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TWO WHEELER INSURANCE

Improper road conditions and no driving ethics is a common phenomenon on Indian roads and consequences are always worse for people on two wheelers. You might be a daily office commuter or may be using your scooter to travel to your college everyday or even be an adventure rider, you are always faced with all these challenges on a day to day basis and make you fall in a situations like:

a) A major repair work you might need to undergo for your two wheeler due to an accident or something similar like that
b) You vehicle might get stolen from the parking lot or outside your house
c) And because of your vehicle somebody else got affected and you are forced to pay for his/her hospitalization or even cost for repair of somebody else damaged property etc Situations similar to all these can make you lose peace of mind or you may have to incur heavy cost. In case of financial emergencies like these your two wheeler insurance can be great help. Other than your financial emergency for which two wheeler policy can give you protection, it also mandatory as per law to have a Two Wheeler/Bike Insurance Plans and is always a regulatory requirement to carry a copy of your policy document while you are driving.

Types of Two Wheeler Insurance Policies In India:

Insurance companies in India come with a lot of products in this category with features that suits your need. Quick decisions to buy a policy can be harmful so it always advised to do compare products made available by various insurers and select the product that suits your need. Typically there are two variants available for you and which can cover any of your two wheelers like bikes, scooters etc.

Third Party Insurance Policy:

This is the minimum requirement as law to take a policy to similar to this. A policy like would cover all the liabilities that may arise before you if somebody else or any property belong to a third party get affected because of your vehicle may be while you are driving. In this case you insured two wheeler will not get any coverage for damage if happens but give you coverage against all the third party liabilities arising.

Comprehensive Two Wheeler Policy:

This is an all inclusive policy as it not only helps you to cover third party liabilities but also damages will happen to your vehicle also. This comes with features where in if your vehicle also gets stolen your cost can get covered to an extent. Comprehensive policies also come with Personal accidental cover and many add on features which can be help to you.

Things Which Two Wheeler Insurance Doesn't Cover:


a) Wear and tear of your vehicle due to daily usage technically known as loss due to depreciation or damage happening due to regular usage
b) Damage which are mechanical or electrical in nature
c) Usage of the vehicle beyond the limit as specific
d) Damage happening to the driver when he/she is driving without valid license.
e) Drinking and driving is strongly excluded under you two wheeler policy
f) Damages to tyres and tubes of the two wheeler.
g) Damage happening to the vehicle due to incidents like war or conditions involving nuclear energy

Buy or Renew A Two Wheeler Insurance Policy:

Buy or renew a two wheeler insurance policy is a very tough job to do. The documents requirement is very less and you also need not have to go through an inspection process before buying. You can compare the best policy with the help of My Insurance BazaarTwo wheeler insurance premium calculator do not and get the right suggestions that suits your need. Factors which you should consider while making an online comparison

1) Please make sure that you have the right details of your vehicle because factors like type of two wheelers, age of the vehicle and the city where your vehicle is registered decides the premium that you would pay.
2) If you are renewing an old policy please remember to have details regarding NO CLAIMS BONUS which have carrying in your existing policy which helps you save lot of cost.
3) Details like anti theft device installed on your two wheeler is an information which is most important and can help you save a lot on your premium
4) Check for cashless facilities offered by various policies which is very helpful while making claims.
5) Policies also come with add on and personal accident features too which is very important in some cases and which is important element to see when you are comparing policies offered by various insurers

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Benefits Of Renewing Your Two Wheeler Insurance Policy

In a country with low renewal rates for two wheelers because people generally feel that they can get away from legal hassles just by paying Rs.100 bribe to the authorities .Plus most people think raising a claim is also very tiresome when the claim  is not so big as in case of car policies. But that is not always the case in the world where buying and renewing two wheeler insurance plans is just a click away through online  mechanism settling claims is just a call away process. Insurance companies today smart claim settlement mechanism which is making the process very easy.

