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]

How to Reinstate Two Wheeler Insurance Plans?

Accidents or thefts not only take a toll on your life and health, but also your money, in case your vehicle is involved. This is where two wheeler insurance comes into play. Insurances have become mandatory for a good reason. There is a high chance that you will bear a great financial trouble in case your two wheeler is involved in an accident, theft or damage caused by a third party wheeler.

To save you all the misery and save you trips to your bank, you need to compare two wheeler insurance online. Online is convenient and easier. But if you still need more reasons to opt for a two-wheeler insurance plan, then read on.

As stated above, it is mandatory by law to get a two wheeler insurance. This should be a reason enough for you. Moreover, having a financial stability is one thing you definitely get when you know that your vehicle is insured. No claims bonus is an added advantage, but if you don't claim your bonus, then you are entitled to the NCB that gives you the benefit of lower premiums, while you enjoy the full-range of insurance benefits.

If you are buying a bike insurance reluctantly and not renewing it, then you would want to read why you need to renew your two wheeler insurance plans.

Reason #1: You get 24X7 roadside assistance. This is the top reason why people get their plans reinstated. Other benefits include the cashless claims at selected garages and towing facility for your vehicle in case it meets an accident.

Reason #2: Every insurance plan comes with add on benefits that can be tailored according to your needs.

Reason #3: Renewal of insurance is no longer a cumbersome task. You can easily renew your two wheeler insurance with your insurer or compare plans online to avail great benefits at lower premiums.

Reason #4: Negotiate your premium by removing extra expenses that may arise due to add-on features. If you will not use such features, it is best not to sign up for it.

Search the market to avail the best insurance cover available. If you are getting add-ons in your premium, go through them thoroughly. They are designed for your benefit and you should go for the ones that will actually help you. So, go ahead buy two wheeler insurance plans online.

[Source: http://articles.abilogic.com/161796/how-reinstate-two-wheeler-insurance.html]

The Incredibly Useful Nature of a Bike Insurance Policy

Bike insurance is a crucial step in being road-ready, for a policy mandates that the insurance company will be liable for any sort of damage in case of an accident or even theft.

With the increasing number of two wheelers accidents on the streets, getting your bike insured has never been more important. Even so, a number of bike owners remain unconvinced of the importance of owning such an insurance policy. It is not at all a redundant outflow, but instead, it is what you need to safeguard your interests each time you set out for a drive. Read on to know of the usefulness of such a policy so you can get 2 wheeler insurance online.

Obliging When you Damage a Third party

Accidents can be unpredictable and you never know the extent of damage that can be caused in a split second. If by some miracle, you as well as your vehicle remain undamaged, you may have badly hurt another individual or their ride. When this happens, you have to pay for their damages, which could cost you a lot especially if they have been extensively harmed. In such cases, a third party policy can be invaluable when you cause a dent or any sort of harm to another commuter.

A Cost-Effective Option

Many times, accidents not only damage another party, but also cause substantial harm to your own vehicle. Upon gauging the extent of damage and receiving a high repair estimate, you are often tempted to opt for cheap repairs or go to a sub-standard garage so that you can save some money. The only other option is to pay a high repair cost, if not abandon hopes of driving the two wheeler again at all. Due coverage can help you circumvent such a crisis as you can depend on the insurer in case of a road mishap.

They can pay for the expenses because you have been paying them a monthly, yearly sum to ensure that your bike insurance has been covered.

The Handiness of a Comprehensive Cover

Well, this is the coverage that most commuters opt for as it not only takes care of your vehicle but the harm caused to third party as well. Since it is useful in instances of robbery or individual mishaps as well, you can be sure that you are secured against most misfortunes that include your bike. What is more is that such policies are flexible and permit you to include any lavish accessories or upgrades to your ride at a fractional increase in the charge.

Also, if you wish to include the harm to self when you drive, you can do that as well and ensure that the company pays for injuries, loss of life or even disabilities stemming from the mishap.

Mandatory in Nature

If you thought that you could save some cash by not purchasing a policy, you couldn’t be more wrong. Driving around without a policy can get you penalized as these policies have been mandated by the authorities. You simply must have third party insurance for your bike and maintain a copy of it with you whenever you drive.

[Source: http://articles.abilogic.com/129016/incredibly-useful-nature-bike-insurance.html]

What Effects Two Wheeler Insurance Costs?

