Online Two Wheeler Insurance

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

How to get protect financially during accidents

Everyone has a dream of owning atleast some form of vehicle. However, your vehicle is not just a means of transport, it represents you personality, who you are, your living standard and sets you apart from the masses. Thus, it’s a highly cherished possession often a pride to own it. But as much as you love your vehicle, you cannot predict the unfortunate incidences. You may strike into an accident and there might be damages done to third party vehicle, property or health. In such situations if you don’t have insurance you’ll have to bear the financial losses done to you. Therefore, Indian government mandates atleast a third party cover if you wish to drive your dream machine on road.

Let understand what is Third Party Insurance?

In India, motor vehicle insurance can be broadly classified two categories: Comprehensive & Third Party Insurance (TPI). TPI protects you from liability arising from your vehicle being engaged in any form of accident that led to the injury, death or damage of an arbitrary third party. A comprehensive cover will incorporate third party damage, damage to your vehicle, physical damages to both the party. It is the most complete protection you can get and provides cover up to the insured amount. Third Party Insurance is more than just a like a safe-guard: It is mandatory, and covers any financial liability the policy holder may incur from a third party. 

How to get Third Party Cover

Most of the comprehensive car policies include third party cover. This works well as both benefits are offered in single policy. Online website are great place to shop your third party insurance cover as they help you easily to compare the cost of insurance and also provide you variety of options to choose as per your requirements. While comprehensive insurance has a fixed cover amount based on the insured vehicle’ s value, a TPI policy protects the insured from potentially higher liabilities faced in the event of any incident with a third party. This is of particular significance as in most cases compensation or pay-outs are decided based on the effected third party coverage.

Third party insurance can be bought instantly as they do not require vehicle inspection or reporting. They can be equipped with minimal pre-cover formalities. They are affordable and Cost Effective. Premiums of TPI in India have been updated recently and offer a flat rate across 3 segments. Each slab varies depending on the engine displacement of the insured motor vehicle. 

Features 

It is important you read all policy documents carefully before the purchase of third party policy. Most Insurance providers offer TPI with the following features –  Death or bodily injury to a third part, Damage to third party property, Accidental Death of the insured vehicle owner or driver and Permanent Total Disability of the insured vehicle owner or driver. Choosing a robust third party insurance policy ensures your journey remain stress free and sheltered from any third party damages. It gives a peace of mind that you have the advantage of being fully protected against third party liability at minimal costs. 

[Source:https://generalinsurancesite.wordpress.com/2016/03/08/how-to-get-protect-financially-during-accidents/]

How to get your bike covered with suitable policy?

Two wheelers have a lion’s share in India’s vehicle segment.  Whether it’s a guy riding his dream machine to his college or office or a girl going on her scooty to college or super market, the need and comfort of two wheelers driving through narrow lanes and hectic traffics can never be replaced by any other mode of transportation. Your bike plays an instrumental role in carving your path of freedom in life. 

However, when your bike gets accidentally damaged or damages done due to natural calamities, manmade riot incidences etc. you get shattered and suddenly you come under the burden of huge financial losses. Therefore, it’s important that you get a suitable two wheeler insurance cover for your vehicle. A good policy coverage will reduce your stress and provide relevant protection to your bike or scooter against any physical damage, getting stolen or a third-party liability.

Today, with various companies selling insurance policies online it has become all the more easy to buy policy at the click of button on your laptops, Tablets or Smartphones anytime and from any part of the country.  With rapid advent of internet facilities millions of Indians are purchasing two wheeler policies online and the number just seems to increase day-by-day. 

The sheer fact that online two wheeler insurance offers convenience, comparison, actual costs, transparency, discounts etc. makes it the most preferred mode of policy purchase. You can gather all the information under one umbrella, analyze it well and then go for policy purchase.

So, if you’re wondering how online buying has more advantages and benefits, the article offers some tips to follow during your purchase: 

Convenience:

The most important point is the “At your convenience” where you don’t have to visit companies, collect information leaflets, call up agents, fill up form manually, visit for submission, keep documents handy etc. With online facilities you can do it yourself anytime and from anywhere. From purchasing to renewal, queries to claims everything can be done online without wasting your valuable time and energy.

Safe mode:

Insurance quotes online are secured and it’s a secure buying as well. Today, reputed insurance companies ensure that there is proper encryption of data to shield your personal information. So, just leave your worries aside and go for reputed companies to purchase your two wheeler insurance companies. It is advisable check for the company prospects, customer handling feedback, and approach towards your concern and then go for your purchase.

Time and Money Savings

Two wheeler insurance online purchasing is both time and money saving. You get quotes of different insurance companies under single umbrella, you can compare the costs, and you can check the benefits and features along with discounts and then go for policy purchase. For any concerns you can have a live chat with the experts online and get a plan at the budget that suits you! These experts can also respond to any concerns and counsel you well on the features available from your policy.

