima.com, you can rest assured that your bike theft claim will be resolved quickly and without difficulty.
Motorcycle repair insurance, often known as mechanical breakdown insurance, is an optional type of coverage that pays for certain motorcycle repairs.
In this sense, it is similar to an extended warranty that can assist you in repairing the engine, gearbox, and other routine maintenance repairs performed at your local repair shop.
Third-party insurance is required for all motor vehicles, including electric bikes and scooters, under the Motor Vehicles Act of 1988. If you violate this legislation, you could face a fine of up to Rs. 4,000 and/or jail. To avoid issues with the law, it is critical that you purchase/renew bike insurance.
There are many benefits of buying an insurance policy online such as:
Premium Rates- Purchasing bike insurance online will result in lower premiums because there are no agents or intermediaries involved.
Transparent- As everything will be displayed on the firm website, it will be more transparent.
Purchasing Procedure- We have our own website, okbima.com, where you can easily buy bike insurance using your laptop or mobile phone.
Customer Service Assistance- You can now quickly interact with our team, which is available 24/7 to assist you with purchasing bike insurance or answering any other questions you may have.
Paperwork- You no longer need to fill out any papers because you can easily acquire your bike insurance online with a few mouse clicks.
Comparison-Agents only sell the bike insurance that they want to sell, but through the online purchasing process, you can simply evaluate all of the plans based on your budget and needs.
You can choose the best bike insurance policy through the following points:
The primary goal of insurance is to reduce financial losses in the event of unforeseen circumstances covered by the policy. Therefore, the coverage aspect of your two-wheeler insurance should be given the most importance. Always check the inclusions and exclusions of a two-wheeler insurance coverage before purchasing it.
Always go with an insurer that has a reputation for swift, effortless, and simple claim settlement methods. Before buying two-wheeler insurance, it's crucial to take the insurer's claim response time and claim settlement ratio into account.
Most motorcycle insurance companies usually offer discounts and bonuses on their policies. Discover any discounts you could be entitled to you never know, a simple inquiry might lead to the best bike insurance plan at the lowest cost.
Increase coverage with bike add-ons. Compare plans, required coverage, and premiums and make informed decisions to avoid disappointments. To get lower prices and greater coverage, compare insurance.
Insurance, particularly motorbike insurance, is a vital step towards financial security. It will assist you in filing a claim in the event that your bike is damaged or stolen. You are entitled to compensation under the insurance policy for both man-made and natural disaster damage.
Let's have a look at the documentation needed for two-wheeler insurance.
The factors affecting two-wheeler insurance premiums are-
If you are still confused about whether you should examine and compare bike insurance policies online. So, you can easily buy and compare the finest two-wheeler insurance online at okbima.com.Get a Quotes
A bike insurance calculator is a straightforward online tool for calculating the insurance cost for a motorcycle, scooter, or electric bike.
A bike insurance calculator is a simple online application that allows you to determine the insurance cost for a motorcycle, scooter, or electric bike.
To give you a free quote, the two-wheeler insurance premium calculator takes into account the vehicle's make, model, Insured Declared Value (IDV), year of production, and Regional Transport Office (RTO) details.
The premium for bike insurance is calculated by the following elements:
You can pay for a new bike insurance policy online because-
Okbima.com researched and compared the following 8 major two-wheeler insurance providers to assist you in making your decision:
Key features of a bike insurance policy are:
If your policy expires, you lose financial and legal protection against third-party claims, as well as damage to your bike or theft of the vehicle.Contact us
When you ride your bike, there's always a risk of accidents, natural disasters, riots, fire, or theft causing damages or losses. These unexpected incidents can be costly and burden your finances. It's important to have insurance coverage to protect yourself from these potential expenses and avoid financial strain.
Bike insurance coverage protects your bike from unforeseen events. If you suffer any losses or damages, you should notify your insurance carrier by filing a claim. A claim is similar to a request for compensation under your insurance policy. The insurance provider will assess the case and compensate you in accordance with the policy terms.
It is important to select an insurer who handles claims quickly and efficiently.
There are two types of two-wheeler insurance claims
When you make a cashless claim for your bike insurance, you can take your bike to a garage that is part of the insurance company's network. This means the insurance company has a partnership with that garage. They will handle the payment directly with the garage, and you only need to pay the deductible amount. The remaining expenses will be taken care of by the insurance company.
In Reimbursement Claims, you need to pay the repairs bill from your pocket and then submit the original bills, payment receipts, etc. to any insurance company. The insurer shall subtract the deductible amount as per the terms and conditions and reimburse the repair amount to you. In this case, you can get your two-wheeler repaired at your preferred garage.
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If a policy is purchased, the insurance provider will cover all of the repair costs. As a result, you won't have to worry about unexpected costs.
Your insurer will not pay for your loss or damage. Electrical and mechanical breakdowns are not covered by your motorbike insurance. You might hold a valid license. However, your friend who borrowed your bike for a ride may not have one.
According to the Motor Vehicles Act of 1988. If you have recently purchased a brand new scooter or bike and have opted to go with basic third-party bike insurance, you must purchase a 5-year coverage.
After completing the necessary verification process and adhering to the policy's terms and conditions, the refund amount will be determined on a pro-rata basis. You might not be eligible for a refund of the premium if you filed a claim for bike insurance during the policy's validity period.
Bike insurance prices in India can range from Rs. 2000 to Rs. 20000, depending on the brand and model of your bike, your age, and other considerations.
Your bike insurance policy number can be found on the Certificate of Insurance that you receive when you buy the policy. Your insurer will also send you letters and emails with your bike policy number on a regular basis.
No, a bike insurance policy cannot be canceled unless there is an actual case that is reported within a month of the policy's purchase date.