Instant two wheeler insurance renewal at the click of a mouse

A two wheeler is highly beneficial for the middle class group. It is not only affordable but also manageable compared to a bulky four wheeler. Even young professionals are hurriedly buying two wheelers for easy commutation. As these less expensive vehicles consume less amount of fuel, they have a high economic value. However, a two wheeler does not ensure safety or security. Although a 2 wheeler is used for covering short distances, it can easily collide with bigger vehicles on the road. Most road traffic injuries are attributed to two wheeler collisions. In India, many automobile owners are aloof about traffic rules. Therefore, two wheeler riders need to be extremely careful when they are on the roads. Lack of traffic negligence not only causes damage to the vehicle but also results in death or disability. Despite taking protective measures, you cannot completely ward off the possibility of a road collision.

Although these minor or major clashes cannot be avoided while plying on the road, you can save yourself from a monetary loss by purchasing two wheeler insurance. Many owners of scooters and motorbikes are not fully aware about this insurance policy. In fact, it is illegal to ride a two wheeler on the road without carrying insurance documents. A standard bike insurance policy covers the cost of damage incurred by the owner. It mainly encompasses personal accidents and catastrophic damages. Auto insurance policy holders enjoy financial benefits as they can get their vehicle repaired without taking out a single penny from the wallet. It is possible to get two wheeler insurance at an affordable premium provided the plan does not cover mild damages like cracks or dents. Since major damages require extensive repair, you have to expend more. However, with two wheeler insurance you get financial security against these unaffordable damages.

Beside traffic mishaps, the insurance policy safeguards your vehicle against natural calamities and theft. You only have to file a claim and submit the application to the insurance company. In a few days, your money gets disbursed to the automobile repair center. This way, insurers cover damages through your monthly payments. Many people are intimidated at the thought of filing an insurance claim for receiving money from the company. As long as your claim is genuine, no insurance company takes time to make the payments. 

More and more private insurance companies are making their policies available on the internet so that you can easily compare insurance companies. This means, you can purchase the plan without standing for long hours in front of an insurance agent’s office. Similarly, you can submit the claim online without meeting your insurer in person. As inspection is an integral part of the policy, the company sends an investigator who thoroughly evaluates the damages mentioned in the application form. Insurance providers stress on scrutiny as many policy holders make false claims. In case, your two-wheeler hits another vehicle on the road then the third party damages are covered by the insurance company. Many people for this reason prefer a scheme which gives liability coverage. 

[Source: https://www.wunderground.com/blog/healthinsurances/instant-two-wheeler-insurance-renewal-at-the-click-of-a-mouse]

Getting an insurance cover for your bike is a must…

Bike, scooters, mopeds have a major share on the busy Indian road. Be it guy riding on motor bike to his office or girl riding her scooty to college, the need of two-wheeler to slide out from the snarling traffic can never be replaced by any other mode of transport. Just like we need two-wheeler for our day-to-day commuting purpose we also need to protect it from any damages as it is bought from our hard earned money. Therefore, it becomes imperative to purchase a bike insurance policy for the longevity and safety of the beloved ride.

Why one should own insurance cover?

Insurance cover is the financial aid provided for any damage or loss to your bike against natural calamities like fire, earthquake, storm, etc. or man-made incidence like riots, pelting stones, theft or accident by external means etc. The third party legal liability provides protection against issues arising out of injury/death or property damage done due to our bike. Most of the time people don’t understand the basic terminology of bike insurance policy and just go for blind purchase. The article discusses few things which have to be understood well before the purchase of bike cover:

Premium:

An insurance cover is retained against the premium paid towards your insurance policy. The premium paid for insurance is dependent on various factors like model, how old vehicle is, registration city, your driving details, registration certificate book etc. It is decided and regulated by IRDAI with not much variance across insurance companies.

