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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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How To Save Money On Two Wheeler Insurance Policies In 2018?

As per the popular saying “ A penny saved is a penny earned” can be said to be a just statement for two wheeler insurance policies. The premium that you pay for a two wheeler insurance policy is practically peanuts but the benefits are exponential. Think about the last payment that you have made to you local mechanic for getting your bike or scooter repaired. Plus the quality of Indian roads makes two-wheeler more prone to road accidents though they are most default mode of transport for most Indian office goers or intra city travellers.But people still don’t find buying insurance for two-wheelers a smart decision. This is just a matter of sheer ignorance that people don’t find value in the power of having an insurance plan for two-wheeler.

Till today if you have not bought any two wheeler policy for your bike or scooter, may be 2018 is the right year to start. Even over the years the claim settlement processes have also been improved largely and lot of attached the hindrances which existed earlier are being removed by the industry. Plus there are also a lot of two wheeler insurance comparison websites which can be used to identify the right plan that suits one’s requirement.

So if are looking to buy a new policy or renew an old policy (benefits of renewing your two wheeler insurance policy ) you can look at the below listed things as premise to save on two wheeler policy premiums in 2018 :

  1. Choose the right kind of bike: So if you aim to use to bike or scooter just for office commute prefer city bikes generally with engine capacity to 100 to 200 cc.Buying a heavy duty road racer or a tour might make you look more elite but always look at the premium that you would paying for the next 25 years on those heavy duty or high machine capacity two wheelers.
  2. Prefer to pay your premium annually:  Always keep in mind that insurer generally charge you a higher premium if the premium payment schedule is broken into months and quarters. Always prefer to annual payment mode for premium.
  3. Don’t always raise claims: Keep in mind that going by the general principle one shouldn’t raise any claim on his/her insurance policy till the time the claim value is not more that 10% of the IDV of the policy. Making small claims can make your insurer to value your policy as more risky leading to the rise in premium cost. On the other hand making continuous claims can lead to eroding one’s benefits associated with no claim bonus.
  4. Use safety equipments: We all know that two wheelers are more prone to theft and damage by accidents. You always get some anti locking features installed on your two wheeler and enjoy discounts as an incentive from the insurer.
  5. Always Bundle your policies: We need to understand the insurers also value long term relationship. If you already have some home policy or any other similar insurance plan prefer to buy online two wheeler policy from the same insurer. This is something which your insurer would also value and can offer a discount on the premium of your two wheeler policy.
  6.  Compare plans before you buy: With technology making financial services more accessible and smart and similar on those lines that insurance industry has also enjoyed a lot benefits associated with it. Similar on those lines now there are a lot of tools which are available through which one can compare two wheeler insurance plans from various insurer. Use of all these tools can also to very useful in making right two wheeler policy decisions and save a lot of cost. 
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Two Wheeler Insurance: Why It Is Important To Consider IDV At The Time Of Renewing Two Wheeler Insurance?

At times it becomes very difficult for  a layman to understand the various jargons involved in various documents which one come across while buying a financial product or a service. IDV or Insurance declared value is one such thing which one come across while renewing his/her two wheeler insurance plan. We should try and understand what this particular thing and what it wants to communicate. This is very important for two wheeler insurance policyholder to under because the same has lot of bearings on the premium that one pays for renewal and also the amount of claim that would be settled by the insurer at the time when it is raised. (Read more – Benefits of renewing two wheeler insurance)

Defining IDV or Insurance Declared value

Going by the definition it is the final value of money which the insurer think to settle as claim if the two wheeler is either stolen or the faces an accident which is beyond the scope of further repair at any given point of time. Every insurer tries to evaluate the risk associated with your two wheeler in terms insuring the same and this is done every time when the policyholder goes for policy renewal. This evaluation of risk is aimed at giving a price to the asset or the two wheeler. The primary calculation of value rotates around the rate at which the two wheeler depreciates due to regular wear and tear. One might even noticed that if one has missed a renewal, the insurer generally hire external values or surveyors to evaluate the two wheeler in physical state.

