Infographic – Everything you Need to Know About a Multi-year Bike Insurance

All About Cancelling a Two-wheeler Policy

Learn more about cancellation policies of two-wheeler insurances and make an informed decision before policy cancellation.

“Please read the offer documents carefully before investing” is a standard statement we are assured with during insurance advertisements But, after so many awareness attempts, not everyone reads the terms and conditions in detail. This is because the content mostly contains insurance and policy jargons with much legality included. Among these, many two-wheeler owners find it hard to understand the procedure to cancel their two-wheeler insurance policy. Read on to know more if you are one of them.

Insurance policies are usually valid for a period of 1 year. You could consider cancellation within this period for a variety of reasons that could be both personal or dissatisfaction with the level of service being provided. With competition arising among companies, it only makes sense to pick a policy that reaps maximum benefits for you.

The cancellation policy for two-wheeler insurances is simplified as follows:

• Policy cancellation can be done if you haven’t made any claim with the insurer during the policy term.
• You must have an alternative; it is essential for you to have complete information about the next 2 wheeler insurance policy you are looking at to buy. Supporting documents for it needs to be produced.
• If an ownership transfer is a reason you need to annul your policy, you would need to provide all the necessary supporting documents of an alternative insurance provider.
• Basic cancellation fees apply. Every insurance policy company will have certain cancellation fees that may be stated on the terms and conditions. This fees will be deducted from the premium paid.

The cancellation procedure for two-wheeler insurance is simplified as follows:

1.     It is important for you to call and inform your insurer as soon as you have decided to cancel your existing policy.

2.     Post this, immediately give a writing intimation about your intentions to switch over to another policy. This needs to be done within 7 business days.

3.     It is mandatory to submit proof of being insured with a new insurer to the old insurer. It would be ideal to mail the paperwork or courier a copy to the insurer.

4.     Cancellation fees, a minimum of Rs.25, will be charged. The balance amount, which is pending to be received from the current insurer, will be refunded to you on a pro-rata basis based on your insurance cycle.

In conclusion, learn in detail about the new insurance plan, premium rates, features of the policy, etc. Make sure you have some substantial reasons to switch before you decide to cancel your existing policy. Do not make premium rates the only deciding factor when it comes to switching your policy; it is beneficial to look at many aspects involved in choosing the best policy for your two-wheeler vehicle and your own financial needs.

[Source: https://www.symboinsurance.com/blogs/two-wheeler-insurance/cancelling-two-wheeler-policy/]

Insure your bike with a suitable two wheeler protection cover

Bike Insurance and Some Important Information about it

If you like the freedom, the wind in your hair and coolness and you are thinking about buying a bike, you should also think about your bike insurance. This type of insurance, just like on cars, varies from brand to brand and model to model; but nonetheless, just like car insurance it's mandatory. Some insurance companies are trying to attract more customers through low prices, while others are trying a discouragement strategy, due to the fact that the risk is high on this type of vehicles.

The price set by the companies for bike insurance is calculated mostly considering the same factors like for a car: factors as the owner's age, experience, power and type of the bike and of course your driving history; only the price coefficient is higher.

The downside with bike insurance is that the coverage is different. For example, if on a car your insurance covers accidents, minor damages and theft, on your bike sometimes, you only get covered for accidents and minor damages, but not if your bike is stolen. But even if you think that everything is against you, and you get discouraged in buying a bike, don't be - you have plenty of solutions so you can enjoy your rides and still be safe.

The first advice for a cheaper bike insurance policy is to buy a cheaper bike. That way the coverage won't be as expensive as it would have been for a luxurious model. Also if you can afford it, buy it for good because if you are financing your bike, then the company that provides you with the finance will require additional coverage. If you have decided to still buy an expensive bike, you can choose a no-fault coverage option. The difference between this and a traditional insurance is that a no-fault insurance will protect you against losses even if it's not your fault, whereas a traditional insurance covers just the person you inflicted damage to.

Also, keep your eyes open for any kind of promotions, discounts and offers. A lot of companies are trying to attract customers by promoting all kinds of services with different qualification criteria. For example, you can get a -25% discount if your age is above 30, or if you are a new customer.

When applying for bike insurance, make sure that you have a good financial credit. Meaning that your bills have to be paid and you should have no debts. The insurance companies will be more indulgent because statistically people that are financial steady represent a lower risk and chances for them to do something reckless while taking a ride are also lower. Sometimes they can dramatically lower their prices up to -50%.

Make sure that you compare the prices that they have to offer. Also compare prices by sorting different bike models. Don't buy extra coverage if you don't need it. However, make sure that the one you are buying is the one that you need. And also make sure that you are wearing your helmet and protection gear. Drive safely and enjoy!

