How to Get a Bike Insurance Quote

                As the roads become more and more congested, bikes are increasingly being used by commuters to avoid crazy traffic on the streets. It is important to make sure you get the right level of bike insurance cover at the right price to stay secured in case of a mishap.

These days it is very easy to get bike insurance quotes online from multiple insurers and then choose the best plan for yourself.

Key Benefits of Two Wheeler Insurance

Buying a bike insurance online is a hassle-free and instant process. It generally comes at a very affordable cost and can provide you with great security. Some of the key benefits of buying a bike insurance online are:

You can get your two wheeler insurance or renew your bike insurance online in easy steps

You get instant claims assistance and support 24×7

You can customize your bike insurance policy with add-ons for better coverage

What is Covered?

Your bike insurance covers not only the vehicle but also you- the owner and any third party involved in a liability concerning the vehicle. Damage or loss to the vehicle due to accident, flood, fire, earthquakes etc. are covered.

What is Not Covered?

Even though most situations are covered there are some exclusions in two wheeler polices. You can ask your insurer or read up on these exclusions at the time of buying the policy. Normal wear-and-tear of the vehicle, electrical/mechanical breakdown are not covered under this policy. Damage caused to or by a person driving without a valid driving license is not covered. Loss caused while riding under the influence of alcohol or any other intoxicating substance is also not covered. It is advisable to be aware of the exclusions of your bike insurance policy.

Renewing Your Two Wheeler Insurance

You should renew your two wheeler insurance before it expires. This protects your vehicle against the risks without any break and helps you retain the No Claim Bonus (NCB) which is the discount you avail in premium for claim free years.

If your policy has expired, you will have to obtain a fresh insurance policy for your bike. Due to the break in insurance the vehicle will have to be physically inspected by an official from your insurance company. You have an option of getting the NCB transferred in case your two wheeler is insured within 90 days of the date of  your renewal.

Now that you know everything about bike insurance, get your quote online or you can request for a call back option from insurance companies like Bajaj Allianz General Insurance for your motorcycle insurance.

Source from: https://support.bajajallianz.com/support/how-to-get-a-bike-insurance-quote/

How to understand your Two Wheeler Insurance policy?

In India, any vehicle whether two wheeler or three wheeler, four wheeler or sixteen wheeler truck cannot run on roads without an active insurance policy. And if the vehicle is being used without an insurance policy, then it amounts to a hefty fine for breaking the law. Not only you have to face the brunt of law but it can cause a big hole in your pockets in case of any mishaps as well.

People can afford vehicle as per their income sources and requirements. Some buy two wheeler while others opt for cars or trucks for business purposes etc. But the motive behind government’s strict law for insurance policy is simple. It is to protect people not only from third party damages but also the protection of their own vehicle and physical damages in an accident (provided you have comprehensive cover).  In India, bike is one of the favorite rides that people enjoy through every walk of life. When you’re young it’s the long drives that you want to cherish, slowly it becomes one of the important mode of transport when you start working and also get married. Ofcourse, in olden days there needs no for explanation about the importance of this magic ride of your life. But compared to cars bike are more prone accidents and therefore it becomes imperative to have a suitable two wheeler insurance policy for your bike. Since the compulsory insurance law was passed, whenever you buy a two wheeler, you get a two wheeler insurance policy along with the vehicle. The policy lasts a year after which you can either choose to continue with the same policy, else change the policy to the company of your choice. Nowadays 90% of the companies provide insurance policies online via their websites.

Premium Calculation

The premium of your two wheeler insurance depends upon various factors. First of all there is the cost of the bike. Then there are other factors as well like rider insurance, pillion insurance and also 3rd party insurance. So with each addition, the premium amount keeps on rising. You can choose to lower the premium amount by lowering the IDV (Insurer Declared Value). This is the specified amount that the insurance company pays the customer in case the vehicle is stolen and not found.

Things Covered

When the insurance policy is bought the surveyor makes sure that the bike is in proper shape. So with the new bike, the insurance covers pretty much everything ranging from accidents, to break downs to rider and pillion injury and also 3rd party claims if the option is selected while buying the policy. However, plastic parts & tyre sadly are sometimes not covered since they come with their own individual manufacturer warranty. Other consumables like nut & bolts and grease is not included. Plus if your bike has previous scratches and cracks while renewing or buying a new policy, even those won’t be covered in the insurance policy.