To avail maximum protection for two wheeler from unforeseen events make sure that you buy it online but don’t forget to kick-start the renewal process when the due date is very near. Even if you are having problem with forgetting renewal dates you can always opt for long term two wheeler insurance plans. There are whole arrays of benefits associated with renewing your two wheeler plans, some of which are listed below:

a)One of the most common benefits that you can avail is protection from natural calamities. Losses due earth quake, fire, landslide, flood storm and self ignition can easily be covered which otherwise would have affected your pocket.

b)Other most important thing which acts as benefits for you is protection against manmade disasters. Things like theft, burglary, strike and war can lead potential damage to the parts of the vehicle and are very common incidents. This is where your two wheeler policy can act as a potential helper.

c)Accidents are very common but it not always that you get affected; somebody else can get affected by you. Say you hit somebody on road with your two wheeler. Situations like this can always raise legal liability against you. The third party coverage under your two wheeler policy is meant to address these issues only.

d)Another most important benefit of renewing your two wheeler policy on time is lot of discount which you can enjoy. Say when there is a claim free previous year you can always entitled to get discounts on your premium in the form of No claim bonus which acts a real boon for you.

e)Of all the above benefits, renewing your two wheeler policy also gives you a sense of security and peace of mind. Being covered gives you the freedom to ride the vehicle confidently on road. It also helps you in savings from fines imposed under traffic rules.

It is actually makes sense to renew  two wheeler insurance policy on time and keep in mind that hassles which you think are actually not real in today’s online world. Just renew on time and enjoy the far reaching benefits

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HDFC Two Wheeler Insurance Online-HDFC Ergo Two Wheeler Comprehensive Insurance

If you are looking for assured service, easy claim process and an effective comprehensive cover for your two wheeler-Bike or scooter, HDFC Ergo two wheeler insurance is the right option you should be looking at. A cost effective and transparent two wheeler Insurance policy that not only provides shield against accidental damages to your two wheeler but also provides the owner driver a personal accident cover to the tune of Rs. 1lac

What is covered?

HDFC Ergo policy covers for all possible damages that can happen to your bike or scooter also to a third person who might get affected because of the vehicle plus it provides a cover to the owner too. Categorically speaking what is covered under the policy can be divided under three groups:

  1. Damages happening to the vehicle:  All possible damages happening due to theft and accident are covered under the policy. Damages happening due to social unrest like terrorist acts, strikes and riots or natural calamities or when the vehicle is damaged during transit and things like lightning ,fire explosion etc  are covered under the policy
  2. Damages happening to a third party: You as a owner of the two wheeler might get into a legal liability because of damages happening to a third person or property in case of accident involving your bike or scooter is also covered under the third party cover of the policy.
  3. Damages happening to  owner driver: As an owner and the policyholder you can also get personal accident cover to a maximum of Rs. 1lacs which will cover accidental death and physical disability

How can apply online for the policy?

Applying for this policy is very simple and you can also do it online .You can also easily pay premium by using online banking, debit and credit card. You can apply for this policy only if you have valid and effective driving license. The basic details required to buying this policy online are:

  1. Date of registration
  2. City of registration
  3. The manufacturer name
  4. Vehicle model name

Before even buying online you can also compare the policy with the existing offerings in the market through various online websites like myinsurancebazaar.com which can give you a better understanding what is being offered at the price that you pay.

What is not covered under the policy?

 Before buying a HDFC ERGO two wheeler insurance plans you should also look at what is no covered under the policy to get an overview:

  1. Damage happening outside India is not covered under the policy.
  2. Regular depreciation happening to your two wheeler is not covered under the policy.
  3.  If you driving without a valid driving license or while you are in a alcoholic situation the damages happening due to that are not covered under the policy.

HDFC Ergo comprehensive two wheeler policy is most effective for people who are owners of all popular brands of two wheelers. The premium that you would pay would depend on the Insured declared value of bike or scooter, age of the vehicle, date and place of registration. Two Wheeler Insurnace claim process is very easy .There are also add on cover which you can apply under the policy by paying a nominal fee.

