In the absence of a robust public transport network, sales of bikes or two-wheelers have been on the rise. This has led to more vehicles on the roads. Accidents too have been on the rise. On an average, every hour six road accidents involving two-wheelers are reported. That is precisely the reason why you should buy a two-wheeler insurance policy.

A two-wheeler insurance policy is an agreement between two parties, the insured and the insurance provider. Under this agreement, the latter promises to provide monetary compensation to the former, in certain situations, in return of premium payments. A two-wheeler insurance provides a safety cover against unforeseen events that may affect you adversely in the future. Some of the various benefits provided under a two-wheeler insurance policy’s purview are:

• Personal Accident Cover: If you suffer injuries due to an accident involving your two-wheeler, the insurance policy will cover your medical expenses. Depending upon the severity of your injury and the sum insured amount of the policy, monetary compensation will be provided.

• Compulsion by Law: The Government of India mandates purchase of two-wheeler insurance. You are legally bound to buy the third-party liability bike insurance policy to avoid fines or penalties. But the smart way is to purchase a comprehensive two-wheeler insurance policy.

• Third-Party Liabilities: If you cause any bodily injury or damage to any third-party or their property, they will most likely demand that you pay them for the losses they suffered. Through your two-wheeler insurance policy, you can have these costs directly paid by your insurance provider to the third-party.

• Unfortunate Events: There is always a possibility of bike theft or damage to the bike due to natural or man-made disasters. In such cases, depending upon the type of bike insurance policy you hold, your losses would be compensated through your insurance provider. Please note, in case you have purchased only the mandatory third-party two-wheeler insurance policy, no damages to your own bike would be provided for by the insurance provider.

If you are still wondering how to buy a two-wheeler insurance policy, here is a guide. You can explore both offline and online avenues. The insurance products for two-wheelers are plentiful.

• Offline Method: If you want to avoid using the internet for purchasing your two-wheeler insurance policy, you can directly approach an insurance company’s office. An executive will guide you through different bike insurance products. Based on your preference and type of two-wheeler you own; an appropriate product will be recommended to you. Once you have decided on the product, you would be required to fill in an application form which would hold details about yourself and your bike. After approval is received from the insurance company, you would receive your insurance policy documents which would hold information about the premium payments and its frequency.

• Online Method: The online method of purchasing a two-wheeler insurance policy is more popular now. All travel insurance providers have a web portal of their own that can be accessed to purchase a two-wheeler insurance policy. The basic steps under this method are as follows:

• Step 1: Log in to the web portals of different two-wheeler insurance providers. Apprise yourself of the products available in the market and compare quotes

• Step 2: Once you have zeroed in on the product, apply for the coverage

• Step 3: You would then be required to fill an online form detailing your bike’s specifications and your own personal information.

• Step 4: Through Net banking or credit/debit cards, you will be then able to make your first premium payment

• Step 5: The details of your bike-insurance policy will be received instantly on your registered email ID which needs to be kept securely for your own record keeping.

Buying a two-wheeler insurance policy is a rather straightforward process. The research that you do before paying your first premium is important because the policy you ultimately choose should fit you the best.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.