Coverage:

It is the financial protection that you will get during accident, third party damage or loss due to natural or man-made calamities. Coverage differs widely from policy to policy. After thorough inspection of the relevant details an “Insured Declared Value” is being decided upon by the team which will be the coverage amount of your insurance policy.

Exclusions:

These are those situations which will not be entitled to file a bike insurance claim. Conditions like damage due to drink and drive, some spare parts of bike like tyre, accident due to person driving without license, damage by war or nuclear explosions etc. will not be covered under insurance policy. Therefore it is important you confirm this before the policy purchase.

Claim Documentation:

While making a claim there is a set of document mandated to produce in the insurance company for approval of claim. These are vehicle registration book, photocopy of insurance, FIR, seismic report in case of earthquake, etc. Depending upon the nature of damage documents have to be submitted.  It is advised to read all the terms and conditions in detail before buying an insurance policy. Choose your policy wisely making sure it suits your needs the best.

No Claim Bonus:

These are those rewards that get accumulated for not claiming your policy for particular year. These bonuses provide a good discount on premium payments of your bike insurance policy and can be transferred from one insurer to the other during policy renewal. It is advisable don’t claim petty things like scratch or small dent and waste your NCB points instead wait for the amount to get accumulated well and use it for better discounts on premiums or larger claims.

How safe is your bike ride without a cover?

On the auspicious occasion of dusshera my cousin bought his first ever bike in life, “Yamaha FZ-16” a jet black machine. As soon as the bike arrived my aunty did a small pooja, broke a coconut to keep the evils away and let his journey be safe forever and distributed sweets amongst friends and family members. The atmosphere was filled with happines and joy. We all had selfie with his dream machine and posted on social media.

It was evening time when Amit took his bike and went for a short ride in the area. As soon as he walked in the house, I saw a slight sadness on his face. So, I asked what happened bro? for which he replied while I was driving my bike on the road enjoying my ride there came a sudden pothole where my bike just bumped in and while managing to control I felt down due to which there was a slight scratch on the fuel tank. I quickly consoled him and said relax Amit. 

I said, “Just look at you, today a slight scratch on your bike has created a dent in your heart, imagine if your bike gets vandalized on streets, or gets damaged due any natural calamity or most  importantly it meets an accident and there is a third party damage including your bike damage as well? You’ll be completely broken and it will also burn a big hole in your pockets for repaying the third party damages and repairing costs for your bike. This will take a toll on you physically, emotionally and financially.”

The answer for  these raising concern of Amit and several other bike lovers in this country is purchasing a suitable bike insurance online which will help you cope up with the the damage and losses incurred in the accident for their vehicle and injury to them if any, including natural calamties, manmade losses, fire theft etc. With bike insurance  you can meet huge medical expenses arising from injury or damage to the vehicle by filing a claim. Today, with the help of internet you can easily buy your bike insurance online by filling an application form in the insurance company's website. This saves time and efforts in going in person to get it.

Bike insurance helps you to cope up with the financial losses arising from such unexpected incidences. It gives you a peace of mind thereby focusing on other need such as fixing the vehicle or recuperating from injury. However, in market not all bike insurance cover your vehicle.

Accordingly to Indian Traffic Law, it is mandatory to buy minimum of third party cover to run your bike on roads. Besides, there are other kinds of insurance covers such as: A cover which pays out in the event of damage to the vehicle due to theft, fire or accident. A coverage for third party liability which arises when your injure a third party while driving or cause damage their vehicle and a cover for personal accident occurring to you or fellow passengers which results in loss of life or permanent disability for either

When your bike is damage due to any accident or incidences as disccused above, bike insurance proves valuable. It eases such problems with its cashless garage network. You can get the vehicle serviced in a garage that falls under the insurer's list of garages and not have to pay any cash for the repair work.

Today, markets are filled with various insurance companies which cater to your needs and requirements and offer customized solutions for your insurance needs. 