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Are Long Term Two Wheeler Insurance Plans Worth Considering?

Let’s start by understanding what are long term two wheeler plans are? If you are looking it from the perspective of a regular plan in all the cases your standard two wheeler insurance plan has a policy term of one year and you have to renew it every year at the end of the term whereas in case of a long term plan the policy term is either two or three years. So you just pay your premium once in two or three year and your bike get covered for the period.

Now let’s look at the benefits associated with buying a long term two wheeler Insurance plan

  1. The first and the foremost thing that comes as a benefit with these plans is the convenience of not remembering the policy renewal dates every year. The hassle of annual renewal is always a hindrance and if you fail to remember the right date your two-wheeler may go uninsured .if something happens during this period the losses can be huge and which is taken care of for a long period by all long term Two Wheeler Insurance plan
  2. The expected loss due to non renewal of the policy on time can lead to damages and since you are not insured your insurance company will not take any liability for this. For instance, if your bike or scooter meets an accident or gets stolen during the period when the policy is not in force you as a vehicle owner have to bear all the financial losses underlying whereas you are safe in case of long term plans.
  3. There are also hassles relating to lapsed policy also. In case you missed the renewal date and try to renew it when the policy has already lapsed you might have to go through the inspection process of insurance company and all the benefits which you might have enjoyed in earlier term might get taken away from you. The insurance provider will again evaluate the current situation of your two-wheeler and then evaluate the risk accordingly and in such a case you may end up paying a higher premium considering if the policy was renewed on time. A long term policy also acts a safe guard in cases like this.
  4.  In case of a long term plan you always pay a less amount of premium if you compare it paying every year. One of the main reasons underlying it is that Non claim bonus discount which you enjoy in a long term plan is always higher than the regular plan.
  5. Another important factor to look into is that, in case of a regular plan the cost of a third party insurance always increases every year due to inflationary impacts but at least 10 to 15% which directly leads to an incremental effect on the premium that you pay. Now considering the case of a long term plan you can protect yourself from all these effects of inflation for a period of say two to three years.
  6. Other that the third party cost the cost related own damage increases not only because of inflationary factors but also the NCB which is also less in case of single year policy which is taken care of in a long term plan and you hedge yourself from the risk associated with this.

Looking at the above regular benefits associated with a long term plan what you get as real benefits are few more. In case of both single and long term policies the policy doesn’t get terminated post claims but in case of theft or total loss the long term plan always refunds certain percentage of premium for the full unexpired period of the policy. In case of termination of a long term Two Wheeler Insurance Plans say after 2 years whereas the actual term was for 3 years you have an opportunity to get the refund of the premium of the third year .This happens in case you yourself terminate the contract with the insurance provider minus certain operational cost.

Taking into consideration the long term benefits of the long term two-wheeler plans and get away with the hassles of remembering the renewal date every year it always an effective plan for two wheeler lovers and you always enjoy a peace of mind because of it.

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What Can Be Possible Consequences Of Riding An Uninsured Two Wheeler Insurance Plans?

Possibly riding a two wheeler without insurance is a legal crime under Indian court of law. Still when we look the insurance regulator’s data 75% of two wheeler on Indian roads today are either never insured or the policies have lapsed. People look it as tool to just save few hundred of bucks but if we try to analyse the situation in terms of it long term effects it can become a real money burner and can put you into financial trouble. Whatever may be the reason of your staying uninsured but you should always be ready to face the below hurdles.

Heavy legal penalty: So if you are caught by authorities while riding your bike without an insurance then you may be asked to pay a fine of Rs.1000 or 3 months of imprisonment or both as per Motor Vehicles act of the country.

Loss of NCB: We feel everybody understand what NCB means. This is specifically a discount which the insurance provider offers on your premium if you have not had made any claims during the previous term of the policy. So if you fail to renew your policy you end up losing this benefit. In case the period between when your policy term ends and the renewal is done is more than 90 days then the you not only loose the benefits of getting NCB credits which you had in your previous term while renewing it again but you also miss the right of passing on existing benefits of your plan to a new vehicle which you might have bought in future.

