policy bazaar two wheeler insurance – In today’s fast-paced world, two-wheelers have become a popular mode of transportation, especially in urban areas. With their ease of maneuverability and cost-effectiveness, motorcycles and scooters offer a convenient way to navigate through traffic. However, with increased usage comes the necessity for insurance to protect against unforeseen events like accidents, theft, or damage. Policybazaar, one of India’s leading insurance aggregators, provides an extensive platform for comparing, purchasing, and managing two-wheeler insurance policies. This guide will delve into the various aspects of two-wheeler insurance offered by Policybazaar, including types of policies, features, benefits, claims process, and tips for selecting the right insurance plan.
Importance of Two-Wheeler Insurance
Two-wheeler insurance is not just a legal requirement in India; it also offers crucial financial protection. Here are several reasons why having two-wheeler insurance is essential:
- Legal Requirement: As per the Motor Vehicles Act of 1988, having at least third-party liability insurance is mandatory for all two-wheelers. Riding without insurance can lead to hefty fines and legal penalties.
- Financial Protection: Insurance provides coverage against financial losses arising from accidents, theft, or damages. It helps ensure that you don’t bear the full financial burden in case of an unfortunate incident.
- Coverage for Medical Expenses: Many two-wheeler insurance policies include coverage for medical expenses arising from injuries sustained in an accident, providing much-needed financial support during emergencies.
- Peace of Mind: Having insurance allows riders to operate their vehicles with confidence, knowing they are protected against unforeseen events.
- No Claim Bonus (NCB): Policyholders who do not make a claim during the policy term can benefit from a no-claim bonus, which leads to reduced premiums for subsequent renewals.
Types of Two-Wheeler Insurance Policies on Policybazaar
Policybazaar offers a variety of two-wheeler insurance policies to cater to the diverse needs of riders. The main types of policies include:
1. Third-Party Liability Insurance
This is the most basic form of two-wheeler insurance, which is legally mandated. It covers:
- Injury or Death of Third Parties: Provides compensation for injuries or death caused to a third party in an accident involving the insured two-wheeler.
- Property Damage: Covers damages to third-party property, including vehicles or other belongings.
2. Comprehensive Two-Wheeler Insurance
Comprehensive insurance offers extensive coverage and includes both third-party liability and own-damage coverage. Key features include:
- Own-Damage Coverage: Protects against damages to the insured two-wheeler due to accidents, theft, vandalism, fire, and natural disasters.
- Third-Party Liability: Covers legal liabilities arising from injuries to third parties or property damage.
- Add-On Coverage: Provides options for additional coverage, such as zero depreciation, roadside assistance, and personal accident cover for the rider.
3. Standalone Own-Damage Insurance
For those who already have third-party insurance, standalone own-damage insurance is an option. It covers:
- Accidental Damage: Coverage for damage to the insured two-wheeler from accidents.
- Theft and Vandalism: Protection against theft or vandalism of the vehicle.
- Natural Disasters: Coverage for damages caused by floods, earthquakes, and other natural calamities.
Add-On Covers for Enhanced Protection
Policybazaar allows customers to customize their two-wheeler insurance policies with various add-ons, enhancing coverage and providing additional benefits. Some popular add-ons include:
- Zero Depreciation Cover: Ensures that the full cost of repairs or replacements is covered without any depreciation deduction. This is particularly beneficial for new bikes.
- Engine Protection Cover: Covers damages to the engine due to water logging or oil leakage, which is especially useful for bikes used in rainy or flood-prone areas.
- Personal Accident Cover: Provides financial assistance in case of accidental death or disability of the rider.
- Roadside Assistance: Offers 24/7 assistance for breakdowns, including services like towing, minor repairs, and fuel delivery.
- Consumables Cover: Covers the cost of consumables like oil, nuts, and bolts, which are typically excluded from standard policies.
Benefits of Choosing Policybazaar for Two-Wheeler Insurance
Policybazaar offers numerous advantages when it comes to purchasing two-wheeler insurance. Here are some key benefits:
- Wide Range of Options: Policybazaar provides access to multiple insurers, allowing users to compare various policies based on coverage, premium, and features.
