Is Long-term Insurance Cover Right for Your Two-wheeler?

Do you know among 10 crore two-wheelers in India, approx. two-third are not insured. A two-wheeler rolls out of showrooms with cover, thanks to a mandatory clause and offers from auto dealers and brokers. But, by the second year, most fall out of the insurance net. To combat non-renewals, the Insurance Regulatory and Development Authority of India (IRDA) had, last year, allowed long term two-wheeler insurance policies with tenure of up to three years. As of now, only New India Assurance has launched a long-term two-wheeler motor policy, though many companies are likely to introduce such products in near future.

Benefits of buying long-term insurance

Buying a longer tenure policy is not mandatory, but an option. One main advantage of buying long-term insurance is that you need not worry about renewing your policy annually. A break in renewal can delay a policy purchase process in future. Once the policy lapses, most insurance companies insist on inspecting the vehicle before renewing it or issuing a fresh policy.

Motor law in India makes third-party insurance cover mandatory. It covers the liability of a third party in case of an accident. Insurers say the three-year tenure will reduce cost of issuing policies, administering them and follow-ups for renewals. This could also lead to lower premiums as insurers could pass on the saving to the customers.  

The insured will get a 30% discount on the three-year cover and will be entitled to no-claim bonuses post the tenure. The company offers discounts of 20% and 30% on two-year and three-year policies respectively. You could also save on premiums if you buy a long-term third party liability cover as IRDAI hikes third party cover tariffs by 20% every year.

Roadside assistance is an essential aspect of your car maintenance and protection. In the unfortunate event of a breakdown or accidents, it is of great help.  If you feel your current bike insurance is able to take care of such emergency requirements, you can avoid buying a standalone policy. However, if your current car insurer does not give ample features in its add-on roadside assistance plan, go for a standalone policy.

[Source: http://www.policybazaar.com/motor-insurance/car-insurance/articles/know-all-about-roadside-assistance/]

Renew Two Wheeler Insurance Policy

The need to renew your two-wheeler insurance is as pressing as your need to refill your fuel tank – you cannot use your vehicle in a hassle free manner, if you do not do either.

Here is what you need to do

Step 1: Heed to timely reminders

If you have a policy that’s going to run out on you in a month or so, and you have been postponing the renewal because, well, there is time, you don’t have to anymore. You can renew your policy with us right now and be done with it, because your new policy will anyway kick-start only once the existing one is over. And what’s more advantageous is that you could get some awesome deals and offers when you choose to renew 2 wheeler insurance earlier.

Now even if you have just 2-3 days to renew and you are going a little crazy with the amount of work that’s pending and you do not have time for worrying about going online and finding the right deal, Coverfox can literally beam its spot light on your perfect policy and renew it for you within minutes!

Step 2: Compare quotes in existing companies

You may be extremely satisfied with your current company and may not want to shift at this point. But nevertheless, it is still advisable to compare quotes as rate revisions happen quite often. So, check for new quotes at each renewal and lose the risk of missing out on good deals. And to top it, an accumulated NCB could go wasted if you do not renew your policy within 90 days from its expiry.

Step 3: Check out for new and better deals with new companies

If you are being loaded on your premium and your company requires you to pay a higher premium than what you paid last, you might be considering shifting to a new company. Rightly so. If you have had a claim-free year, and your premium is not lower by 10-15%, you may have something to worry about. You could also check for add-ons if you want to better the efficiency of your policy.

Step 4: Why you should come to Coverfox to ensure everything is taken care of

1. We give you quotes from over 10 companies
2. The best of prices and deals are assured with help of professional advice from our Relationship managers if and when you have questions about plans that need to suit your profile
3. If you are a self-sufficient person, who can do without help, we admire ii! You can easily compare plans, choose your right policy and complete the procedure-the proof of which will lie in your inbox in less than 5 minutes.
4. We make process lazy-proof by making it document-free. You simply do not have to fill out long forms or submit a handful of documents. The destination is much closer than what it seems to be.
5. The icing on the cake is this – which you do not have to worry about remembering the finer details, renewal date and entitlements of your policy. No more lapsed policies either. Because we take care of all that for you. Even if you miss the deadline of your renewals, we are here to help you with easy renewals on expired policies of two-wheelers. But just don’t make a habit of it!

[Source: https://www.coverfox.com/two-wheeler-insurance/renew/]

Why should you get your Two Wheeler Insured?

Maybe situations like this do not occur every day with you. However, it’s pretty evident that accidents are pretty common.  Maybe you had nothing to do with reckless driving, but still became a part of it! Can you think of the kinds of costs you could incur if your vehicle was damaged. Worse would be if be if you collide with someone and they file a legal claim against you!

How do you avoid such situations? Well,

1. Drive Safe
2. Get Insured.
3. 
   

“75% of two wheelers in India are not insured, despite it being illegal”

May 2015, the Insurance Regulatory and Development Authority (IRDA) stated that 75% of two wheelers in India are not insured, despite it being illegal! Yes riding a vehicle without a 3rd party liability is illegal and can lead to heavy fines, and or prison punishments. So, having an insured vehicle is not only the right, but also the wise thing to do.

