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Two Wheeler Insurance Articles | Tips | Latest News | Information, India- My Insurance bazaar
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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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Your two wheeler insurance: things you should know

As a bike or a scooter driver you always enjoy the convenience of getting away with the rough city traffic easily. This also has become a style statement for today’s youth .Other than the convenience and styling affordability is key factor when you compare it with a four wheeler. But this doesn’t means that all these convenience and affordability comes with zero cost.

What if there is boulder stone right in front of you while making a sharp turn around those dipping curves? Say you collide with another biker or a person and you don’t have the adequate funds to pay the injured or what if your favorite bike gets stolen. A two wheeler insurance policy is actually a friend in need in situations like these. But while buying one you always need to understand nuances and processes behind it. There are many offerings from various insurance companies which exist but to understand the one which actually fit into your requirement call the need to understand the intricate details. Not so thought over decisions can lead you to burn a lot of money without generating the right amount of value.

On this note let see what you actually need to understand before you buy a two wheeler insurance policy so that you can make an informed choice.

Types: Two wheeler insurance policies offered today actually come with two variants, the Comprehensive policy and the third party policy. As an owner of any vehicle we feel you are already aware of the fact that it is mandatory as per government guidelines you need to have a insurance policy and even a third party policy can suffice that need but it is always advised to have a comprehensive one. But the question is why it is so?

That is where the whole difference is all about and why you should pay an extra for a comprehensive policy

A simple third party policy comes to your help only when you need to take care of losses happening due to an accident to a different person other than you and is caused due to your bike or scooter. So though the policy fits into the mandatory government guidelines but it actually doesn’t serves the purpose for which you are looking for a two wheeler policy. This is a reason why the other variant is called comprehensive.

A comprehensive Two Wheeler Insurance policy offers for cover against financial cost that you need to bear in case of a damage happening due to accident, in situations like where your bike get stolen or even in case damages happening due to natural calamities everything gets covered under a comprehensive plan. Some comprehensive plans also offers accident covers for riders even which is an added advantage.

Premium that you pay: Post your decision on the policy variants, the other most important factor that should be guiding your decision is the amount premium that you pay for the cover. The premium which a particular insurance company charge depends on factors like Insurance declared value or IDV of your two wheeler, cubic capacity of the vehicle and the age of the vehicle and finally the discounts which your insurance companies offer because of your driving habits and other factors taken into consideration. IDV is the most important factor of all, as per definition it is the maximum of claim which the insurance company would ever pay. With the age the IDV actually get reduced and correspondence to which the premium also. Geography is also important element governing the risk associated with your two wheeler. Insurance companies actually divide the country into two Zones –A and B as per the India motor tariff. If you drive you bike or scooter in a city which falls in Zone A you always end up paying more compared to Zone B.

Other than the factor enlisted above which decides the monetary value of the premium , there are different discounts which are offered by insurance companies which are subtracted to approach at the final amount of premium a policy holder would pay. In case if you not made any claims in the years preceding the current year then you are also offered a percentage of discount. Other than that if you have opted for co-pay options and taken some preliminary steps to keep you two wheeler in healthy condition then also the insurance company incentivizes you with a discount on your premium.

Claim processing: This is an important factor. The ease of handling claims always becomes a governing element. The insurer provider should be able to process your claims on time so that you have the money right on time. Policies come with cashless facilities in garages with whom they have tie up with to support the policy holders but the number of the same in your city can be a factor to consider. The claims are easily processed if you have clarity on the process. Claims are settled fast in cases of total loss or loss arising due to theft.

Policy renewal: This may not very important factor while deciding upon your two wheeler policy because most policies are a year contract and you need to renew it on a year on year basis. Some companies also provide for long term policy option also with a term of 2 to 3 years but the ease of doing renewal can be a factor.

A clear understanding above might have given you the required points which you need to consider while making the best decision but we always recommend you to use the helmets and follow the traffic rules while driving though if you are fully covered. Damages happening due reason which shows that you have not followed rules then the insurance companies also hold the right to decline your claim always.

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Reason Why Buy Long Term Insurance Policy Is The Efficient Way For Two Wheeler

We are often bogged off by reminders at our workplace or home .Probably one of the common reminders is renewing insurance policy every year on a particular day. These can one of the reasons why most Indians ride an uninsured two wheeler today. The renewal rates are as low as 13% two wheeler polices in the country. To handle this rising issue of non compliance the insurance regulator allowed the general companies to launch long term two wheeler plans few years back. Other than getting away from the cumbersome process of remembering the renewal date every year and renewing it from time to time, long term two wheeler plans also have some additional benefits which make it the most efficient option to buy  two wheeler insurance  plan. Some reasons to look into are: (Are Long Term Two Wheeler Insurance Plans Worth Considering?)