At many two-wheeler showrooms you can see insurance company person offering insurance to help buyers get it at the time of purchase. However, it you are worried about the cost, get assured that you can easily find a policy that fits your budget. Getting bike insurance online is one of the simplest ways as it helps you compare the available options very well. Online comparisons offer consumers the ability to get multiple quotes from companies and review policies, coverage options, and deductibles.  So, if you wish to safeguard yourself and your bike from unfortunate incidences book your bike insurance online now else it will give a big dent in your heart forever.

[Source: https://bikeinsuranceblog.wordpress.com/2016/06/20/how-safe-is-your-bike-ride-without-a-cover/]

Bike insurance built for a win-win to consumer & insurer

In India, two-wheelers have become the most preferred mode of transportation especially during congested traffic hours, rising petroleum and diesel rates giving optimum mileage and for many households where more and more people have started adopting the nuclear family options. Mopeds and Bike insurance online are very common across Indian towns and cities, providing mobility to lakhs of people in rural as well urban areas. Indian two wheeler industry is one of the largest in the world as far as the volume of production and sales are concerned. India has registered an overall growth rate of 9.5 percent between 2006 and 2014. The growth in Indian Automobile Industry owed the most to a steep upsurge witnessed in the two wheeler segment in 2014. The volume growth recorded in the 2014-15 fiscal year stood at a commendable 14.8 percent on a year-on-year basis. 'Make in India' is a campaign run by Government of India to attract more foreign investment into Indian two wheeler segment creating further growth opportunities in the coming years.

Keeping in mind the huge growth opportunities and high FDI flow the government has focused on boosting the bike insurance online segment as well. Recently, India’s first three year comprehensive cover for scooters and motorcycles was launched by government. The comprehensive cover is 30 percent cheaper than buying annual policies and comes with lucrative offers for the buyers. In addition, if there is a bonus entitlement due to no claim in the preceding year, the discount can go up to 50%. This new scheme will surely help in tackling the problem of uninsured two wheelers plying on Indian roads.

According to IRDAI sources, the total premium charged for three year third party two wheeler insurance will be three times the annual premium as prescribed by the regulator from time to time. The premium will not be revised during the period of the policy in any circumstances and will have to be paid in one installment, subject to compliance of Section 64 VB of the Insurance Act, 1938. Insurers will be unable to cancel the standalone third party cover in any circumstances, except in case of total loss. IRDAI has also mandated that the premiums for the full unexpired years will have to be refunded to the customer. The insurers cannot change the terms and conditions after the policy is underwritten.

From insurer’s point of view, it is as such that insurers who want to offer the three year cover will have to submit a letter of intent to regulatory body and will be treated as submission under file-and-use guidelines of the regulator. Also, insurers are encouraged to file three-year term comprehensive policy for two-wheelers as per file-and-use guidelines,” says the IRDAI note.

Motor law in India makes third party insurance cover a mandate for the vehicle owners. The reason stands in the benefits of the vehicle owner itself as it covers the liability of a third party in case of an accident. For insurers, the three year tenure will help reduce the cost of issuing policies, administering them and follow ups for renewals. This could also lead to lower premiums as insurers could pass on the savings to customers. Thus, the decision of medium term bike insurance online will actually help to boost the overall business thereby creating a win-win situation for both consumers and insurers.

Source: http://twowheelerinsuranceinindia.blogspot.in/2015/07/bike-insurance-built-for-win-win-to.html

Shield your bike with suitable insurance guard…

Owning a bike is the most amazing moment of life. The first ride in rains, show off in college, swiftly moving in snarling traffic with your loved ones or long drives, picnics you remember every bit of the moment in life. When you purchase a new bike there are lot of factors to be considered such as affordability, design, brand value, mileage and other technicality of bike. But just like you aspire to fulfill your dream you should also learn to protect it.