How will insurance benefit you?

1. It will cover the expense of your vehicle damage and medical expenses- provided you are not underinsured – ( Link to why not be what coverage to get article)
2. In the event another person is hurt or his vehicle is damaged, insurance will cover his vehicle, property and life damages too.
3. A peaceful night’s sleep that you are doing the right thing legally and monetarily.

Now since you are convinced as to why to get Bike Insurance, do check out our HOW /what to section for the same 

The regulator also said that the premium would not be revised upwards or downwards during the period of the policy. While the regulator has begun with the two wheeler insurance segment for the long-term policy, it is expected that this will be extended to private cars, too. However, the pricing norms would still be the same.

New India Assurance, the country's largest general insurer has already got the regulator's nod for a comprehensive two-wheeler policy with a term of three years. This will be launched after few weeks. Here too, the pricing is expected to be twice or above that of the one-year product.

The regulator has said that since there is also a need to have long term comprehensive cover including own damage and TP covers, insurers can also file 3-year term comprehensive policy for two wheelers.

While the own damage motor segment covers losses to self during accidents, motor TP covers liability to a third party caused by a vehicle owner during an accident. 

[Source: http://www.turtlemint.com/blog/why-should-you-get-your-two-wheeler-insured/]

Two-Wheeler Insurance Policies to Get Cheaper, Easier To Buy

Comprehensive two-wheeler insurance policies would soon get cheaper once policies with three-year validity come into effect. Large insurance companies such as ICICI Lombard and Tata AIG General Insurance, apart from government-owned companies, are planning to launch policies with riders for customers.

To enable long-term motor insurance for two-wheelers, the Insurance Regulatory and Development Authority (Irda) has introduced a long-term motor third-party insurance policy for two-wheelers with a three-year term.

Irda said the total premium charged for the third-party coverage would be three times the annual third-party premium for two-wheelers as decided by the regulator. Motor third-party premium is regulated by Irda and the regulator brings out revised rates for these policies every year based on the claims experience. Third-party motor insurance is mandatory in India.

The insurance regulator also said that the premium would not be revised upwards or downwards during the period of the policy. According to insurance industry executives, two-wheeler owners would opt for these, since there would not be any premium fluctuations for the three-year term unlike one-year policies where the premium would be revised every year.

Sector officials said the firms would save costs by not having to renew policies every year. This, they said, would be passed on to customers in the form of discounts on the ‘own damage’ front. Customers would also get an option to stay with their one-year policy or opt for a three-year policy.

Third-party motor insurance includes two parts, own damage that protects the driver/owner from accidents and third-party cover that covers liability from third-party accidents. Third-party cover is mandatory, while own damage is optional.

General insurance companies have already planned to launch products. Madhukar Sinha, national head (personal lines) at Tata AIG General Insurance, said his company would file a product in tandem with the Irda guidelines.

He added add-ons could be offered with the policies, subject to Irda approvals.

“With respect to the pricing of the product, we are analyzing the past trends for a suitable pricing mechanism.”

From April 1, 2014, third-party premiums in the two wheeler insurance category were raised by 9-10 per cent, compared with the proposed 1-45 per cent across segments – sub-75cc, 75-150cc, 150-350cc, and more than 350cc.

Sanjay Datta, head of underwriting and claims at ICICI Lombard, had earlier said the insurer would launch a motor third-party policy for two-wheelers after filing the product with Irda. Thereafter, the company would file a comprehensive two-wheeler plan, he added.

Irda also said that the entire premium would have to be paid in one installment and insurers would not be able to cancel the standalone third-party cover in any circumstances except for ‘total loss’. In case of cancellation of policy under total loss, premiums for the full unexpired years would be refunded. Non-life companies wanting to introduce these policies will have to submit a letter of intent to Irda.

According to the regulator, since there is also a need to have long-term comprehensive cover including own damage and third-party covers, insurers can also file three-year term comprehensive policy for two-wheelers. While the ‘own-damage’ motor segment covers losses to self during accidents, motor third-party covers liability to a third-party caused by a vehicle owner during an accident.

[Source: http://insuranceblog.asia/two-wheeler-insurance-policies-to-get-cheaper-easier-to-buy-2/]

How to Compare Two Wheeler Insurance Online

We all love our two wheelers because it gives us the freedom to commute anywhere at any time of the day. It is one of the most efficient and cost-effective ways to commute. It is essential that we take an insurance cover for our two wheeler after comparing two wheeler insurance policy online. Though it is mandatory by law for all two wheeler owners to have a two wheeler insurance, it is advisable to voluntarily opt for the insurance cover as it takes care of the repairing charges of the bike in case of any accidental damage.

How to compare and buy two wheeler insurance online

Here are some steps that will help you compare and buy two wheeler insurance

1. There are 2 types of two wheeler covers which you can avail, one is Third Party Two Wheeler Insurance which covers the cost of damage caused by your vehicle to a third party. It could be another vehicle or another person and this insurance component is mandatory by law.

