Two Wheeler Insurance

Understanding 2 Wheeler Insurance

2 wheeler insurance is mandatory in India. The insurance policy is for the benefits of the vehicle owner as it secures both the vehicle and its owner. Two wheeler insurance provide protection against financial liability and offers you a peace of mind. Two wheeler insurance policy has always been an essential pre-requisite. This policy secures you financially and mentally in case if any mishap or accidents occur. Although, before purchasing any two wheeler insurance policy it is important to understand the different aspects of the insurance policy.

2 wheeler insurance policies are mainly of two types

Liability only policy under which it covers any property damage or any bodily injury to the third party. The policy also covers the owners of the insured vehicle. Liability only policy is mandatory according to the India Motor Act and is compulsory for every vehicle owner to have it.

Comprehensive plan covers all that included in the liability only policy plus damage to the insured vehicle. Comprehensive insurance plan provides a wide range of coverage to the customer and he/she can also avail No Claim Bonus (NCB) under this policy.

Although getting your bike insured is a must do thing, it includes a lot of risk factor too. While buying a bike insurance it is very important to check on the premium offered by the insurer. Generally, the insurance premium of a two wheeler is charged on the basis of

Value and cubic capacity of the two wheeler

Age of two wheeler

From where the two-wheeler is registered

While buying any insurance policy one should not always look for getting the cheapest premium. It is advisable that even if you have to pay a little extra you must try to check all the features that you require in the policy.

An average comprehensive two wheeler insurance policy have a lot of features and benefits. Purchasing a 2 wheeler insurance is pretty simple as it involves limited documentation and limited turnaround times. Two wheeler insurance online helps you to stay protected all the time. While operating the online two wheeler insurance a conformation copy and digitally signed policy documentation are issued immediately after subscription or renewal. Another advantage of getting insured is that you can avail cashless claims servicing across the country at selected network garage. Besides, the comprehensive 2 wheeler insurance policy, there are a plethora of add-on covers available to take care of the situation that is not covered in the main policy.

If you want to get a two wheeler insurance policy then you should also know about what the policy does not cover. There are certain things that are not covered under 2 wheeler insurance these includes-

Normal dent or tear and depreciation of vehicle

Mechanical or electrical breakdown

Loss or damage of the vehicle or person if the rider is drunk and driving

Theft of vehicle parts that are not covered under the policy

The insurance providers offer 24X7 instant claim settlement support to the insure. In the case of an accident, you can easily get your claim done by immediately informing the insurance company within 24hours. Moreover, you can avail the No Claim Bonus (NCB) on renewal if you have a claim free insurance year. Renewal of your bike insurance ensures continuity in protection against natural dangers like fire, earthquake, explosion, flood, etc. Moreover, it covers your damage and pay for the repair work. It also compensates the loss of life or any injury done to the rider and their occupants. While renewing your policy online you can compare plans from the leading provider and save money by comparing policies side by side and choosing the one that fits your pocket the best.

Source:  [http://blogs.rediff.com/twowheelerinsurance/2016/07/02/understanding-2-wheeler-insurance/ ]

Choosing the Right Motorcycle

There was a time when motorcycle owners were stereotyped as outlaws, but now motorcycle enthusiasts come in all walks of life from youth dirt bikers to retirees seeking to tour the country on two wheels. Motorcycles are more popular now than ever because of the freedom they help provide, fuel economy and relatively low cost of maintenance.

Last month Allstate asked the Community: “What type of bike is your motorcycle of choice?” Your answers showed that the choice of motorcycle varies as much as the people who ride them.

• Touring/Sport Touring 27.83% – Touring bikes are substantially larger than other motorcycles but offer unmatched comfort for longer trips. They boast larger gas tanks and increased storage capacity as well. A unique quality of many touring bikes is passenger comfort with full sized and upright seating.
• Sport Bike/High Performance 22.02% – Sport bikes are typically faster and require the rider to lean forward. These bikes are usually better in performance and handling, and are often more lightweight as well. Comfort is somewhat sacrificed for speed and performance but these bikes are extremely popular.
• Standard 11.31% – Standard bikes are essentially a hybrid between cruisers and sport bikes. They are versatile but typically devoid of fairings or wind screens and are usually “naked” in appearance. These bikes are often highly recommended for new riders because of reliability, manageable engines, and low price range
• Custom 7.65% – Customs are difficult to describe because they are usually modified to the riders preference. Larger engines, louder pipes, or handlebars modified to the riders comfort or individual appeal are often additions to this type of motorcycle.

The Choice is yours

When it comes to motorcycles, there certainly are a plethora of options from which to choose. But, how do you pick the motorcycle that is right for you? Choosing the right bike depends on your experience level, price range and driving preferences.

Experience: Your experience with motorcycles or mechanical equipment in general has an effect on which motorcycle you should choose. If you’re a beginner and haven’t had much experience with larger engines, faster speeds, or tighter handling, a sports or custom bike might not be your safest choice. Take into consideration your experience and choose the safest motorcycle for your level.

Price Range: The budget conscious and the unrestricted shopper can both find the right bike insurance online. Custom choppers with vintage wheels and unique paint certainly have price ranges much higher than base level cruisers, but that doesn’t mean a motorcycle purchase is an uneconomical one. Take into consideration purchase price and economic savings when looking at your next motorcycle purchase.

Driving Preference: When you envision cruising the open road in your new motorcycle do you see yourself taking long trips or short ones? Are you a ‘pedal to the metal’ type of driver or do you prefer a more casual cruise? These preferences will take your motorcycle purchase from touring to sport bike in two seconds flat. Think about where you’ll be driving in your new purchase. Your driving preference should help you decide which bike is best for you.

[Source: https://bikeinsuranceblog.wordpress.com/2016/07/01/choosing-the-right-motorcycle/]

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