In recent years, there has been a boom in the automobile sector with high end growth rate. As a result of more and more people purchasing bikes, the need of Bike Insurance has been strongly felt. Bike Insurance is a solution to the growth and acute traffic dilemma that results in the increase of the number of automobile accidents on roads.
Bike insurance is obligatory for all new vehicles, be it money-making or for personal use. Bike Insurance is coming out with wide range of policies for its customers. In order to encourage the customers to take at least a low cost insurance or cheapest car insurance or cheap bike insurance, the companies are formulating new policies to draw in more customers.
The insurance agents and companies are also tying up with a number of automobile manufacturers for a speedy insurance procedure. A bike can be insured against loss or harm done to it by accident, fire, or theft.
Various insurance companies are providing value-added service to their clients by offering them online quotes for various models of bike. The premium is calculated by a number of factors such as making of the bike, year of its manufacture, place of registration, and present showroom price of the bike and also of which model of bike is it.
It is generally seen that the amount of the premium increases with the rise in the price of the vehicles. One can claim of the bike insurance in case of an accident, theft or third party claim.
Some of the major Indian banks and insurance companies that offer bike insurance online are:
• Bajaj Allianz
• United India Insurance
• ICICI Lombard
• HSBC India
• The New India Assurance