 The second cover is a Comprehensive Two Wheeler Insurance which provides cover against damage to other vehicles, people and the damage caused to your vehicle also. The cost of repairs of your motorbike will also be included in this.

It is advisable that you purchase a comprehensive two wheeler insurance policy which includes both the above components.

2. Consider factors like Hassle-free claim settlement, quick and easy steps to purchase and renew bike insurance online and 24×7 claim support of the insurance provider before purchasing your two wheeler policy online.

3. Instead of choosing the cheapest cover you must look at which policy provides you the most comprehensive cover for your two-wheeler. Compare the add-ons you get with the policy cover. For example, add-on covers offered by Bajaj Allianz include Depreciation Shield, Engine Protector, and Consumable Expenses etc.

4. Do check out the insurance provider’s claim settlement process and how user-friendly it is.

5. Compare the exclusions of your two wheeler insurance policy before making the purchase.

Renew your two wheeler insurance timely and save unnecessary hassle and costs. Comparing and buying two wheeler insurance policy online was never easier.

[Source: https://support.bajajallianz.com/support/how-to-compare-two-wheeler-insurance-online/]

Bike Insurance

Two Wheeler Insurance can cover losses due to traffic accidents or theft to owner of a vehicle, who is the policy holder. 

We, offer you the easiest way to Compare and buy Motor Insurance Quotes offered by leading Insurance companies in India and help you to save your time and money by giving you the choice of best motor insurance products to compare and purchase online.

Legally, no Two Wheeler vehicle is allowed to be driven on the road without valid bike insurance. Hence, it is obligatory to get the vehicle insured. Two Wheeler Insurance Policies cover against any loss or damage caused to the vehicle or its accessories due to the following natural and man made calamities.

Natural Calamities: Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.

Man made Calamities: Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air.

Key Benefits

Get your two-wheeler insurance or insurance renewal in easy steps.

Towing facility in an event of a breakdown/accident.

Optional Personal Accident cover for co-passengers.

In case you have installed ARAI approved anti theft device in your vehicle, you can avail a discount of 2.5%.

You can insure your vehicle accessories under electrical and non- electrical items.

[Source: http://www.bajajallianz.com/Corp/motor-insurance/two-wheeler-insurance.jsp]

Two wheeler insurance

Why Do You Invest In A Two Wheeler Insurance Policy?

Bike insurance or two-wheeler insurance has an important role to play in the lives of bikers. It pays off in the wake of a crisis by offering financial support. Read on to know more about two-wheeler insurance and why it's so important. Two Wheeler are the most useful motor vehicle: Two wheeler are a very useful motor vehicle one can posses to travel to anywhere quickly without wasting time. Bikes are one of the fastest modes of transport and are available to a wide range of audiences from the mid income groups to high value people. However, along with bikes, there come a number of risks which should also be minimized. These risks can be dangerous and also unexpected. So what does one do if such an unexpected event hits them and leaves them helpless? There are various after effects which can be catastrophic financially and leave an individual helplessly in deep crisis. So how to stay protected from such risks? Bikes are after all more reasonable than cars and a very useful personal vehicle. Here is the solution: Two wheeler insurance is one of the most popular and useful financial protection one can have when an emergency situation arises. Many insurance companies and banks provide a comprehensive two wheeler insurance coverage plan for two wheeler motor vehicles. Here are some of the areas which they generally cover: Any loss or damage caused to the vehicle due to the following natural and man-made calamities: Sometimes natural calamities like fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, can cause catastrophic damages. Also manmade calamities like burglary, theft, riot, strike, malicious act or even accidents by any external means can be very damaging. Motor insurance policy also provides a compulsory personal accident cover of at least a lakh for individual owner of the vehicle. They are always insured while traveling in, mounting or dismounting the vehicle. There are many legal liabilities when it involves a third party. But insurance policy ensures that bikes are protected against legal liability arising due to accidental damages, any permanent injury or death of a person and any damage caused to the property. A two wheeler insurance is a necessity for any bike rider as it's one of the best financial security they can have when involved in an accident. It provides the cushion of avoiding the extra expenses for two wheeler repair services and other necessary damage costs like third party expenses. The Benefits: A two wheeler insurance policy ensures the maximum number of benefits which one can ever wish for. Here are some of the benefits for two wheeler insurance: Insurers can claim facility at cashless garage networks located across the country. If no claim is made during the policy period, a No Claim Bonus (NCB) is offered on renewals. Sometimes the discount rate for NCB can be as high as fifty percent. It's very easy to transfer full benefits of No Claim Bonus of motor insurance policy from one insurance company to another. The discount rates for the individual account in the new company remains the same as it was in the old company. This can happen only if evidence is shown which makes an individual eligible for No Claim Bonus from previous motor insurance. So apply for bike insurance and avail the aforesaid benefits. They are very important benefits which can be a secured back up at the time of emergency. Bike insurance companies often tie up with two wheeler companies to ensure that riders don't evade the road risks which can hit them from anywhere. Two wheeler insurance is one of the best safeguards against extra financial burden incurred during times of emergency. Source from: http://goarticles.com/article/Why-Do-You-Invest-In-A-Two-Wheeler-Insurance-Policy/9342066/

