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How can I pay the bike insurance online
Third-party vehicle insurance is mandatory by law for all two-wheelers in India. However going to an office to get your vehicle insured can be a hassle, especially since it can be easily done online in a few simple steps.
Let us explore how to pay for bike insurance online.
Using the Moneyview app or website, you can buy or renew bike insurance online from the comfort of your home in a few simple steps.
Step 1: Download the Moneyview app and log in using your mobile number.
Step 2: Tap the “Buy Motor Insurance” icon and tap “Get Quotes”.
Step 3: Select “Bike” on the next screen.
Step 4: Type in your bike’s registration number and proceed by tapping “Check Premium.”
Step 5: Compare and pick the policy you prefer and tap “Buy Now”.
Step 6: Enter previous policy details if any, and nominee details.
Step 7: Complete the KYC
Step 8: Make the payment.
And you are done! You have purchased insurance for your bike.
Two-wheeler insurance covers you and your vehicle against damages or third-party liabilities. Let us look at the three types of bike insurance policies.
Third-party insurance: Third-party insurance is mandatory for all motor vehicles in India. The premium costs are set by the IRDAI and only cover the cost of damages and injuries caused to third parties.
Own damage insurance: Own damage insurance protects you financially against damages caused to your bike due to accidents, fires, theft, and natural and man-made calamities.
Comprehensive insurance: Comprehensive insurance is a combination of both third-party and own damage insurance. It covers both third-party liabilities and damages caused to your vehicle but it comes at a higher premium cost.
|
Third-party insurance |
Own damage insurance |
Comprehensive insurance |
|---|---|---|
|
Third-party bike insurance is mandatory by law. |
Not mandatory by law, but is recommended. |
Not mandatory by law, but recommended. |
|
It covers damages or injuries caused to third parties. |
Covers damages caused to your bike including accidents, theft, and calamities. |
Covers both third-party liabilities and damages caused to your bike. |
|
Third-party insurance does not cover damages caused to your bike. |
Own damage insurance does not cover third-party liabilities. |
Comprehensive insurance provides complete protection. |
|
Low premium costs set by IRDAI. |
Moderate premium costs. |
Premium costs are high but offer broader coverage. |
Buying or renewing bike insurance is important for many reasons:
Legal Requirement: In India, it is legally mandatory to have at least third-party insurance for your bike.
Financial Protection: A comprehensive or own damage insurance saves you from significant financial losses in the event of an accident, theft, or disaster that leads to damages or injuries.
Peace of Mind: Knowing that your vehicle is insured against several potential incidents can give you peace of mind when riding.
Affrodable Protection for Your Prized Ride/Drive
To know more bike insurance articles here:
Bike insurance protects you from suffering significant financial losses in case of accidents or other unfortunate incidents. With third-party insurance being a legal necessity there is no reason to delay insuring your vehicle.
Now you can buy or renew your bike insurance in a few easy steps on the Moneyview app.
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