5 Protective Measures Bike Ride Safe

Good Insurance For Motorbike Drivers Means Peace Of Mind For All

There are several different kinds of cover which are available for those who want to get onto two wheels. Liability coverage only covers those that the driver hurts and their vehicle. It does not cover the driver at all and this may be a little dangerous particularly for those who are new to this game. Some polices will have 'guest' coverage which will cover a passenger on the cycle so this should be considered too. The law in each particular state differs on this point so make sure that this is checked before taking a passenger.

Collision coverage will cover damage to the cycle that is being driven but there is usually a deductible amount which will be applied. For example, the driver may be required to pay the first fifty dollars or so of any claim so it is important to know about this beforehand. The cover will only be for the book value of the machine before it is damaged. This may be surprisingly low since every time the cycle passes from one owner to another, the value usually goes down.

Comprehensive cover will surely pay for any damage that is caused to either party except in the case of a collision. The company will still only pay for the book value though and will not take into account anything that does not come as standard. Fancy paintwork or added on accessories are not covered at all so it may be wise to add coverage if these are valuable.

There is motor bike insurance which will cover the driver and his property in case he is hit by someone with no or little coverage of their own. This will usually pay for any medical treatment necessary, loss of income due to having to be off work and any other damages deemed necessary. If property damage is not covered, a broker may be able to get this added on at little extra cost.

Of course, most people will want to save as much money as they can when they are paying this kind of bill. Finding ways to save on this is a good way to get the driver to be aware of all the different policies available. Looking online is a good way to see what companies have in their packages and each can be compared to see which is the best 'fit'. The one thing that people should not do is to skimp on this kind of coverage since not having enough, or none at all, will only hit home when an accident occurs.

Source:- http://bit.ly/2kpLXqL

BIKE INSURANCE

Is Long Term Two Wheeler Insurance a Good Idea?

Types of Two Wheeler Insurance Plans

Third Party /Liability only Policy

It covers the cost that arises due to property damage, bodily injury and/or death of any third party. As per legal requirements, policyholders need to carry this insurance component, while riding the two wheeler vehicle. This insurance cover also grants, personal accident cover only for the owner-driver which covers your legal liability arises out of an Injury / Death of a third party and Property Damage of a third party in the event of an accident concerning your vehicle.

Need for Two Wheeler Insurance

The need of two wheeler insurance arises because:

• Two Wheeler Insurance is required for Third Party Liability insurance, which is a legal mandate and by purchasing two wheeler insurance, a policyholder can get away from lawsuits or legal penalties.

• Two Wheeler Insurance ensures financial protection against liability that may arise due to damage, disability, and/or death of a third party.

• Two Wheeler Insurance ensures that you are prepared both financially and mentally to face any road mishap that may impact your vehicle.

• Two Wheeler Insurance helps in shielding your vehicle which is your asset and managing with the monetary loss that may be triggered due to accident, damage or theft.

• Two Wheeler Insurance helps in covering the costs of potential damages/losses/injuries.

Benefits of Two Wheeler Insurance

• The Two wheeler Insurance policy covers damage or complete loss to your vehicle against natural calamities such as fire, explosion, lightning, earthquake, flood, cyclone, hurricane, frost, landslide and rock slide.

• It is also beneficial as it covers loss/damage to your vehicle against man-made calamities such as burglary, Theft, riot, strike, terrorist activity, theft, riot, strike, malicious act, accident by external means, terrorist activity, any loss/damage during transit by road, air, rail, inland waterway, lift, or elevator is covered.

• It also provides Personal Accident Cover for the owner/driver for a specified amount which covers accidental death and total disability of the owner/driver by paying a nominal amount of an extra premium

• With claim-free history for your previous policy years, the policyholder can avail No Claim Bonus (NCB) benefit. It is one of the best ways to cut down the premium amount on your comprehensive motor policy.

• It is a Cost Effective insurance plan as buying an online plan which is intended to give you a comprehensive coverage can save on the premium amount

• Quick Policy Issuance if you buy an online Two Wheeler policy.

• Avail the facility of cashless garage networks where you can get your vehicle repaired on cashless basis or claim reimbursement can be made once the repairs are done at a garage of your choice.

• Various discounts can be availed like if you are a member of listed automobile or biking associations of India or installed specific anti-theft devices in your two wheeler.

[Source: http://www.suggestinsurance.com/motor-insurance/two-wheeler-insurance]