Two Wheeler Insurance A Few Things To Keep In Mind

Two wheelers are usually the first buy for many youngsters to go to college, the workplace, etc. For some people it is their priced possession until they graduate to buying a car in life. Thus, it is important that you protect the vehicle and get coverage and protection against accidents and mishaps. Buy a two wheeler insurance policy that would cover it against natural and man-made disasters like fire, earthquake, flood, burglary, theft, riots or any damage caused to the vehicle through other means too. Nowadays you can get two wheeler insurance as well as other insurance policies online and you don’t have to wait in long queues and go through lengthy procedures to buy an insurance policy. Buying two wheeler insurance online will in fact save your time as well as money if you do thorough research of various discounts and offers provided by your insurance company. Two wheeler insurance is of two types, one is comprehensive and the other is third party insurance. Third party insurance is to be bought mandatory by law. Thus two wheeler insurance will cover liabilities for injury, death or harm of third party's property because of an accident. The insurance will also cover the pillion riders’ expenses if you opt for it. Third party insurance will help you protect you save money by recompensing the injured third party. If you, as the rider or owner, have endured injuries due to an accident or a mishap, you can also get covered with the help of two wheeler insurance. The two wheeler insurance will also offer compensation in case of disability or death too. Your two wheeler insurance will not only cover damage occurred due to unforeseen things, but it will also be easy on the pocket and help you save money. Having two wheeler insurance in an urban lifestyle is the most important thing considering there are so many out there on the road and anything could happen anytime! To keep yourself free of worry and trouble, it is advisable to put enough thought into buying the right two wheeler insurance so that you dont incur any losses or miss out on any discounts offered by your insurance company. Two wheeler insurance is not very different from buying car insurance, but there are certain differences that one must take care of while buying insurance. Dont forget to inquire about the essentials at your insurance company helpline or send them an e-mail. Source from: http://insuranceblog99.blogspot.in/2013/12/two-wheeler-insurance-few-things-to.html

Importance Of Having Motor Bike Insurance

For many people their two-wheeler whether it a bike, scooter or a scooty is a very precious possession. But people often ignore buying motor insurance for their Bike as bikes are not expensive as a four-wheeler. But this doesn’t mean that you need to ignore insurance for it. Motor insurance ensures that your bike remain safe and secure. Increasing number of road accidents makes it even more important to insure your bike.

Third party motor insurance is mandatory by law for two-wheelers as well. But having a comprehensive motor insurance policy for two-wheelers makes more sense. A comprehensive two-wheeler insurance policy provides covers for the liability arising out of the third party as well as the loss or damage to your own two wheeler.

Bike insurance online policy compensates you for the loss against physical damage, theft and third party liability.

Motor insurance policy provides cover for natural calamities such as flood, earthquake, lightening, cyclone, fire, self-ignition etc.

Motor insurance policy for bikes also provides cover against the loss or damage of two wheelers against man-made calamities such as burglary, theft, riot etc.

The cost for renewing bike insurance online is very nominal. However, you can further reduce it by comparing policies across companies and buy it online. You can buy your bike insurance online. 

Source: 

http://twowheelerinsuranceinindia.tumblr.com/post/131147485673/importance-of-having-motor-bike-insurance

How are your purchasing insurance for your bike?

Driving a motorcycle without a valid insurance policy can not only land you in trouble with the authorities, but can also burn a big hole in your pockets in case of a road mishap. Despite the fact that third-party motor insurance is mandatory under Indian law, still many bikes plying on roads across the country are not insured. Insurance is not just an object it’s a subject of safety which safes you from third damage cover, your bike damage including physical harm, if any. The earlier a two-wheeler owner realizes the benefits of third-party insurance, the better it is for him or her because, in case of an accident, he or she could be left poorer by a few thousands of rupees. Though one is not required to insure one's vehicle against damage or theft under the law, but its better you consider insuring the vehicle from such threats as well. 

While there are various methods to insure your two wheeler such as handing over the job to trusted insurance agents, calling up customer service & visiting the branch etc. one good option which has emerged over the time is two wheeler insurance online. One of the most convenient method of modern day insurance purchase, it is quick and hassle free as well. A computer or laptop or your phone and internet connection are just minimum requirements that you need to have and there you’re started with the journey of buying bike insurance online.

Today insurance agents do not show interest in promoting such products because of the small ticket size of two wheeler insurance. To insure a motorcycle worth, say, Rs 60,000, the annual premium works out for the mere amount of around 1,600-2,000, including 460 for the third-party cover. It is a small amount, but two-wheeler owners tend to ignore it altogether. Once the policy lapses, getting the vehicle insured becomes a tedious task. The vehicle has to be physically inspected again and the owner has to go through a lot of paperwork. People find it inconvenient to go through the process of getting their vehicles inspected if the insurance has expired. But people don’t realize that somewhere the fault is theirs as well as either they skip to renew the insurance deliberately or unintentionally. 

