Renew Two Wheeler Insurance Policy

The need to renew your two-wheeler insurance is as pressing as your need to refill your fuel tank – you cannot use your vehicle in a hassle free manner, if you do not do either.

Here is what you need to do

Step 1: Heed to timely reminders

If you have a policy that’s going to run out on you in a month or so, and you have been postponing the renewal because, well, there is time, you don’t have to anymore. You can renew your policy with us right now and be done with it, because your new policy will anyway kick-start only once the existing one is over. And what’s more advantageous is that you could get some awesome deals and offers when you choose to renew 2 wheeler insurance earlier.

Now even if you have just 2-3 days to renew and you are going a little crazy with the amount of work that’s pending and you do not have time for worrying about going online and finding the right deal, Coverfox can literally beam its spot light on your perfect policy and renew it for you within minutes!

Step 2: Compare quotes in existing companies

You may be extremely satisfied with your current company and may not want to shift at this point. But nevertheless, it is still advisable to compare quotes as rate revisions happen quite often. So, check for new quotes at each renewal and lose the risk of missing out on good deals. And to top it, an accumulated NCB could go wasted if you do not renew your policy within 90 days from its expiry.

Step 3: Check out for new and better deals with new companies

If you are being loaded on your premium and your company requires you to pay a higher premium than what you paid last, you might be considering shifting to a new company. Rightly so. If you have had a claim-free year, and your premium is not lower by 10-15%, you may have something to worry about. You could also check for add-ons if you want to better the efficiency of your policy.

Step 4: Why you should come to Coverfox to ensure everything is taken care of

1. We give you quotes from over 10 companies
2. The best of prices and deals are assured with help of professional advice from our Relationship managers if and when you have questions about plans that need to suit your profile
3. If you are a self-sufficient person, who can do without help, we admire ii! You can easily compare plans, choose your right policy and complete the procedure-the proof of which will lie in your inbox in less than 5 minutes.
4. We make process lazy-proof by making it document-free. You simply do not have to fill out long forms or submit a handful of documents. The destination is much closer than what it seems to be.
5. The icing on the cake is this – which you do not have to worry about remembering the finer details, renewal date and entitlements of your policy. No more lapsed policies either. Because we take care of all that for you. Even if you miss the deadline of your renewals, we are here to help you with easy renewals on expired policies of two-wheelers. But just don’t make a habit of it!

[Source: https://www.coverfox.com/two-wheeler-insurance/renew/]

Why should you get your Two Wheeler Insured?

Maybe situations like this do not occur every day with you. However, it’s pretty evident that accidents are pretty common.  Maybe you had nothing to do with reckless driving, but still became a part of it! Can you think of the kinds of costs you could incur if your vehicle was damaged. Worse would be if be if you collide with someone and they file a legal claim against you!

How do you avoid such situations? Well,

1. Drive Safe
2. Get Insured.
3. 
   

“75% of two wheelers in India are not insured, despite it being illegal”

May 2015, the Insurance Regulatory and Development Authority (IRDA) stated that 75% of two wheelers in India are not insured, despite it being illegal! Yes riding a vehicle without a 3rd party liability is illegal and can lead to heavy fines, and or prison punishments. So, having an insured vehicle is not only the right, but also the wise thing to do.

How will insurance benefit you?

1. It will cover the expense of your vehicle damage and medical expenses- provided you are not underinsured – ( Link to why not be what coverage to get article)
2. In the event another person is hurt or his vehicle is damaged, insurance will cover his vehicle, property and life damages too.
3. A peaceful night’s sleep that you are doing the right thing legally and monetarily.

Now since you are convinced as to why to get Bike Insurance, do check out our HOW /what to section for the same 

The regulator also said that the premium would not be revised upwards or downwards during the period of the policy. While the regulator has begun with the two wheeler insurance segment for the long-term policy, it is expected that this will be extended to private cars, too. However, the pricing norms would still be the same.

New India Assurance, the country's largest general insurer has already got the regulator's nod for a comprehensive two-wheeler policy with a term of three years. This will be launched after few weeks. Here too, the pricing is expected to be twice or above that of the one-year product.

The regulator has said that since there is also a need to have long term comprehensive cover including own damage and TP covers, insurers can also file 3-year term comprehensive policy for two wheelers.

While the own damage motor segment covers losses to self during accidents, motor TP covers liability to a third party caused by a vehicle owner during an accident. 

[Source: http://www.turtlemint.com/blog/why-should-you-get-your-two-wheeler-insured/]

Two-Wheeler Insurance Policies to Get Cheaper, Easier To Buy

Comprehensive two-wheeler insurance policies would soon get cheaper once policies with three-year validity come into effect. Large insurance companies such as ICICI Lombard and Tata AIG General Insurance, apart from government-owned companies, are planning to launch policies with riders for customers.

To enable long-term motor insurance for two-wheelers, the Insurance Regulatory and Development Authority (Irda) has introduced a long-term motor third-party insurance policy for two-wheelers with a three-year term.

Irda said the total premium charged for the third-party coverage would be three times the annual third-party premium for two-wheelers as decided by the regulator. Motor third-party premium is regulated by Irda and the regulator brings out revised rates for these policies every year based on the claims experience. Third-party motor insurance is mandatory in India.

