Bikes are one of the most convenient modes of transportation as they are easy to handle, economical and can navigate through heavy traffic easily. However, riding without proper insurance can be a big risk, and one must know the premium details and how to buy a bike insurance policy to stay protected against any uncertainties.
Bike Insurance
Bike insurance is a type of insurance that provides financial protection to the policyholder in case of any damage or loss to the insured bike. It is mandatory to have a third-party liability insurance policy as per the Motor Vehicles Act, 1988, and it covers the legal liability of the policyholder for any third-party injury, death, or property damage caused while riding the bike. However, it is advisable to opt for a comprehensive bike insurance policy that covers both third-party liabilities and damages to the insured bike.
SBI Bike Insurance
SBI Bike Insurance is a comprehensive bike insurance policy offered by SBI General Insurance for two-wheelers that covers losses or damages to the bike due to an accident, theft, or natural calamities. It also provides third-party liability coverage as mandated by the law. SBI Bike Insurance is an affordable and convenient way to stay financially secure and worry-free while riding on the roads.
Premium details
The premium of a bike insurance policy depends on various factors such as the make and model of the bike, the age of the bike, the age and driving experience of the policyholder, the location of registration, and the coverage type. The premium of a comprehensive bike insurance policy is higher than that of a third-party liability policy, but it provides broader coverage and peace of mind. However, there are certain ways to reduce the premium of a bike insurance policy, such as installing anti-theft devices, opting for higher deductibles, and avoiding small claims.
How To buy
Buying a bike insurance policy is a simple and hassle-free process, and it can be done online or offline. Online purchase is more convenient as it can be done from anywhere, anytime, and it offers competitive rates and discounts. Here are the steps to buy a bike insurance policy online:
Step 1: Choose the coverage type
The first step is to decide the coverage type based on the requirement and budget. A comprehensive policy is recommended as it provides extensive coverage.
Step 2: Compare the plans
The second step is to compare the plans offered by different insurance companies based on the coverage and premium. Online comparison portals offer an easy and convenient way to compare policies and select the best one. Bajaj Finance Insurance Mall is one such portal that enables you to compare plans offered by leading insurance providers and buy your preferred plan online.
Step 3: Fill in the details
The third step is to fill in the personal and bike details such as name, address, contact number, bike make and model, registration number, etc. It is essential to provide accurate information to avoid any discrepancies in the future.
Step 4: Choose add-ons
The fourth step is to choose the add-ons such as zero depreciation, engine protector, roadside assistance, etc., which enhance the coverage and reduce the out-of-pocket expenses.
Step 5: Make the payment
The fifth step is to make the payment online through various payment modes such as net banking, credit or debit cards, UPI, or e-wallets. The policy documents are sent to the registered email ID or mobile number.
Buying a bike insurance policy is not only a legal requirement but also a smart and responsible move to ensure financial protection against any unforeseen circumstances. SBI Bike Insurance is an affordable and convenient option for two-wheeler owners to stay safe and secure on the roads.
By following the above steps and choosing the right coverage type and add-ons, one can save on the premium and enjoy comprehensive coverage. Therefore, do not neglect the importance of bike insurance and get yourself and your bike insured today.
Hey, this is Johny Sehgal. I am the owner and caretaker at Finance Jungle. I completed my education in BSC and now heading towards the digital marketing industry. I usually have interests in reading, playing games and watching movies. I also love to write content based on quality information. The main motive of mine is to provide the top and best quality information to my readers. Finance Jungle is the blog for the same.