The bike insurance online advantage

According to market experts two wheeler insurance accounts for barely 12% of the total premium of motor insurance. And the high lapse rate seems to be a silver opportunity for insurers to boost premium income especially through bike insurance online. The world is getting tech savvy now. People are getting more and more addicted to things at the click of buttons. So promoting two wheeler insurance online is the best ways to target the new era customers. 

Many insurance companies have started schemes that allow bike owners to get their vehicles insured online without physical inspection. "Companies are also going to an extent of taking a slight risk with their decision to waive the pre-inspection in case of online renewal of expired two wheeler policies. Understand that such efforts are taken by company only to promote two-wheeler insurance in India.

Researchers say such efforts are yielding positive results and more and more people are now buying two wheeler insurance online to avail the benefits. It is advisable that if you decide to buy an insurance policy for your vehicle after a break, take a close look at the fine print. For instance, the cover may not start immediately. Also, if the vehicle is being insured online without inspection, the risk inception date starts three days from the date of issuance of the policy. Physical route is always about utilizing your time along with energy but buying bike insurance online or renewing it online is only about investing your time and save your valuable energy.

Source: 

http://twowheelerinsuranceinindia.tumblr.com/post/130669946778/how-are-your-purchasing-insurance-for-your-bike

Bike Insurance Online Plans

You love your bike like your own baby. You clean it and polish it every Sunday. You go zooming in it all around the city. Yes, your two-wheeler is an important part of your life. It is your necessity and pride too. Keep your two-wheeler safe and secure. Get your pride possession insured and stay at peace.

A two- wheeler insurance policy provides financial cover to bike or scooter against physical damage, theft and third party liability. It includes insurance for motorbike, scooty or a scooter.  With poor road conditions in India and no driving ethics two-wheeler insurance is your only savior on the roads.

Key Benefits of Two Wheeler Insurance

Buying a two-wheeler insurance policy online is a hassle-free and instant process. Some of the key benefits of buying a 2 wheeler insurance policy online are:

•             Cashless settlement at preferred workshops

•             Instant claims assistance and support 24x7

•             Third party property damage and third party physical injury coverage.

The premium amount is calculated based on:

•             IDV of the vehicle

•             Cubic capacity of the vehicle

•             Zone of registration

•             Age of vehicle

Benefits of Expired Two Wheeler Insurance Policy Renewal Online

If it slipped your mind and you forgot to renew your two-wheeler policy thus letting it expiry then you need not fret. You can renew expired policies online at PolicyBazaar completely hassle free and within minutes.

The benefits that you get on renewing an expired two-wheeler insurance policy through PolicyBazaar are:

•             Get your bike insurance renewed without inspection and documentation.

•             Pay no extra charges.

•             Instant policy issuance.

•             No previous policy details to be provided for cases where the policy has expired for more than 90 days.

Online renewal of expired bike insurance online policy is quick and easy.

Benefits of Bike Insurance online Policy Renewal :

Bajajallianze.com  gives you an option to renew the in-force status of a motorbike policy, the term of which will expire. When you buy online you can:

•             Compare plans from leading providers

•             Save money by comparing policies side-by-side and choosing the one that fits your pocket best

•             Get assistance from our call centre

Renew your insurance timely and save unnecessary hassle and costs.  You can even get scooter insurance, scooty insurance and motorcycle insurance. Infact any type of machine that runs on two wheels comes under the ambit of two-wheeler insurance.

What is Covered by a Two Wheeler Insurance Policy?

Two-wheeler insurance policies provide coverage for:

•             Loss or damage of two-wheeler against natural calamities like fire, explosion, self-ignition or lightning, earthquake, or flood.

•             Loss or damage of two-wheeler against man- made calamities like burglary, theft, riot, strike, malicious act and accident by external means as well.

•             Third party legal liability provides protection against legal liability arising out of an injury or death of a third party and property damage of the third party due to accident of your own vehicle.

Understanding Important Terms

•             Third Party Two Wheeler Insurance Clause

It is a comprehensive insurance policy that provides covers for the liability arising out of the third party as well as the loss or damage to your own two-wheeler.

•             Liabilities under Two Wheeler Insurance

It provides financial cover for the insured vehicle if it causes injury, death or property damage to a third party. It also covers cost of any legal liability.

Get two-wheeler insurance at unbelievable competitive rates and without any hassles. A complete win-win situation!

Welcome To Two Wheeler Insurance Policy

Two Wheeler Insurance can cover losses due to traffic accidents or theft to owner of a vehicle, who is the policy holder. We, at bajajallianz.com , offer you the easiest way to Compare and buy Motor Insurance Quotes offered by leading Insurance companies in India and help you to save your time and money by giving you the choice of best motor insurance products to compare and purchase online.