  1. Getting away from the trouble of late renewals is one of the benefits of having a long term policy. Generally when you miss your renewal date you only have the leverage of three days, post which you have to go through the process of getting your bike or scooter surveyed by an authorized surveyor. The whole idea of the survey is to understand the current state of the vehicle and then only the renewal would be processed. There are higher chances that you have to pay a higher premium compared to what you would paid if you done that renewal on time.
  2. Save money which may have been there due to premium hikes on two wheeler insurance. Every year IRDA increases the cost of the premium of the third cover of the policy which directly affects the over cost of the comprehensive policy to match with the inflation. In case you have opted for a long term policy which may have a term of 2 to 3 years the premium will not get affected by the price changes made by the regulator. So in case of long term policy you actually get a cushion to protect yourself from the inflationary pressure.
  3. Better no claims benefits. You will always enjoy discount in premium if you have a no claim year during the renewal. But in case the policy term is more than year insurance providers always provide you a higher discount on the next renewal.
  4. Higher discount on own damage premium. The price difference that you notice among various plans from the different insurers is because of amount of discount which the insurer give you on the own damage cover. Though the cost of third party cover may not come with a discount but since the administrative cost of a long term plan is always low compared to a one year plan insurer prefer to offer a higher discount which leads to low premium.

Since the long term Two Wheeler Insurance  saves you from the price fluctuation of premium so you generally have to pay an higher premium for the same IDV  but if compare by two wheeler Insurance premium calculator  the additional benefits that you get it is far more than the cost involved making it the most efficient way to buy a two wheeler policy.

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Nil Depreciation Covers For Two Wheelers Insurance Policy- Facts & Benefits

Car policy are very known to the term Zero Depreciation plan wherein during the processing of claim the depreciation factor is not taken into consideration and policy holder saves himself from the out of pocket expenses which he /she would made otherwise. Similar in lines of Zero depreciation for car, Insurers have started given an add on cover over and above the standard two wheeler policy called the Nil Depreciation add-on. Looking the percentage rate of depreciation which varies between 0 to 40% this add-on cover can acts a boon for a two wheeler policy holder. But the first question that need to be answered in what is nil depreciation cover?

Say the case Mr. Ravi who duly filled his claims when his bike met with an accident. But the money that came as settled claim from his insurance company shocked him largely. The amount that he was expecting was a lakh of rupees but what he received was just 60% of the money and so he has to shed 40% of the repair cost from his own pocket. So the question is that where this 40% went away. This 40% actually went away because the valuation of the two wheeler which his insurance company did while settling his claim depreciating by the rate of depreciation. In case Ravi has opted for nil depreciation he would have saved the 40% of the money which he paid out of his pocket.

Now let us understand what are benefits if Ravi would have opted for Nil depreciation under his standard two wheeler insurance plan. Looking at the basic benefits if Ravi would have opted for the add on he would saved the money otherwise which he paid from his pocket. There are certain conditions under which the nil depreciation add on becomes more beneficial

  1. You should keep in mind if the bike is stolen or completely damaged the add-on would not be effective.
  2. You can avail the benefits in the initial two years or only two times during the period of the policy
  3. You can avail the benefit only if the two-wheeler is repaired in any networked garages of the insurance company. This list regarding which you can find in your policy document

The Nil depreciation for two-wheeler covers all plastic, rubber, nylon and fiberglass parts of your vehicle. Can be opted in brand new vehicles or during the process of renewal but you should always keep in mind that in there are some specific cases during which the add-on is not effective and which should be kept in mind while paying extra money for this add-on

  1. Damage due to insured peril or defect
  2. Few parts like bike fuel kit, tyres and gas kit are not considered under a nil depreciation add on
  3. The normal wear and tear happening due to regular use is not considered
  4. Any damage happening to your two-wheeler due to mechanical breakdown in covered under the nil depreciation add-on cover.

So we should always keep in that the add-on brings in lot of benefits for the two-wheeler Insurance policy holder but you should always judge the benefits with respect to the extra cost that you would as premium. Though generally in our country two-wheeler run uninsured but do keep in mind it is necessary and what add-on you consider should be looked into as per your driving patterns. Prefer looking at online insurance comparison portal for do effective comparison between two-wheeler insurance policy offer by different insurers before buy or Renew Two Wheeler Insurance Policy one. Effective comparison always leads to long term benefit and greater savings

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