Legal liability arises:  A comprehensive two policies always protects you’re from perils of natural disaster and any damage which is caused to a third party because of accident by bike or scooter. In case if you are uninsured you not only have to bear the cost of the damages which may arise due to your bike or scooter but in case any third party person or property is damaged due to your acts during the period can put under a legal trial for being a negligent driver which may cost you huge sums of money.

Time consuming process: So when you forget to insure your policy on time and the same has lapsed and you try renewing it after lapsation then you again have to go through the process of inspection from your insurance provider before they would cover you under a plan. This process only leads to huge extra cost but the process is time consuming. Looking at the other bad effects of staying uninsured where you might get into a litigation the constant effort to get out of the same is also tiresome and time taking.

So things can be both way quite disturbing if you either are not insured or you forget to renewing your two wheeler insurance on time. Other than the financial loss which is ought to happen in a case like you might be sued under the court of law and might be forced to pay heavy legal fine under guidelines of the court of law.

If you have the habit of forgetting your renewal dates you can also have the option of selecting long term two wheeler plans where you don’t have to worry for renewal for next 2 or 3 years post the initial pay. Other than that since the underlying financial loss is also very heavy so the avoid this you can also use online websites to do quick renewals. I Right now even your insurance providers also keep on reminding you from time to time through SMS and emails three months before the day of actual renewal. A discipline approach is always the best way to stop you to getting away from the consequences so that it doesn’t becomes a pain in the back but becomes a real money saver.

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Understanding the top rated two wheeler insurance Plans providers in India

Any two wheeler owner in India needs to mandatorily buy a two wheeler policy as Motor Vehicle Act. Not complying which can lead to paying a fine of Rs.1000 or even three months of imprisonment and in the worst case scenario both. But buying two wheeler insurance is not just about complying with a legal guideline but it has many other benefits. When meet with an accident the cost of damage caused to the vehicle could quite high or it can also lead to a death to third person or damage of a third party property then the problem is heavy financial loss. If you already have two wheeler policies in place you can easily recover the same by claim it from the insurer.

Read Related Article- Reason Why Buy Long Term Insurance Policy Is The Efficient Way For Two Wheeler

 

Two wheeler plans are provided by general insurance companies in India, the most well known and top rated are:

  1. HDFC Ergo: This is part of the HDFC group companies and provides one of the most competitive rates for two wheeler insurance. The company offers both cashless and reimbursement based claim settlement option to the policy holder. A company with good claim ratio and having a wide network of cashless garages making it easy policyholders across the country to process claims across various geographies of the country. The two wheeler plan offered by HDFC Ergo provides for
  1. Instant policy purchase and renewal online
  2. Policy issuance mechanism is also instant , once you pay the premium the policy document get delivered into your registered email address
  3. Give complete coverage over repair of parts due to accidental damages
  4. A Round the clock customer service provider makes it one of the apt options to look into
  1. Bajaj Allianz: This is part of Bajaj financial services group, renowned general insurance provider in the country today. The company also it life insurance wing also. Looking at the two wheeler insurance offering from Bajaj they few things which make it stand ahead of the crowd of other providers
  1. Offers a comprehensive plans with both own damage and third party cover
  2. Provides instant policy renewal and issuance online which help customers to take hassle free decisions
  3. You can avail for certain free repair in their connected list of garages to an extent
  4. You actually don’t need to remember your renewal date , they have of system of providing SMS update to help you in the process.
  1. TATA AIG:  This is part Tata financial services group in collaboration with AIG which is the world largest re-insurance player. Along with its regular comprehensive two wheeler insurance offering the service standards makes it one of the acceptable insurers for most policy customers.  Few of the key features of TATA AIG two wheeler policy are
  1. Free pick facility of the two wheeler from the accident site
  2. Offers six months of warranty in terms of repair done through their network of cashless garages
  3. Good amount of discount is offered to the policyholders at the time of renewal
  4. Have a network of 2200 cashless garages
  5. 24x7 Customer support for policy holders
  1. Reliance General Insurance: This is part of Reliance Capital ADAG group which works as a one stop shop of all types of general insurance of the customers. Provides a comprehensive policy for two wheeler insurance plans holders. Some of the key feature Reliance two wheeler policy are
  1. Offers cashless claim settlement mechanism across 2100 garages with Rs.1500 allowance for towing the vehicle to the repair location
  2. Provides a hassle free and easy renewal mechanism though online mode
  3. A better claim settlement ratio and offers instant claim issuance
  4. 24x7 customer service both on phone and email