Why Two Wheeler Insurance

Legally, no Two Wheeler vehicle is allowed to be driven on the road without valid insurance. Hence, it is obligatory to get the vehicle insured. Two Wheeler Insurance Policies cover against any loss or damage caused to the vehicle or its accessories due to the following natural and man made calamities.

Natural Calamities: Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.

Man made Calamities: Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air.

Two Wheeler insurance provides compulsory personal accident cover for individual owners of the vehicle while driving. One can also opt for a personal accident cover for passengers and third party legal liability.

Source from: http://www.twowheelerpolicy.in/two-wheeler-policy-in-india.do

How to Get a Bike Insurance Quote

                As the roads become more and more congested, bikes are increasingly being used by commuters to avoid crazy traffic on the streets. It is important to make sure you get the right level of bike insurance cover at the right price to stay secured in case of a mishap.

These days it is very easy to get bike insurance quotes online from multiple insurers and then choose the best plan for yourself.

Key Benefits of Two Wheeler Insurance

Buying a bike insurance online is a hassle-free and instant process. It generally comes at a very affordable cost and can provide you with great security. Some of the key benefits of buying a bike insurance online are:

You can get your two wheeler insurance or renew your bike insurance online in easy steps

You get instant claims assistance and support 24×7

You can customize your bike insurance policy with add-ons for better coverage

What is Covered?

Your bike insurance covers not only the vehicle but also you- the owner and any third party involved in a liability concerning the vehicle. Damage or loss to the vehicle due to accident, flood, fire, earthquakes etc. are covered.

What is Not Covered?

Even though most situations are covered there are some exclusions in two wheeler polices. You can ask your insurer or read up on these exclusions at the time of buying the policy. Normal wear-and-tear of the vehicle, electrical/mechanical breakdown are not covered under this policy. Damage caused to or by a person driving without a valid driving license is not covered. Loss caused while riding under the influence of alcohol or any other intoxicating substance is also not covered. It is advisable to be aware of the exclusions of your bike insurance policy.

Renewing Your Two Wheeler Insurance

You should renew your two wheeler insurance before it expires. This protects your vehicle against the risks without any break and helps you retain the No Claim Bonus (NCB) which is the discount you avail in premium for claim free years.

If your policy has expired, you will have to obtain a fresh insurance policy for your bike. Due to the break in insurance the vehicle will have to be physically inspected by an official from your insurance company. You have an option of getting the NCB transferred in case your two wheeler is insured within 90 days of the date of  your renewal.

Now that you know everything about bike insurance, get your quote online or you can request for a call back option from insurance companies like Bajaj Allianz General Insurance for your motorcycle insurance.

Source from: https://support.bajajallianz.com/support/how-to-get-a-bike-insurance-quote/

How to understand your Two Wheeler Insurance policy?

In India, any vehicle whether two wheeler or three wheeler, four wheeler or sixteen wheeler truck cannot run on roads without an active insurance policy. And if the vehicle is being used without an insurance policy, then it amounts to a hefty fine for breaking the law. Not only you have to face the brunt of law but it can cause a big hole in your pockets in case of any mishaps as well.

People can afford vehicle as per their income sources and requirements. Some buy two wheeler while others opt for cars or trucks for business purposes etc. But the motive behind government’s strict law for insurance policy is simple. It is to protect people not only from third party damages but also the protection of their own vehicle and physical damages in an accident (provided you have comprehensive cover).  In India, bike is one of the favorite rides that people enjoy through every walk of life. When you’re young it’s the long drives that you want to cherish, slowly it becomes one of the important mode of transport when you start working and also get married. Ofcourse, in olden days there needs no for explanation about the importance of this magic ride of your life. But compared to cars bike are more prone accidents and therefore it becomes imperative to have a suitable two wheeler insurance policy for your bike. Since the compulsory insurance law was passed, whenever you buy a two wheeler, you get a two wheeler insurance policy along with the vehicle. The policy lasts a year after which you can either choose to continue with the same policy, else change the policy to the company of your choice. Nowadays 90% of the companies provide insurance policies online via their websites.

Premium Calculation

The premium of your two wheeler insurance depends upon various factors. First of all there is the cost of the bike. Then there are other factors as well like rider insurance, pillion insurance and also 3rd party insurance. So with each addition, the premium amount keeps on rising. You can choose to lower the premium amount by lowering the IDV (Insurer Declared Value). This is the specified amount that the insurance company pays the customer in case the vehicle is stolen and not found.

Things Covered

When the insurance policy is bought the surveyor makes sure that the bike is in proper shape. So with the new bike, the insurance covers pretty much everything ranging from accidents, to break downs to rider and pillion injury and also 3rd party claims if the option is selected while buying the policy. However, plastic parts & tyre sadly are sometimes not covered since they come with their own individual manufacturer warranty. Other consumables like nut & bolts and grease is not included. Plus if your bike has previous scratches and cracks while renewing or buying a new policy, even those won’t be covered in the insurance policy.