Today, most people in India feel insuring the bike is either the last thing or rather don’t consider at all. The only time when you feel it’s important is when you meet a sudden accident and the damage is done especially to third party. Imagine you bike is damaged and you have to pay to third party for losses as well. It will be a huge financial loss from your pockets leading your emotionally hurt as well. Therefore, it is important you cover your two-wheeler with suitable bike insurance cover.

The article describes some of the ways that we can save the costs on bike cover. But before that let’s understand how two-wheeler rates are determined. The premium rates on bike cover is typically based on factors like age, gender, marital status, driving record, insurance history, bike make and model, year, registration of certification book. These are few of the points that you can consider while choosing your bike cover premium.

Increase Deductible

One of the easiest ways of cutting down your premiums would be increasing your deductible. It is the amount you have to pay out of your own pocket incase of any loss or damage to your machine. So deducting fair amount of percentage from your bike insurance bill should help you lower down your insurance premiums.

No Claim Bonus

These are like rewards that you would receive if you don’t make claims during the term of the insurance policy. The discount usually vary from insurer-to-insurer but you can accumulate anywhere between 20-75% for five claim-free years. It is advisable don’t claim for petty scratches or dents. Instead wait for the amount to get accumulated and then go for reducing premiums or bigger claims.

Tailor Coverage

Depending on your needs, it may be worthy to consider insurance with a lower coverage level such as third party, fire or theft. Check the parking arena, mechanic facilities, safety measures and you can reduce your cover or tailor it according to your specific needs. But always remember to read the policy carefully before purchasing to know the inclusion & exclusions and then tailor your need as per it.

Shop Around

Most people think bike insurance is just an added financial burden by government. They don’t even bother to look around for policies and go for blind purchase as a mandate by government. However, it is wrong. Bike insurance is the best ever financial protection for your machine against uncertainties. Therefore, you should always look around for benefits & features, discount & deals, compare prices, payment procedure, hassle free claim procedure etc. and then go for policy purchase.

Online Comparison

Insurance Companies want their valued customers to be retained. End of the day it’s all about the business. So, it is advisable don’t hesitate to negotiate with them, compare online and make them aware of the other companies deals and offers. If you’re able to bank one with your existing insurance provider you’ll be the happiest person owning the best bike insurance for your vehicle. Online comparison not only helps your time and energy but provide best deals across market under single umbrella. Also, the best time to compare is within a month before the policy expires. This way either you can incorporate your needs or make a swift exit to another insurer without getting uncovered at any point of time. 

[Source:https://bikeinsuranceblog.wordpress.com/2016/05/31/shield-your-bike-with-suitable-insurance-guard/]

Understanding Two Wheeler Insurance Made Easy

In India, it is mandatory to own insurance cover if you wish to run your dream machine on road. And if the vehicle is used without the cover, then you will have to pay hefty fine for breaking the law. Many Indians own two wheeler like mopeds, bikes etc. to commute daily and move quickly during snarling traffic. Just as you use it for your convenience you should also understand that it is important to protect your bike from any mishap. It is typical mentality of Indians that whatever covers we have for four wheeler the same thing implies to bikes as well. However, two wheeler covers are different from bike cover. 

The article explains on how bike insurance works and what the claim procedure is for it:

Bike cover generally depends on various factors like type of bike you own, CC, the cost of bike, driving skills, place of living and much more. It covers you against any loss or damage done to your vehicle against natural calamities such as Fire, Explosion, Self-ignition, Lightning, Earthquake, Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm, Frost, Landslide, Rock slide. Your 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, if you’re not satisfied with their services. Today, maximum insurance companies provide best and customized policies online via their websites. Customers can simply login to their computer, laptops or tabs, fill in the details and purchase policy instantly while on the go.

Whenever bike insurance is purchased it is surveyor who inspects every aspect of bike such as shape, size, CC, costs, driving license and after this a value is declared for insurance cover known as “Insured Declared Value” that will be offered at the time of claim. For bikes companies cover accidents, break down to rider and pillion injury as well as 3rd party claims.