There are many others in the list both these are list few which has the most satisfied customer base and suffice larger range of requirements of two wheeler owner.

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Things Which Can Help You Cut the Two Wheeler Insurance Premium Cost

The most frequently used mode of transportation by Indians is generally a motor cycle or a scooter because of very many reasons. Lower monthly spend on fuel, low cost of maintenance and easy navigation on Indian roads makes it the favorite vehicle for Indian commuters . As an owner of a bike or a scooter we all know that it is a legal mandate to have two wheeler insurance but when it comes to it paying premium it can actually burn our savings a lot.As prices of everything is going northwards we can see a similar phenomenon in case of the two wheeler premiums also. Looking at this problem we feel that  just by comparing features and buying it online will not solve the problem. Possibly we can look after two types of approaches people follow

  1. Applying for the lowest possible cover or may be only a third party cover to meet the regulatory requirement can  help you save a lot of money
  2. Looking at the most comprehensive plans available in the market today and then finding ways to save on premium

 

The first approach though may save a lot of money for you but the problems would arise when you actually make a claim. Since the cover is only third party in nature you may end up  paying the whole cost of repair when the situation arises and you might start questioning yourself why you opted for an insurance. So though first approach bring in lot of savings but in long run it becomes a real money burner. Keeping this thing into perspective you can look at a comprehensive plan as your best companion as per the approach second but still though the approach seems bit costly but still certain steps can be taken to optimize upon the cost.

 

The various steps to look into are :

  1. Always  maintain a clean driving record .Insurers generally prefer customers without accident records and without past claim history .This shows your clean driving records and you will be always charged a lower premium which would be always less than the average amount of premium for the same coverage which  you have applied for .
  2. Choose your two wheeler well. Though the new designed sport bikes add a lot of fashion statement to your personality but you would always end up paying higher premium for them. Your insurance provider would always give preference to well established brands because they are well aware about the risk associated with these models.
  3. Always pay your premium annually. If you pay the whole of your premium at the starting of the policy term insurance providers are ready to incentivize you with lower premium compared to if you had paid the same monthly.
  4. Don’t make claims for small damages.   We generally feel that since you have a Two Wheeler insurance policy in place you hold the right of claiming anything from the insurance provider but the challenge is that every time you make a claim it affects your sum assured also so it . It is always advised that if your claim amount is less than 15% of your IDV you should always try to spend the same from your own pocket so that you can save the sum assured for emergency situations where you need a larger financial support. This improves your chances of keeping your policy claim free and which also your insurance provider values and you can avail discounts on your premium because of this behavior.
  5. Try joining a riding association. Two wheeler insurance providers generally have a policy to provide special discount incentives to members of Automobile Association are which are registered under certain acts. So if are a part of say a bikers association you might have the opportunity to claims for such discounts on your premium.
  6. Bundle your policies. It is a regular method by which businesses try to retain their most valued customers. Similar on those lines insurance companies also follow similar practices. In case if you have a health insurance policy from a particular insurer you should first of two wheeler plans provided by the same insurer. In a case like this as an existing customer insurance company generally offer your discounts and offering to help you save on your next plan that you buy from them

So it not always that spending less that lead to better savings but on the other way spending smartly seems to be a better approach. This is quite reflected in the two types of approaches mentioned above where you not only save a lot but that don’t mean that you end up losing value because you paid fewer premiums  

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