1^st Party & 3^rd Party Claim

When buying any insurance, there you will always find a mention of “3rd party coverage”. A 3rd party coverage is actually the insurance cover to damage cause to the other person in case a mishap happens due to the fault of the insurance holder. This means that the insurance company when liable to pay only for the insurance holder is called a 1st party insurance cover. But if the insurance covers even the damage done to the referred 3rd party, then that is a 3rd party insurance.

Claim Procedure

Claim procedure works in a simple way, “Pay now, reimbursement later”. This means whenever there is an accident or physical damage due to manmade or natural circumstances you have to call the claims department of your insurance company and let them know about the incident. After that the claims investigator comes to the company workshop to inspect the bike and after a thorough assessment gives his or her go ahead. The amount reimbursed is never in whole and it covers about 80-90% of the total cost.

The market is filled with a lot of companies and there is immense competition for the consumer. But still just because the company is giving you a low premium doesn’t mean it is “The best policy”. Below is the checklist to select your insurance policy:

·         Complete Bike and Accessories cover

·         3rd party damage cover

·         24x7 Roadside assistance

·         Cashless facility in the nearest Authorized workshop

·         Accident cover for both rider and pillion

·         High IDV amount

It’s better to have something instead of losing everything. So with the information shared we hope you can now choose the best two wheeler insurance policies for your bike.

allianz.com/Corp/motor-insurance/two-wheeler-insurance.jsp">two wheeler insurance policies for your bike.

Importance of Declaration Value of your bike

Your bike is a thing of pride for you especially when it is bought from your hard earned money. While third party insurance is the minimum coverage you need to have as required by Motor Vehicles Act, however, a comprehensive coverage will not only help you compensate for the third party damages but will also help in survival against the damages done to your own vehicle.

A comprehensive insurance policy comprises two aspects i.e. own damage (OD) and third-party. OD covers loss or damage to vehicle against accidental damage, natural calamities and man-made calamities whereas third-party cover protects the insured against liability due to accidental damages resulting in the serious or permanent injury or death of a person, and damage caused to the surrounding property. But the question arises how does the insurance company judge the value of your bike? For calculation of premium, insurance company uses “Insured Declared Value” (IDV) whereas third party premium is calculated as per the vehicle category and has no relation to the IDV of the vehicle.

With the ever escalating inflation rates, premiums are bound to increase. But there are several ways that will help you to curb your two wheeler insurance premium. For example buy anti-theft devices and avail a premium discount. Besides if you ensure that your ride is safe without meeting any accident throughout the year you’re eligible for no claim bonus benefits in the form of additional coverage or discount in premium rates. However, at times, some customers tend to adopt not so favourable means. One of these is declaring or unknowingly accepting a lower IDV of the vehicle. An IDV value is the main part to decide the insurance premium of your vehicle, be it a sedan or your two-wheeler.

The article will help you understand the concept of IDV while purchasing your two wheeler insurance. IDV is considered as the sum insured and is fixed at the commencement of each policy period for each insured vehicle. IDV is arrived on the basis of the manufacturer’s listed selling price of the brand and model, and then adjusted with the standard deprecation rates as per Indian Motor Tariff. It is the maximum amount that an insurance company will pay in case of a claim, i.e. in the event of total loss, constructive total loss and/or repair of the vehicle is greater than 75% of IDV or your vehicle being stolen. Understand that the rate of depreciation keeps increasing with the age of the car. A new car can fetch the maximum IDV but as the vehicle turns old, the rate of depreciation keeps increasing. The rate of depreciation is calculated based on a standard metric (on the basis of age of the vehicle). If the bike is more than 4 years old, or is an obsolete model (i.e., a model not manufactured anymore), the insurer and the insured have to come to an understanding on it.

At the time of first purchase of your two wheeler insurance as well policy renewal, current selling price of the brand and model is considered for computation of IDV and not the price at the time of purchase of the vehicle. Experts say that if one declares a lower IDV than the reasonable market value and were to make a claim for total loss, one will receive a lower claim amount since the IDV declared was lower. Thus, a little saving on the premium by declaring a lower IDV can result in much higher loss during unfortunate event of a large claim or theft of the vehicle.

Similarly some customers tend to declare a high IDV under the assumption the claim amount will increase or it can help them gain extra bucks if they were to sell the vehicle in the market. However, this is not the case. At the time of claim processing, the insurer will consider the age of the vehicle and hence its depreciation before finalizing the claim. Therefore, indirectly one will end up getting low claim inspite of high IDV. So, the next time you renew your two wheeler insurance, make sure that the IDV declared is in sync with the vehicle age and model.