Online purchases have grown gradually. If you have been considering about getting coverage for your bike or scooter, then, why wait in long queues? Go through the hassles on visiting companies, and collect information leaflets, fill up forms for purchase, renewals and claims? Two wheeler insurance online is now at your service 24 X 7 to give you a smooth and sorted insurance purchasing experience. 

6 Types of Insurance Providers for your Two Wheeler

Accidents on roads don’t come calling you out. With reckless drivers swerving their rides on an equally pathetic road, things could get worse in the blink of an eye. To top that, if there is a bad weather, you are somewhat doomed. One slip from your bike and your hard-earned money flows out of your bank account like water. Yet, one should always be prepared. Therefore, there ought to be some risk protection and that comes with a decent bike insurance plan.

With matters of money, you should not hurry. You had bought your bike with a lot of money. It’s an investment and so you should be well acquainted with the law before you narrow down to one insurance company. Without proper knowledge you are likely to be duped, given, there are so many con websites and insurance companies mushroomed up.

The general law

Two wheelers out on the road must always have insurance on third party compensation. Although the coverage does not include compensating for the damage on your bike, it will help you to do the needful to a victim of your bike. This is the minimum coverage mandatory for every bike ridden actively on Indian roads.

You must be wondering what good will that do if you can’t fix your bike and only manage to save your face in front of someone else. It takes a lot of money to repair bikes, get the parts. The market prices are skyrocketing day by day. Well, certainly expert insurance plans are there for the same to save you.

Following are the points are to look for while you get your two-wheeler insured. You need to be well aware of what you exactly need for your two-wheeler and then begin the paperwork.

If your bike is damaged upon collision with a bigger vehicle, this insurance will pay for the repair of the same. If you are confident that nothing else can be the cause of damage to your bike than irresponsible drivers, then you can opt for this one.

The cost of repairing is too damn high and getting spare parts is an equally hard. It would be a good decision to get your two wheeler insurance with this one.

The Pillion-rider cover

For cars, one insurance policy encompasses all the people who get into that car. This is not the case for two-wheeler riders. A separate insurance plan has to be claimed for the one who rides behind the main one- the pillion rider. This is like an add-on and definitely involves you paying a bit of extra premium.

If it is only you and your bike, then you may not have to worry about this one. In case, there is a regular pillion rider, it is a human decision to get his/her life insured.

You are certainly not going to pay immediately, get a new bike, weeping, while there are ways to compensate your loss in case your bike gets stolen. Some neighborhoods can be rather violent where some goons might pick up your online two wheeler insurance and run off. Or a fire could break out suddenly leaving your bike in ashes. The vandalism coverage will ensure that you get the money.

If you don’t have this insurance, it is really going to hit you hard, this losing bike. So you better be safe than regret later.

Finally,

Check for discounts

Certain measures taken whilst insuring your bike could earn you lucrative discounts. If you are a member of the AAI (the Automobile Association of India), then you might be in luck about those premiums. Also, if there are devices such as anti-theft alarms fitted to your bike that gets you discounts.

There is a No Claim Bonus which states that if the insured does not claim for the money for a long time, they will get a discount.

[Source: http://www.daulatguru.com/index.php/blog/entry/types-of-insurance-providers-for-your-two-wheeler]

Is Long-term Insurance Cover Right for Your Two-wheeler?

Do you know among 10 crore two-wheelers in India, approx. two-third are not insured. A two-wheeler rolls out of showrooms with cover, thanks to a mandatory clause and offers from auto dealers and brokers. But, by the second year, most fall out of the insurance net. To combat non-renewals, the Insurance Regulatory and Development Authority of India (IRDA) had, last year, allowed long term two-wheeler insurance policies with tenure of up to three years. As of now, only New India Assurance has launched a long-term two-wheeler motor policy, though many companies are likely to introduce such products in near future.

Benefits of buying long-term insurance

Buying a longer tenure policy is not mandatory, but an option. One main advantage of buying long-term insurance is that you need not worry about renewing your policy annually. A break in renewal can delay a policy purchase process in future. Once the policy lapses, most insurance companies insist on inspecting the vehicle before renewing it or issuing a fresh policy.

Motor law in India makes third-party insurance cover mandatory. It covers the liability of a third party in case of an accident. Insurers say the three-year tenure will reduce cost of issuing policies, administering them and follow-ups for renewals. This could also lead to lower premiums as insurers could pass on the saving to the customers.  

The insured will get a 30% discount on the three-year cover and will be entitled to no-claim bonuses post the tenure. The company offers discounts of 20% and 30% on two-year and three-year policies respectively. You could also save on premiums if you buy a long-term third party liability cover as IRDAI hikes third party cover tariffs by 20% every year.

Roadside assistance is an essential aspect of your car maintenance and protection. In the unfortunate event of a breakdown or accidents, it is of great help.  If you feel your current bike insurance is able to take care of such emergency requirements, you can avoid buying a standalone policy. However, if your current car insurer does not give ample features in its add-on roadside assistance plan, go for a standalone policy.

[Source: http://www.policybazaar.com/motor-insurance/car-insurance/articles/know-all-about-roadside-assistance/]

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/]