A bike insurance cover will cover every metal and plastic part inclusive of the wheel rims and engine. Tyres are sometimes not covered as they come with their own individual warranty from manufacturer. If you get an insurance provider covering so well & good it will be for you. Other consumables like nut & bolts and grease is not included.  Also, if your bike has previous scratches and cracks while renewing or buying a new policy, it won’t be covered in the bike insurance policy.

3rd party Coverage is mandatory cover for any bike. It is the insurance cover in case of mishap happens due to the fault of the insurance holder. The damage cause to the other person involved in the accident is referred to as third party. In such cover insurance company is liable to pay for the third party damage pertaining to property, health or life loss (compensation) as well. In simple words, you hit a person on road; insurance company will pay for the injuries caused to the person.

The claim procedure works in simple way as well. Whenever there is an accident or an incident you have to call the claims department of your insurance company and let them know about the incident. Investigators will then inspect the bike and after a thorough assessment gives his or her go ahead. The necessary action is taken such as either the company pays the money or the customer has to pay for the repairs while the bike insurance company later reimburses the customer for the damages. The amount reimbursed is never in whole and it covers about 80-90% of the total cost.

Motorcycle Insurance

Choosing the right insurance policy is much like choosing the right motorcycle. You want it to fit your needs and lifestyle, but at the same time be within your budget. Although most states require you to carry a minimum amount of liability coverage, other types of coverage are usually optional. Always ask your insurance agent or company representative which laws apply in your state.

In order to find out what coverage is best for you, it is important to understand all the options available.

LIABILITY COVERAGE

Liability insurance covers bodily injury and property damage that you may cause to other people involved in an accident. It doesn't cover you or your motorcycle. Find out if your coverage includes Guest Passenger Liability, which provides protection in the event that a passenger is injured on the motorcycle. Whether or not this is included depends on the laws of your state and the company issuing the policy.    

COLLISION COVERAGE

Collision insurance covers damage to your motorcycle if you are involved in an accident. Your insurance company pays for damages, minus your deductible, caused when you collide with another vehicle or object. Collision insurance usually covers the book value of the motorcycle before the loss occurred

COMPREHENSIVE COVERAGE

Comprehensive coverage pays for damages caused by an event other than a collision, such as fire, theft or vandalism. However, just like collision coverage, your insurance company will pay for damages, minus your deductible, and will cover only the book value of the motorcycle.

UNINSURED/UNDERINSURED MOTORIST COVERAGE

Uninsured/underinsured Motorist Coverage covers damages to you and your property caused by another driver who either doesn't have insurance (uninsured) or doesn't have adequate insurance (underinsured) to cover your damages.

This coverage typically pays for medical treatment, lost wages and other damages. If your uninsured/underinsured motorist coverage includes property damage, then your motorcycle would also be covered under the same circumstances. Check with your insurance professional to see if property damage is included or needs to be purchased separately.   

TIPS FOR THE COST-CONSCIOUS RIDER

Many factors can play a role in determining what your bike insurance costs will be such as your age, your driving record, where you live and the type of motorcycle you own, or being a graduate of a rider-training course.

• Many companies offer discounts from 10 to 15 percent on motorcycle insurance for graduates of training courses, such as the Motorcycle Safety Foundation (MSF) rider course. Riders under the age of 25, usually considered a higher risk, may see some savings by taking this course. It’s also a good idea for cyclists who have already had accidents.
• Maintaining a good driving record with no violations will also help reduce your premiums.
• In many northern states, riders may save money by buying a "lay-up" policy. With a lay-up policy, all coverage except comprehensive is suspended during winter months.
• Choose the agent or company that's right for you. If you already have auto insurance, you can contact the same insurer. Otherwise, ask friends, relatives and co-workers where they bought their auto or motorcycle insurance.

[Source:https://bikeinsuranceblog.wordpress.com/2016/04/16/motorcycle-insurance/]