Key Benefits and Features of Two Wheeler Insurance :
- Comprehensive and Liability Only Coverage
- Quick Policy
- Optional Coverage
- Easy Transfer of No Claim Bonus (NCB)
- Quick Registration for Online Purchase
- Property damage and/or physical injury coverage in surroundings
How to Renew a Two Wheeler Insurance or Bike Insurance Policy :
Renewing bike insurance online is quite easy and can be easily done. Nowadays, some companies are also tying up with mobile payment vendors and offering an easier way to make the payments and renew the plans. In addition, some of the more technologically advanced players have launched their own apps for their customers. People can easily download these apps on their smartphones and check and renew their plans using those dedicated apps. The insurance companies also offer old and trusted methods of renewal at their offices.
You can go to the insurance company’s website and follow the steps laid down for two wheeler insurance online renewal. Makes sure all the data is correct and all contact and other personal details are up to date. Keep the old policy with you while you renew so you can refer to it for any details such as old policy number and so on.
Also, keep your debit cards or internet banking details handy so you can furnish the information when required. Most companies offer an information confirmation screen for their customers after they have entered the data and before they have furnished the premium payment details. Make good use of it and ensure all details are correct. Insurance companies generally generate a digital policy in the PDF format that does not require any person’s signature on confirmation of the premium payment. Save this PDF file in a secure location as you may need it later. Take a print out and keep it with your two wheeler documents that you keep with you when you ride.
Using Mobile Apps
The process of renewing the plans using the dedicated mobile apps of the insurance companies or those of the mobile payment vendors is similar to the process of doing it online through the websites. Most of the apps will ask you to type in the information you need to fill in like the registration number, manufacturer’s name, model number and year, etc. of the two wheeler, and details of the policy like policy number, insurer’s name (if you are using a mobile payment vendor’s app), and so on.
Once you have keyed in the details, ensure you check this information thoroughly. This step of cross-checking the information becomes more important if you are using the mobile phone as the small screen size and the user interface may result in you missing out or wrongly filling in the information. Once the details are in place, agree with the terms and conditions and process the premium payment.
Branch Office Renewal
Renewing your insurance policy at the branch office is an old fashion way. The process is actually very simple though you have to find the time to go to the branch. You need to know your policy and vehicle details and fill the same in the application form.
The branch generally hands over the new policy immediately if you pay the premium by cash, demand draft or debit card. Cheque payments need time to clear and you get your policy later my mail at your address. A special thing to note here, the addition of new optional riders or add-on covers may require a visit to the branch. This varies from one insurance company to another and it will be good if you get this detail clarified before you include a newer optional cover.
The most common classification of vehicle insurance, including the two-wheeler type is according to the type of cover provided to the insured. Policies in this sense are generally of two types: comprehensive policy and liability only insurance policy. The Indian Motor Vehicles Act makes it mandatory for all automobiles that ply on public areas to have third-party insurance.
This means that any mechanized vehicle that is running on Indian roads such as cars, buses, trucks, motorcycles, scooters, mopeds, etc. need to have this insurance at the very least. However, with the advantages this motor insurance offers, they have become a clear favorite among the Indian public.
Comprehensive Two Wheeler Insurance
The comprehensive two wheeler insurance, as the name suggest, provide total cover for the two-wheeler and the insured. It provides four-way insurance:
Protects from losses due to damages to the vehicle
These wear and tears may be due to man-made reasons or due to natural causes. Whatever the reason, these help the insured to meet the wears and tears suffered by the two-wheeler and gets it back running into its original condition in no time at all. Most insurance companies offer additional add-on or optional features that help to further insure them any losses. Optional features like zero depreciation even helps to save against costs from consumables, if the option is chosen.
Personal accident cover
Offer a personal accident cover up to Rs. 1 lakh to insure against any injuries that result in partial or total temporary or permanent disability or even death. The Indian motor insurance companies offer the optional benefit to add co-passenger. Companies also include this cover in their liability only policies.
Insures against third party liability
Guard against any cause of action arising due to this liability. These legal responsibilities may arise due to:
Bodily injury to or death
Protect against any wears and tears that may accrue due to injuries to or even death. These injuries may result in hospitalization and may be ones that cause temporary or permanent damage or partial or total loss of limbs or their functioning.
Damages to third party property
The insurance companies cover this loss only up to a specific limit as defined under the policy document.
Indian laws mandate that any vehicle plying on all public roads in the country should have third-party insurance. Even though the laws do not prescribe comprehensive cover, the nature of costs that arise from a mishap or other man-made or natural events necessitate that owners opt for some sort of comprehensive insurance that protects against wear and tears to the vehicle and the riders in addition to securing against wears and tears. The motor insurance laws in India protect the millions of owners in India from any large costs that may arise due to wears and tears to their motorcycle, scooty, or moped.
Anybody travelling on Indian roads would have seen the unceasing growth in the number of automobiles in the country. The lack of good roads, the morning and evening rush hours, and unregulated traffic problems are a part and parcel of life today. In addition, events such as rainfall or snow, or heat waves may cause problems on the road such as slippery surfaces, mushy or muddy areas, or sticky tar that may cause damages to the vehicle and even injure the riders.
Other man-made events or natural disasters add their own range of problems that may damage the vehicle or result in various types of costs and other legal responsibilities. All these costs and legal responsibilities can be easily countered by a policy.
