If you have a bike, you should also have a bike insurance policy covering it. The Motor Vehicles Act, 1988 specifies that every vehicle on Indian roads is required to have a valid insurance cover. So, just like you need a driving license to drive, a bike insurance policy is also required.
Just because the policy is mandatory, your dealer usually bundles up a policy when you buy a new bike. You can also choose and buy a bike insurance policy yourself. The online medium has made buying two wheeler insurance plans easy and quick. However, after you have bought the policy, it is necessary to ensure that the policy is authentic so that you can avail a valid coverage. Imagine making a claim under the policy and finding out that the policy is a fake!
8 Tips to check insurance of bike or two wheeler policy authentication
Authentication of your online bike insurance policy can be done using the following tips –
Tip#1 – Confirm with the insurance company
After buying the policy, call the insurance company to check whether the policy is genuine or not. You would just have to provide the policy number, which is mentioned on the policy document, and the insurance company would give you your policy details if the policy is genuine.
Tip#2 – Authenticate the details of your bike in the policy document
You should check the policy details and match them with the details of your bike. The bike’s engine number, chassis number, year of registration, registration number, etc. are all mentioned on the policy document. Cross check these details to ensure that there are no typographic errors and that the policy covers your actual bike.
Tip#3 – check the policy details
The coverage details of the policy should also be checked. Check the policy document to find out the coverage start date, end date, type of coverage you have availed and the premium paid. Make sure that what you purchased is what you are getting from your bike insurance policy.
Tip#4 – research the insurance company
Before buying a bike insurance policy you should do thorough research about the insurance company from whom the policy is being bought. Find out the background of the company, its promoters and the year from which it has been operating in the insurance sector. Also check the company’s IRDA license number. All insurance companies are required to be licensed with IRDA (Insurance Regulatory and Development Authority) for selling insurance and if the company has an IRDA license, it would be genuine.
Tip#5 Pay using the payment link sent by the insurer
When you buy a bike insurance policy, the insurance company usually sends a payment link on the email address which you entered when filling up the online form. When you click the payment link, you would be directed to the company’s website wherein you can check the details of the policy and pay the premium. Use this payment link to make the premium payment as the link would help you buy the policy from the insurer’s website and also double-check the policy details.
Tip#6 – Buy from a credible source
The online marketplace has simplified the whole process of buying bike insurance plans. However, there are a lot of websites from where you can easily buy bike insurance policies. That is why when you are buying online, you should buy from reputed websites to eliminate the possibility of fake policies. Turtlemint is one such reputed website which is tied up with major insurance companies. You can find a genuine bike insurance policy at Turtlemint’s website www.turtlemint.com
Tip#7 – Pay online for creating a payment trail
Try and pay for your policy online using your debit card, credit card, net banking account or any other online mode. When you pay online you create a proof of payment of the premium which would help in establishing the authenticity of your purchase.
Tip#8 – Check your email for the policy e-copy
After you buy the policy online, the soft copy of the policy is sent to your registered email id. Check your email to confirm receiving the policy copy. If the policy copy is not sent, contact the insurance company and insist on the soft copy of the policy which would prove that the policy is authentic.
When buying bike insurance policies you should be careful. You should follow the above-mentioned tips to ensure that the policy which you are paying for is authentic. Only an authentic bike insurance policy would provide valid coverage and pay a claim in case of contingencies. So, always check the authentication of your policy after you have bought it.
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