Get online insurance for your motorbike

Driving a motorcycle without a valid two-wheeler insurance policy can not only land you in trouble with the authorities, but also be financially damaging in case of a road mishap. Despite the fact that third-party motor insurance is mandatory under Indian law, a whopping 4550% of two-wheelers plying on roads across the country are not insured, says a study by insurance aggregator Policybazaar.com. The earlier a two-wheeler owner realises the benefits of third-party insurance, the better it is for him because, in case of an accident, he could be left poorer by a few lakhs of rupees. Though one is not required to insure one's vehicle against damage or theft under the law, one should consider insuring the vehicle. Despite the odds, most motorcycle owners do not renew their vehicle's insurance after the first 2-3 years. Insurance agents, too, do not show any interest in promoting such products because of the small ticket size of two-wheeler insurance.To insure a motorcycle worth, say, `60,000, the annual premium works out to `1,600-2,000, including `460 for the third-party cover. It is a small amount, but two-wheeler owners tend to ignore it altogether. Once the policy lapses, getting the vehicle insured can be tedious. The vehicle has to be physically inspected again and the owner has to go through a lot of paperwork. "Many people find it inconvenient to go through the process of getting their vehicles inspected if the insurance has expired," says Vijay Kumar, chief technical officer, motor, Bajaj Allianz General Insurance. The online advantage : Two-wheeler insurance accounts for barely 12% of the total premium of motor insurance. However, the high lapse rate is an opportunity for insurers to boost premium income. A few companies, including Bajaj Allianz General Insurance and HDFC ERGO, have started schemes that allow two wheeler owners to get their vehicles insured online without physical inspection. "Though the company is exposed to a certain amount of risk, the decision to waive the pre-inspection in case of online renewal of expired two wheeler policies has been taken to promote two-wheeler insurance in India," says Mukesh Kumar, executive director, HDFC ERGO. Policybazaar.com claims this effort has yielded positive results. "In June 2014, 25% of the bike insurance online policies bought online through us were break-ins. In August, this number rose to 55%," says Naveen Kukreja, group chief marketing officer, Policybazaar.com. Read the fine print If you decide to buy an insurance policy for your vehicle after a break, take a close look at the fine print. For instance, the cover may not start immediately. "In case the vehicle is being insured online without inspection, the risk inception date starts three days from the date of issuance of the policy," says Kumar of Bajaj Allianz. While taking the physical route to explore revival of lapsed policies is an option, renewing it online is much simpler. Source from: http://timesofindia.indiatimes.com/business/india-business/Get-online-insurance-for-your-motorbike/articleshow/45093108.cms

Two-wheeler insurance policies to get cheaper, easier to buy

Comprehensive two-wheeler insurance policies would soon get cheaper once policies with three-year validity come into effect. Large insurance companies such as ICICI Lombard and Bajaj Allianz General Insurance, apart from government-owned companies, are planning to launch policies with riders for customers.

To enable long-term motor insurance for two-wheelers, the Insurance Regulatory and Development Authority (Irda) has introduced a long-term motor third-party insurance policy for two-wheelers with a three-year term.

Irda said the total premium charged for the third-party coverage would be three times the annual third-party premium for two-wheelers as decided by the regulator. Motor third-party premium is regulated by Irda and the regulator brings out revised rates for these policies every year based on the claims experience. Third-party motor insurance is mandatory in India.

The insurance regulator also said that the premium would not be revised upwards or downwards during the period of the policy. According to insurance industry executives, two-wheeler owners would opt for these, since there would not be any premium fluctuations for the three-year term unlike one-year policies where the premium would be revised every year.

Sector officials said the firms would save costs by not having to renew policies every year. This, they said, would be passed on to customers in the form of discounts on the ‘own damage’ front. Customers would also get an option to stay with their one-year policy or opt for a three-year policy.

Third-party motor insurance includes two parts, own damage that protects the driver/owner from accidents and third-party cover that covers liability from third-party accidents. Third-party cover is mandatory, while own damage is optional.

General insurance companies have already planned to launch products. Madhukar Sinha, national head (personal lines) at Tata AIG General Insurance, said his company would file a product in tandem with the Irda guidelines.

He added add-ons could be offered with the policies, subject to Irda approvals.

“With respect to the pricing of the product, we are analysing the past trends for a suitable pricing mechanism.”

From April 1, 2014, third-party premiums in the two-wheeler category were raised by 9-10 per cent, compared with the proposed 1-45 per cent across segments – sub-75cc, 75-150cc, 150-350cc, and more than 350cc.

Sanjay Datta, head of underwriting and claims at Bajaj Allianz, had earlier said the insurer would launch a motor third-party policy for two-wheeler insurance after filing the product with Irda. Thereafter, the company would file a comprehensive two-wheeler plan, he added.

Irda also said that the entire premium would have to be paid in one installment and insurers would not be able to cancel the standalone third-party cover in any circumstances except for ‘total loss’. In case of cancellation of policy under total loss, premiums for the full unexpired years would be refunded. Non-life companies wanting to introduce these policies will have to submit a letter of intent to Irda.

According to the regulator, since there is also a need to have long-term comprehensive cover including own damage and third-party covers, insurers can also file three-year term comprehensive policy for two-wheelers. While the ‘own-damage’ motor segment covers losses to self during accidents, motor third-party covers liability to a third-party caused by a vehicle owner during an accident.

Source from : http://insuranceblog.asia/two-wheeler-insurance-policies-to-get-cheaper-easier-to-buy-2/