1^st Party & 3^rd Party Claim

When buying any insurance, there you will always find a mention of “3rd party coverage”. A 3rd party coverage is actually the insurance cover to damage cause to the other person in case a mishap happens due to the fault of the insurance holder. This means that the insurance company when liable to pay only for the insurance holder is called a 1st party insurance cover. But if the insurance covers even the damage done to the referred 3rd party, then that is a 3rd party insurance.

Claim Procedure

Claim procedure works in a simple way, “Pay now, reimbursement later”. This means whenever there is an accident or physical damage due to manmade or natural circumstances you have to call the claims department of your insurance company and let them know about the incident. After that the claims investigator comes to the company workshop to inspect the bike and after a thorough assessment gives his or her go ahead. The amount reimbursed is never in whole and it covers about 80-90% of the total cost.

The market is filled with a lot of companies and there is immense competition for the consumer. But still just because the company is giving you a low premium doesn’t mean it is “The best policy”. Below is the checklist to select your insurance policy:

·         Complete Bike and Accessories cover

·         3rd party damage cover

·         24x7 Roadside assistance

·         Cashless facility in the nearest Authorized workshop

·         Accident cover for both rider and pillion

·         High IDV amount

It’s better to have something instead of losing everything. So with the information shared we hope you can now choose the best two wheeler insurance policies for your bike.

allianz.com/Corp/motor-insurance/two-wheeler-insurance.jsp">two wheeler insurance policies for your bike.

Importance of Declaration Value of your bike

Your bike is a thing of pride for you especially when it is bought from your hard earned money. While third party insurance is the minimum coverage you need to have as required by Motor Vehicles Act, however, a comprehensive coverage will not only help you compensate for the third party damages but will also help in survival against the damages done to your own vehicle.

A comprehensive insurance policy comprises two aspects i.e. own damage (OD) and third-party. OD covers loss or damage to vehicle against accidental damage, natural calamities and man-made calamities whereas third-party cover protects the insured against liability due to accidental damages resulting in the serious or permanent injury or death of a person, and damage caused to the surrounding property. But the question arises how does the insurance company judge the value of your bike? For calculation of premium, insurance company uses “Insured Declared Value” (IDV) whereas third party premium is calculated as per the vehicle category and has no relation to the IDV of the vehicle.

With the ever escalating inflation rates, premiums are bound to increase. But there are several ways that will help you to curb your two wheeler insurance premium. For example buy anti-theft devices and avail a premium discount. Besides if you ensure that your ride is safe without meeting any accident throughout the year you’re eligible for no claim bonus benefits in the form of additional coverage or discount in premium rates. However, at times, some customers tend to adopt not so favourable means. One of these is declaring or unknowingly accepting a lower IDV of the vehicle. An IDV value is the main part to decide the insurance premium of your vehicle, be it a sedan or your two-wheeler.

The article will help you understand the concept of IDV while purchasing your two wheeler insurance. IDV is considered as the sum insured and is fixed at the commencement of each policy period for each insured vehicle. IDV is arrived on the basis of the manufacturer’s listed selling price of the brand and model, and then adjusted with the standard deprecation rates as per Indian Motor Tariff. It is the maximum amount that an insurance company will pay in case of a claim, i.e. in the event of total loss, constructive total loss and/or repair of the vehicle is greater than 75% of IDV or your vehicle being stolen. Understand that the rate of depreciation keeps increasing with the age of the car. A new car can fetch the maximum IDV but as the vehicle turns old, the rate of depreciation keeps increasing. The rate of depreciation is calculated based on a standard metric (on the basis of age of the vehicle). If the bike is more than 4 years old, or is an obsolete model (i.e., a model not manufactured anymore), the insurer and the insured have to come to an understanding on it.

At the time of first purchase of your two wheeler insurance as well policy renewal, current selling price of the brand and model is considered for computation of IDV and not the price at the time of purchase of the vehicle. Experts say that if one declares a lower IDV than the reasonable market value and were to make a claim for total loss, one will receive a lower claim amount since the IDV declared was lower. Thus, a little saving on the premium by declaring a lower IDV can result in much higher loss during unfortunate event of a large claim or theft of the vehicle.

Similarly some customers tend to declare a high IDV under the assumption the claim amount will increase or it can help them gain extra bucks if they were to sell the vehicle in the market. However, this is not the case. At the time of claim processing, the insurer will consider the age of the vehicle and hence its depreciation before finalizing the claim. Therefore, indirectly one will end up getting low claim inspite of high IDV. So, the next time you renew your two wheeler insurance, make sure that the IDV declared is in sync with the vehicle age and model.

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