Whether you are buying bike insurance online or manually, there are a number of factors that determine your premium charges and the cost of your policy. These include:
Model and make of the bike: If you have a high-end bike, you are bound to pay higher premiums in a bid to cover your bike’s market value.
Year of manufacture: A bike’s depreciation rate increases with time. As such, old bikes have low insured declared value and attract lower premium charges.
Owner’s age: Since it is hard for bike insurance providers to determine whether you are a reckless driver or not, they rely on age to determine your biking experience. Hence, young bike owners between 18 to 25 years are charged higher premiums.
Anti-theft discount: Bikes that are fitted with ARAI anti-theft devices are offered a 2.5 percent premium discount on own damage component of the bike insurance policy.
No claim bonus: This is a discount offered to bike owners who do not file claims during an entire policy year/duration. The discounts apply on the premium amount. So, the insurance provider rewards them for being responsible bikers.
Apart from these factors, buying bike insurance online is always cheaper because insurance providers offer discounts for buying insurance policies online. This is because you save them money, resources, and commission that would have been paid to a greater number of employees and agents.
Know Everything about Bike Insurance
Bike insurance offers protection against financial expenses that may arise from unforeseen circumstances like natural disasters, theft, and accidents. Based on the bike insurance policy you choose and the add-ons you opt for, a bike insurance plan will offer compensation for damages caused by third-party and personal accidents. Here is everything you need to know about buying bike insurance online.
1. Eligibility
Anyone who is fit to own a bike is eligible to buy a bike insurance cover. In fact, the initial bike insurance policy valid for one year comes with your new bike as part of the purchase package. After the initial one-year cover expires, you are required to renew your bike insurance policy with the bike insurance provider of your choice. It is advisable to conduct thorough research online on insurance aggregator sites like Coverfox.com that compare different bike insurance policies. From the comparison information, you can select the ideal cover based on your bike insurance requirements and needs.
2. Buying process
The bike insurance buying process starts with researching and determining the type of bike insurance you want, its cost, and your budget. The next step is contacting your preferred bike insurance provider to seek more information about the policy and possible premium discounts. If you are buying online, make use of the online premium calculator to determine whether the policy is affordable for you. After gathering all the necessary information and selecting your ideal plan, you are required to provide basic personal details like your name, contact details, bike model and make, registration date, home city, and biking history.
3. Required documents
There are some essential documents that you must provide when buying bike insurance. These include a copy of your driving license, proof of your physical address, your bike’s registration document a copy of your registration certificate and the current policy document if you are filing for bike insurance renewal. Note that, you must make the initial premium payment while buying bike insurance for it to be valid.
Why is it Easy to Buy Bike Insurance Online?
1. Convenience
Online bike insurance policies are hassle-free, quick, and involve less paperwork. Online insurance providers allow you to select your preferred bike insurance cover, as well as make payments using a secure payment gateway. Additionally, you do not have to get your bike inspected; declaring its IDV is sufficient.
2. Aggregator sites
Aggregator sites like Coverfox.com help you in comparing different bike insurance policies by offering information about the available insurance covers, their advantages, and costs. With such information at hand, you are able to make impartial bike insurance decisions.
3. Saves time
The manual insurance buying process is not only time-consuming but also hectic. But, the online buying option is less tedious and time-consuming. Though you still have to submit your details, the process is easier and faster since you only fill out one online form.
Buy Your Bike Insurance Today!
Bike insurance is mandatory and the ability to purchase your cover online at any time and from any location ensures that you remain compliant with the legal requirements. Also, you can find all the bike insurance information you need online to enable you to make informed decisions. You do not have to call or visit different insurance provider offices to seek information and quotations.