Bangladesh is a country where motorcycles are becoming more and more popular every day due to increased traffic and bad road conditions. Buying motor insurance such as bike insurance or car insurance is as important as buying insurance for your other assets like your life, health, children, house, factory premises, etc. Just like every other insurance policy, an insurance plan for a motor vehicle also saves you from various financial losses incurred due to several unfortunate events like road accidents, damage to third-party, etc. Therefore, the government of Bangladesh has made insurance a mandatory requirement before riding or using your motor vehicle on the streets.
You can either purchase a comprehensive motor insurance policy or buy a third-party (also known as Act-Liability) insurance policy. Third-party or Act Liability insurance policies cover risks associated with the third-parties other than the driver/rider or passenger of the vehicle. On the other hand, comprehensive insurance is the one through which you can get coverage for both third-party and your own vehicle against any loss or damages.
So, these two options are available with most of insurance providers and you can buy your required insurance online very easily. While purchasing motor insurance online, you can follow the below steps:
Step #1: Do The Research:
Whenever you go to purchase anything, you explore the market for it first. The same rule applies to the purchase of online insurance products. It is suggested to do research before buying any insurance plan. Be it health insurance, home insurance, or insurance for your motor vehicle, explore the market first. In this modern era where everything is available online, you can research insurance products online as well and even more easily. Moreover, it is recommended to understand the basic terms of the insurance products before jumping to any conclusion about purchasing a motor insurance plan. Get an understanding of the terms such as ‘No Claim Bonus’, Comprehensive Insurance, Third-Party Liability, Insured Declared Value, etc. related to two-wheeler insurance.
Step #2: Select The Insurance Company
Selecting the right insurance company is the second step in choosing the most suitable insurance plan. You can get online insurance for your motor vehicles from bimabd.com which provides a variety of insurance products from different leading insurance companies in Bangladesh. It is the first and only online insurance marketplace in Bangladesh where you can compare different insurance products based on their price, features, after-sales services, etc. You can choose the right insurance policy from your preferred insurance company very easily with a few clicks from bimabd.com
Step #3: Finalize the Type of Two-Wheeler Insurance
You may find different variants of a two-wheeler insurance plan on the bimabd.com website. Therefore, it is your call to decide what covers you or what you want in your insurance policy. If your requirement is a comprehensive motor insurance plan, then select a policy accordingly. However, if you want a third-party insurance plan, then you really do not need to think about the coverage and features that much before buying the insurance online.
Step #4: Set the Insured Declared Value (IDV) of Your Vehicle
After finalizing the motor insurance policy, you have to set the IDV of your vehicle. On the bimafy.com website, you will get a field to set the IDV. With time, the current market value of your vehicle decreases, so IDV is the scale for the same. The Insured Declared Value or IDV of your motor vehicle defines its current market rate and impacts the premium of the motor insurance policy. You can claim the IDV when your vehicle gets completely wrecked in an accident or is stolen/hijacked.
Step #5: Select the Number of Passengers
A passenger or rider add-on is a coverage that can be added to your existing insurance policy by paying some extra amount. You can add riders/passengers to your insurance plan so that you can increase the scope of your insurance policy by adding riders/passengers to it.
Step #6: Make Payment
Payment is the final step of getting insurance for your motor vehicle. After following all the above steps, the last step that remains before getting your policy certificate at your doorstep is paying for the plan. So make the payment online and you will get all the policy documents at your doorstep. You can also take cash on delivery services in eligible areas such as Dhaka Metro for making the payment against the insurance certificate.
Buying motor insurance online should not be taken as a difficult task, but as an excellent way to protect your motor vehicle without any hassle. Instead of contacting your insurance agent again and again or physically going to the office of your insurance provider, it is better to do it at the convenience of your home or office with just in a few clicks at bimabd.com. So, it is always better to buy insurance online for your motor vehicles.