 

We we all know from the above explanation that depreciation is the core behind calculating the IDV and the calculation starts from the day the two wheeler is out from the showroom. We should keep in mind that the insurer would never consider the on-road cost for valuation which involves registration cost and taxes which are paid to the authorities. IDV is always calculated from the perspective of the market price offered by the manufacture which can be also called the maximum retail price of the two wheeler. From the perspective charging depreciation to the two wheeler’s value, the regulator has set certain standards for it and set bars on the maximum that can be charged as depreciation. The rates prescribed by the regulator largely depend on the age of the two wheeler.

 

Age of the two wheeler

 Percentage of Depreciation to be charged

Within 6 months

5%

More than 6 months but less than a year

15%

More than 1 year but less than two years

20%

More than 2 years but less than 3 years

30%

More than 3 years but less than 4 years

40%

More than 4 years but less than 5 years

50%

How two wheeler insurance premiums is based on the IDV?

As discussed above that the premium that you pay during renewal of your two wheeler policy has lot to do with insurance declared value of the vehicle but that is not the end of where calculations are finalized.It has a lot to do with physical state of the two wheeler and also to do with the claims that being raised in the previous policy years.In fact if the no claim being made in the policy in any of the previous year, the policyholder is always offered a discount in the premium in terms of no claim bonuses.

 

We should keep in mind that an higher IDV means higher premium but one should always know the exact value one is getting by paying the higher price.

 

Final thing that one needs to remember

One should very be various cautious in terms of understanding the IDV dynamics while renewing one’s two wheeler insurance plan.The IDV can also affect the price that you might get by selling it.One should always look at the stable IDv so that the claims get honoured by the insurer effectively and you don’t end up bearing everything out of your own pocket even if you have policy in place.

 

Insurers generally take the leverage of giving 5% to 10% above or below the original IDV to the policyholder so one should always press on the insurer to offer bit higher IDV so that one can take the benefits of right valuation of the two wheeler. if the the insurer denies to agree one can always compare two wheeler plans online and switch to a better insurer or a better plan.

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Two Wheeler Insurance-Know More About Your Lapsed Two Wheeler Policy

Do you have a habit of paying late bills? Though this can be described as bad habit but the financial repercussions may not be very big but if you keep on doing the same on regular intervals, your service providers might stop the services being offered to you and might even take legal actions. But in case of bills still there is an option , if it is for the first time, you can possibly pay something extra and restore things but that is not the case of a two wheeler insurance policies. The time you forget to pay the premium on the due date the policy goes in a lapsed mode. Once the policy has gone in a lapsed state the benefits are also put on hold which is not the case of bills like telephone or internet. During this phase if you meet with an accident your claims will never be settled. This applies well also in case of third party claims.

What is a lapsed two wheeler policy?

We should know that you two wheeler policy is an annual policy and premium needs to be paid every year for getting continuous service from your insurer. The benefits of renew two wheeler insurance policy associated with comprehensive cover like own insurance , driver’s insurance and safety from third party claim stands cancelled once you forget to pay the premium on due date.

Bad effects of lapsed two wheeler insurance policy:

1)In case the policyholder wants to renew the plan post passing away of the premium date there are higher chances that you have to pay an extra premium for it compared to what you would have paid in case of regular renewal.

2)Post lapsation the IDV of your two wheeler is also valued on the current state of the vehicle and it all depend on the insurer’s surveyor . Loss of IDV can have serious effect on the market value of the vehicle and will not get you the right price if you want to resell the same.

3)In case of renewal of a lapsed policy after 90 days of lapsation the benefits associated with no claims bonuses vanish which otherwise would have benefited you with cheap renewal premium.

Renewal of a lapsed two wheeler policy:

One can renew a lapsed two wheeler policy by two ways - The online mode and offline mode.We should keep in mind that in case lapsed plans most insurers don’t accept online renewals . The bad part of lapsed policy renewal is that first the two wheeler need to be surveyed by an authorized surveyor of the insurer . The policyholder might needs to wait for renewals till the surveyor has done his/her job. For insurers who accept online renewals the same can be only done through the insurers website only. If there are addons associated with your policy one should have the documents ready while getting the renewal done.

The only advise that one should look at in case if you still carry the habits of paying late or your policy going to lapsed state again and again, one should look at buying a long term two wheeler where the premium becomes due only after the three years from from date of earlier renewal or purchase. The insurance cover offered under it remains active till three years so the hassles associated with lapsed policy vanishes largely. 

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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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