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?