- User-Friendly Platform: The website and app are designed for ease of use, enabling users to navigate seamlessly through different insurance options.
- Premium Calculation: Policybazaar’s premium calculator allows users to estimate their insurance costs based on various factors, ensuring they stay within budget.
- Claims Assistance: The platform provides dedicated support for filing claims, helping policyholders through each step of the process.
- Renewal Reminders and Discounts: Users receive alerts for upcoming renewals and can avail themselves of discounts for renewing their policies online.
How to Purchase Two-Wheeler Insurance on Policybazaar
Buying two-wheeler insurance through Policybazaar is a simple and straightforward process. Follow these steps:
- Visit the Policybazaar Website or App: Go to the two-wheeler insurance section on the website or open the mobile app.
- Enter Basic Details: Input details such as the two-wheeler model, registration number, and the owner’s information.
- Compare Policies: Policybazaar will display a range of policies from different insurers, allowing users to compare coverage, premiums, and add-ons.
- Select the Best Policy: Choose the policy that best fits your needs based on coverage and premium.
- Fill Out Personal and Vehicle Details: Provide necessary information, including personal details, previous insurance details, and any claims history.
- Make Payment: Complete the purchase by making an online payment through various options like debit/credit cards, net banking, or e-wallets.
- Receive Policy Document: After successful payment, the policy document will be emailed to you, which you can download and store for future reference.
Claim Process for Two-Wheeler Insurance Through Policybazaar
Filing a claim can be stressful, but Policybazaar offers guidance to ensure the process is smooth. Here’s how to file a claim:
Step-by-Step Claim Process
- Inform Policybazaar Support: Contact Policybazaar’s claims assistance team to initiate the claim process. They will guide you through the necessary steps.
- Intimate the Insurer: Notify the insurance provider about the incident, providing details such as policy number, date, and description of the accident or theft.
- Documentation: Prepare the necessary documents, which may include:
- Claim form
- Police report (for theft or accidents)
- Vehicle registration document
- Driving license
- Repair bills (for reimbursement claims)
- Survey and Assessment: For own-damage claims, an insurance surveyor may assess the vehicle’s damages to verify the claim.
- Claim Approval and Settlement: Once the claim is approved, the insurer will settle the claim. For cashless claims, repairs are done at network garages, and the insurer directly pays the garage. For reimbursement claims, policyholders must pay upfront and submit bills for reimbursement.
Customer Reviews and Experiences with Policybazaar Two-Wheeler Insurance
Positive Feedback
- Ease of Use: Customers often praise Policybazaar for its user-friendly interface, making it easy to compare and purchase insurance.
- Transparent Pricing: Many users appreciate the clear presentation of premiums and coverage, allowing for informed decisions.
- Responsive Claims Support: The claims assistance team receives positive feedback for being prompt and helpful in resolving queries and facilitating claims.
- Cost Savings: Users frequently mention the savings they achieve by comparing policies and opting for the best offers.
Areas for Improvement
- Insurer Variability: Some customers experience variability in claim processing times and customer service depending on the insurer they choose.
- Website Navigation: A few users find the abundance of information overwhelming, leading to confusion when comparing options.
Tips for Choosing the Right Two-Wheeler Insurance
Selecting the best two-wheeler insurance policy can significantly impact your financial security and peace of mind. Here are some tips to help you choose wisely:
- Assess Your Needs: Consider factors like your riding frequency, the age of your two-wheeler, and your budget. This will help you determine whether you need comprehensive coverage or if third-party liability is sufficient.
- Review Insurer Ratings: Check the claim settlement ratio and customer reviews for various insurers. A higher claim settlement ratio indicates reliability.
- Compare Add-Ons: Evaluate the available add-ons to customize your policy. Choose add-ons that provide real benefits based on your needs, such as zero depreciation or roadside assistance.
- Check for Network Garages: If opting for cashless claims, ensure your insurer has a wide network of authorized garages in your area for smooth repairs.
- Utilize Policybazaar’s Tools: Make use of the premium calculator and comparison tools on Policybazaar to find a policy that offers the best value for money.
Conclusion
Policybazaar has transformed the way consumers approach two-wheeler insurance, providing a comprehensive platform for comparing, purchasing