[Source: http://www.sooperarticles.com/finance-articles/insurance-articles/bike-insurance-some-important-information-about-1258929.html?page_tag=qlEGYRg9OSdtcpcyiDlHusx1tN1gj5AiKChL58pO9nX3KZ2dzL8ZECjSlXAHT0g-vzRtT7qkjTBuvmYukBiUtQ~~]

The Incredibly Useful Nature of a Bike Insurance Policy

Things to know about two-wheeler insurance

Two-wheeler insurance provides cover for the loss of the vehicle or damage caused to the vehicle due to various reasons.

These policies come under two categories, namely, comprehensive cover and third party liability cover.

A comprehensive two-wheeler insurance policy provides cover in the case of following eventualities:

1. Vehicle is partially or fully damaged due to an accident or due to fire, lightening, flood or earthquake.

2. Vehicle is partially or fully damaged due malicious acts of arson or vandalism by strangers or it is lost due to theft or burglary.

3. Damage caused to the property or injury caused to the life and limb of third party due to an accident

4. Injury caused to the life and limb of the policyholder due to an accident

If the two-wheeler policy coversonly third party liability, then the insurer will be liable to pay only the cost of damages caused to the property of the third party or pay for the treatment of injury caused to the life and limb of the third party.

Two wheeler insurance policies also offer add-on covers such as covers for spare parts and accessories, accident cover for pillion riders, etc. at an extra cost.
The premium amount for the policy is calculated based on the age, IDV, cubic capacity and registration zone of the vehicle. Two-wheeler insurance policies are hassle-free and can be bought online.

[Source: http://www.indiainfoline.com/article/news-personal-finance/two-wheeler-insurance-things-to-know-about-two-wheeler-insurance-117031800287_1.html]

Advantages of Third Party Two Wheeler Insurance

A bike allows us the ease of quicker transport through congested traffic and compared to any other vehicle, it is easier to manage. However, the probability of the occurrence of a road accident which causes injury and loss to you and/or injury/loss/death to a third-party, is very high in India. This is why the Government of India has made it mandatory that all two wheeler owners must purchase two wheeler insurance. Even though many people hesitate from buying two wheeler insurance, the alternative outcome of not being protected by one is scarier. If you find a two wheeler insurance to be a financial burden but do not want to breach the law of the land, third party two wheeler insurance is the easy way out.

Essentially, a third party two wheeler insurance policy ensures that is insured is covered in case of damage or loss to a third party or third party property as the result of an accident. Generally, third party liability is unlimited as per the dictates of the Indian government. The conditions for coverage offered on third party two wheeler insurance policies are as follows:

The occupant of the two wheeler vehicle (which is owned and not hired), suffers injuries/ bodily harm or dies due to an accident

Government property or any other third-party owned property apart from the insured’s vehicle is destroyed or damaged. Liability is limited for third-party property.

If an accident occurs outside the geographical limits mentioned in the Policy Schedule, the Third Party Two Wheeler Insurance policy becomes invalid.

At the time of the accident, if the two wheeler vehicle is driven by someone besides the vehicle’s owner or the designated driver, the policy becomes invalid.

Insurance Development Regulatory Authority (IRDA) has permitted insurance companies to sell long term Standalone Motor Third Party Insurance for two wheelers. This extends to up to 3 years and ensures that the two wheeler owners only have to renew their two wheeler insurance policy once in three years. One of the major highlights of a long-term Motor Third Party Insurance for two wheeler is that it also protects the insured from hike in premium, for the three consecutive years. The IRDA guidelines stipulate that the total premium charged on third-party liability would be thrice the annual third-party premium and this premium is not to be revised by the insurers during the period of the existing policy. Additionally, once the policy is issued, the insurer cannot cancel the standalone third-party cover under any circumstance.

Basically, Third Party Two-Wheeler Insurance is a life saver for the insured and well as the third party involved. Almost 70-75% of two wheeler in India are not insured even though it is mandatory, due to factors such as the substantial amount attached to the process, additional effort to be taken in order to renew the policies annually, etc. With the long-term third-party Motor Insurance, several of such hurdles are dissolved and there is cost-savings in terms of discounts.

Like in the case of other insurance policies, third party two wheeler insurance policies can also be purchased online. Buying a two wheeler insurance policy online is quick and convenient since you don’t have to fill forms repeatedly or meet with agents or company representatives to acquire a two wheeler insurance policy or renew one.

[Source: http://www.daulatguru.com/index.php/blog/entry/advantages-of-third-party-two-wheeler-insurance]