Monday, 7 September 2015

Get online insurance for your motorbike

Driving a motorcycle without a valid two-wheeler insurance policy can not only land you in trouble with the authorities, but also be financially damaging in case of a road mishap. Despite the fact that third-party motor insurance is mandatory under Indian law, a whopping 4550% of two-wheelers plying on roads across the country are not insured, says a study by insurance aggregator Policybazaar.com. The earlier a two-wheeler owner realises the benefits of third-party insurance, the better it is for him because, in case of an accident, he could be left poorer by a few lakhs of rupees. Though one is not required to insure one's vehicle against damage or theft under the law, one should consider insuring the vehicle. Despite the odds, most motorcycle owners do not renew their vehicle's insurance after the first 2-3 years. Insurance agents, too, do not show any interest in promoting such products because of the small ticket size of two-wheeler insurance.To insure a motorcycle worth, say, `60,000, the annual premium works out to `1,600-2,000, including `460 for the third-party cover. It is a small amount, but two-wheeler owners tend to ignore it altogether. Once the policy lapses, getting the vehicle insured can be tedious. The vehicle has to be physically inspected again and the owner has to go through a lot of paperwork. "Many people find it inconvenient to go through the process of getting their vehicles inspected if the insurance has expired," says Vijay Kumar, chief technical officer, motor, Bajaj Allianz General Insurance. The online advantage : Two-wheeler insurance accounts for barely 12% of the total premium of motor insurance. However, the high lapse rate is an opportunity for insurers to boost premium income. A few companies, including Bajaj Allianz General Insurance and HDFC ERGO, have started schemes that allow two wheeler owners to get their vehicles insured online without physical inspection. "Though the company is exposed to a certain amount of risk, the decision to waive the pre-inspection in case of online renewal of expired two wheeler policies has been taken to promote two-wheeler insurance in India," says Mukesh Kumar, executive director, HDFC ERGO. Policybazaar.com claims this effort has yielded positive results. "In June 2014, 25% of the bike insurance online policies bought online through us were break-ins. In August, this number rose to 55%," says Naveen Kukreja, group chief marketing officer, Policybazaar.com. Read the fine print If you decide to buy an insurance policy for your vehicle after a break, take a close look at the fine print. For instance, the cover may not start immediately. "In case the vehicle is being insured online without inspection, the risk inception date starts three days from the date of issuance of the policy," says Kumar of Bajaj Allianz. While taking the physical route to explore revival of lapsed policies is an option, renewing it online is much simpler. Source from: http://timesofindia.indiatimes.com/business/india-business/Get-online-insurance-for-your-motorbike/articleshow/45093108.cms

4 comments:

  1. Thanks Pratik for sharing this blog. it seems very helpful for me which is guiding about 2 wheeler insurance policy

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  2. Buying Two Wheeler Insurance Online will in fact save your time as well as money if you do thorough research of various discounts and offers provided by your insurance company. Two wheeler insurance is of two types, one is comprehensive and the other is third party insurance. Third party insurance is to be bought mandatory by law.

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  3. Nice and interesting information and informative too. Can you pls let me know the good attraction places we can visit: online two wheeler insurance

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  4. Two Wheeler Insurance Online in 4 easy steps. It provides online 2-wheeler insurance with hassle free 24/7 claim settlement support.

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