The insurance regulator also said that the premium would not be revised upwards or downwards during the period of the policy. According to insurance industry executives, two-wheeler owners would opt for these, since there would not be any premium fluctuations for the three-year term unlike one-year policies where the premium would be revised every year.

Sector officials said the firms would save costs by not having to renew policies every year. This, they said, would be passed on to customers in the form of discounts on the ‘own damage’ front. Customers would also get an option to stay with their one-year policy or opt for a three-year policy.

Third-party motor insurance includes two parts, own damage that protects the driver/owner from accidents and third-party cover that covers liability from third-party accidents. Third-party cover is mandatory, while own damage is optional.

General insurance companies have already planned to launch products. Madhukar Sinha, national head (personal lines) at Tata AIG General Insurance, said his company would file a product in tandem with the Irda guidelines.

He added add-ons could be offered with the policies, subject to Irda approvals.

“With respect to the pricing of the product, we are analyzing the past trends for a suitable pricing mechanism.”

From April 1, 2014, third-party premiums in the two wheeler insurance category were raised by 9-10 per cent, compared with the proposed 1-45 per cent across segments – sub-75cc, 75-150cc, 150-350cc, and more than 350cc.

Sanjay Datta, head of underwriting and claims at ICICI Lombard, had earlier said the insurer would launch a motor third-party policy for two-wheelers after filing the product with Irda. Thereafter, the company would file a comprehensive two-wheeler plan, he added.

Irda also said that the entire premium would have to be paid in one installment and insurers would not be able to cancel the standalone third-party cover in any circumstances except for ‘total loss’. In case of cancellation of policy under total loss, premiums for the full unexpired years would be refunded. Non-life companies wanting to introduce these policies will have to submit a letter of intent to Irda.

According to the regulator, since there is also a need to have long-term comprehensive cover including own damage and third-party covers, insurers can also file three-year term comprehensive policy for two-wheelers. While the ‘own-damage’ motor segment covers losses to self during accidents, motor third-party covers liability to a third-party caused by a vehicle owner during an accident.

[Source: http://insuranceblog.asia/two-wheeler-insurance-policies-to-get-cheaper-easier-to-buy-2/]

How to Compare Two Wheeler Insurance Online

We all love our two wheelers because it gives us the freedom to commute anywhere at any time of the day. It is one of the most efficient and cost-effective ways to commute. It is essential that we take an insurance cover for our two wheeler after comparing two wheeler insurance policy online. Though it is mandatory by law for all two wheeler owners to have a two wheeler insurance, it is advisable to voluntarily opt for the insurance cover as it takes care of the repairing charges of the bike in case of any accidental damage.

How to compare and buy two wheeler insurance online

Here are some steps that will help you compare and buy two wheeler insurance

1. There are 2 types of two wheeler covers which you can avail, one is Third Party Two Wheeler Insurance which covers the cost of damage caused by your vehicle to a third party. It could be another vehicle or another person and this insurance component is mandatory by law.

 The second cover is a Comprehensive Two Wheeler Insurance which provides cover against damage to other vehicles, people and the damage caused to your vehicle also. The cost of repairs of your motorbike will also be included in this.

It is advisable that you purchase a comprehensive two wheeler insurance policy which includes both the above components.

2. Consider factors like Hassle-free claim settlement, quick and easy steps to purchase and renew bike insurance online and 24×7 claim support of the insurance provider before purchasing your two wheeler policy online.

3. Instead of choosing the cheapest cover you must look at which policy provides you the most comprehensive cover for your two-wheeler. Compare the add-ons you get with the policy cover. For example, add-on covers offered by Bajaj Allianz include Depreciation Shield, Engine Protector, and Consumable Expenses etc.

4. Do check out the insurance provider’s claim settlement process and how user-friendly it is.

5. Compare the exclusions of your two wheeler insurance policy before making the purchase.

Renew your two wheeler insurance timely and save unnecessary hassle and costs. Comparing and buying two wheeler insurance policy online was never easier.

[Source: https://support.bajajallianz.com/support/how-to-compare-two-wheeler-insurance-online/]

Bike Insurance

Two Wheeler Insurance can cover losses due to traffic accidents or theft to owner of a vehicle, who is the policy holder. 

We, offer you the easiest way to Compare and buy Motor Insurance Quotes offered by leading Insurance companies in India and help you to save your time and money by giving you the choice of best motor insurance products to compare and purchase online.

Legally, no Two Wheeler vehicle is allowed to be driven on the road without valid bike insurance. Hence, it is obligatory to get the vehicle insured. Two Wheeler Insurance Policies cover against any loss or damage caused to the vehicle or its accessories due to the following natural and man made calamities.

Natural Calamities: Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.

Man made Calamities: Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air.

Key Benefits

Get your two-wheeler insurance or insurance renewal in easy steps.

Towing facility in an event of a breakdown/accident.

Optional Personal Accident cover for co-passengers.

In case you have installed ARAI approved anti theft device in your vehicle, you can avail a discount of 2.5%.

You can insure your vehicle accessories under electrical and non- electrical items.

[Source: http://www.bajajallianz.com/Corp/motor-insurance/two-wheeler-insurance.jsp]

Two wheeler insurance