This policy helps in a number of ways: They protect against wears and tears to the scooter, motorbike, or moped. The machines that run on the road today are a far cry from the ones that used to ply on the roads a few years ago. Advances in technology, environmental laws and restrictions and the demand for the best vehicles possible has meant that Indian two-wheeled automobiles are now much more advanced in terms of engine specs, rider comfort, overall ride quality and looks.
These advances also mean the cost of automobiles has gone up along with the cost of their spare parts. Even the simple nuts and bolts or parts such as the gears or the brake pads are now costlier than before. Even a small damage can result in a bill of thousands of rupees in terms of repair costs.
Two wheeler insurance can be a lifesaver in times of need. In addition to protecting against accountabilities due to injuries to the person or their property or collateral, it also provides an accident cover and insurance against wears and tears to the two-wheeler. There are many ways to buy the insurance – as an individual, you can buy the insurance online or from the offices of the agent or insurance company.
Web sites like PolicyBazaar are a good place to compare insurance online. You can use the two wheeler insurance premium calculator to find the premium you need to pay for each valid policy offered by the different insurance companies. There are quite a few things to check apart from the premium:
Type of 2 Wheeler Insurance Covers
Insurance policy covers for motor cycle are generally of two types: liability only policy and comprehensive cover. Though Indian laws mandate that any vehicle plying in public areas have at least accountability only policies, it makes sense to have comprehensive policy cover as they provide bike insurance against any wears and tears that may occur to the vehicle whether from man-made or natural reasons. Decide on what type of cover you need. Even though we suggest going for comprehensive insurance, you may prefer to have this policy.
Some companies provide a range of both options while some focus on only a specific type of plans. A few insurers also offer specific plans for motorcycles or for commercial two wheeler. These specific plans are designed especially to help cover specific risks that may relate to the type of motor cycle or type of usage.
Add-on or Optional Covers
All insurance companies offer add-on features that help extend the motor cycle insurance policy go beyond the basic policy. These may relate to additional insurance features for wears and tears to the vehicle, additional or new features for costlier accessories or parts, accident features for co-passengers, features to extend the accountability for personal injury or property damage and so on. Some policy cover such as Zero Dep or NIL Depreciation are especially beneficial to have, as they ensure that the insured does not pay an additional premium for the depreciation charges of any part.
They only pay the premium for the service charges and taxes in terms of cashless claim settlement. The rest of the costs are met by the insurance company at cashless network garages for settlement with the workshops or garages where the motor cycle was repaired if the insurer offers cashless claim reimbursement. In addition, Zero Dep for consumables ensures that the owner does not have to pay the premium for even the ones that are put back to get the motor back into running condition.
Facilities and Features Available
Most of the motor insurance companies have become quite customer savvy and offer various features and benefits to help the consumer in their claim process and even otherwise. For instance, they will have a 24/7 call centre that operates around the clock, experts who can guide you to select the right policy and make a renewal claim, easy transfer of NCB (No Claim Bonus) in case you are buying a new motor cycle, and concessions for members of recognized vehicle associations or for inclusion of theft-proof devices.
Some motor companies also go the extra mile and ensure you do not have to follow up with the repair workshop as they chase the garage on your behalf to get the repairs done. You also get an online dashboard from where you can check the status of your policy, fill out the claim form and file a claim from the website, and renew the policy online. It may seem a small point to consider, but a simple benefit like an around the clock call center will ensure that you get immediate help at whatever time you call. Such a facility is extremely useful if you regularly travel at night. In fact, with the long working hours of today, opting for a policy from a company or agent that offer 24/7 support makes perfect sense.
The consumer-conscious insurance companies have simple claim processes that ensure the insured faces no problems while filing a claim form. They will help the insured to take the motor cycle to the nearest authorized service center. The motor insurance claim process involves a few broad steps, such as calling the insurance company for registration of the claim, filing a FIR with the police station in case of injuries or damage to property or an accident, taking the motor cycle to the garage and submitting the necessary documents with claim form.
In most instances, the insurance company bears all the expenses and the owner has to bear only the expenditure that is not covered under the policy and the service charges and tax. The claim process can be quite tedious if you have to take care of all the steps yourself. While comparing, ensure that the insurer helps you to file a claim. In most, cases, the insurance company’s website should contain the information. Otherwise, you can always refer to PolicyBazaar to get the necessary information online.
The customer may also fill out the claim form for motor insurance claims directly and submit it to the provider by visiting a nearby branch, thereby attaching documents required, such as a driving license copy, original bills (if required), and get their bike repaired at the network garages. The company accepts claims concerning own damage, theft claims, which the person can confirm along with the insured declared value (IDV). Two wheeler insurance also includes accident insurance
The process to renew 2 this insurance should be easy and near instantaneous. Most websites facilitate online policy renewal or you can use our website to renew your policy if it was originally purchased from us. Buying online two wheeler insurance is an easy option for everyone. Also, the companies that offer electronically signed plans are much better, as you can simply (renew when required) and print it from the site and keep your RC and other necessary documents that need to be carried when you are riding your two-wheeler.
While comparing, it makes sense to opt for companies that offer concessions for certain factors, such as no claim bonus (NCB), membership of a recognized automotive association, the inclusion of anti-theft devices in the vehicle, and so on. Also, some companies may offer an additional discount for reasons such as online renewal, buying the policy using a certain app or credit card, including for each claim-free year.
Knowing what concessions can significantly lower the total premium payable for the online two wheeler insurance policy. Most of the companies also offer significant concessions on additional covers. Ensure you check the website of the insurance companies you are shortlisting to understand how much discount you can have.