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Two Wheeler Insurance

Two wheeler insurance policies are the insurance policies the secure you and your two-wheeler from the legal and financial liabilities during any unforeseen circumstances like accidents, theft and natural calamities like earthquakes, flood, landscape or fire or man-made calamities like a terrorist attack, stolen, huge building collapse, etc. It wa important to have an insurance policy at the time you purchase your bike.

What is Two Wheeler Insurance?

Do you have a bike? Most of the times, the answer will be positive yes. Bike take an important place in your life, where it takes importance as much as your family member; they are considered as a pride too. It takes you all around the city, you clean it regularly, and you treat it with intense care like your baby. But, What if there is any physical damage during accidents or theft or any natural or man-made disaster? Having insurance is equally important as you clean and safeguards your two-wheeler, and also it is illegal to drive you two-wheeler without valid insurance for it. Your two-wheeler insurance policy safeguards you and your two-wheeler.

Types of Two-Wheeler Insurances

When you have to ensure your two-wheeler, you can find two types of two-wheeler insurances, Comprehensive two wheeler insurance and Third Party Insurance for two-wheeler Insurance. They differ from each other in certain facilities. To choose the right insurance policy, make sure of the services provided and add-ons of both the types.

Comprehensive Two Wheeler Insurance- A Comprehensive two wheeler insurance policy provides complete protection for your two-wheeler during the time of accidental damage or a third party liability. They are actually friends for your two-wheeler; it helps whenever your bike is facing a difficult situation.

Third Party Insurance for Two-Wheeler Insurance- Third part insurances cover legal liabilities for injuries, death for owner and driver. An optional personal accident covers insurance for Pillion passenger and for the damage in the property of the third party during the time of an accident. It is highly used in case damage for the third party and there is high.

Two Wheeler Insurance Companies

A Two-Wheeler Insurance is very much important for you and your two-wheeler. It safeguards you from financial expenses occurred during the accident or loss if your bike is stolen. These two-wheeler insurance companies help you to ensure you two-wheeler, they help during the need. There are plenty of two-wheeler insurance companies that provide two wheeler insurance online. They have different features and provide different services. To know the best one that suits you, go through their services and know them in detailed. It would help you to choose the best company.

Some two-wheeler insurance companies are Bharti AXA, Bajaj Allianz, TATA AIG Insurance, Reliance General Insurance, New India Assurance, SBI General Insurance, etc.

Features of two Wheeler Insurances

There are lots of features for two wheeler insurance and it is necessary to know the features to choose the best service. Here are certain features to know about the two-wheeler insurance so that you can choose the best insurance based on their features.

Accidental Coverage- A recent survey says every minute there is a road accident and 16 people die on every hour. Among them, 25% of the total death are from the two-wheelers. When you have insurance coverage, a sum of one lakh rupees is given for any physical damages or even death during any miss happening. Co-riders are also covered in this policy. You will receive 100% compensation for loss of both of the limbs, any sort of permanent disability like loss of eyesight or even death. It covers different areas like covering only for medicines, for total hospital expense etc. To know more about the services reads the most important services and their benefits offerings from the companies.

Third Party Liability- Apart from your won vehicles, it helps for the third party vehicles also. During the accident, most of the times there are chances for the bike of the opposite party also to get damaged. In case if it is your mistake it is a responsibility to pay for the third party’s two-wheeler and also for the person if they get any physical injuries. During those times, insurances help you to spend for the third party. This is much useful when you have to.

No Claim Bonus-When you take insurance policy and during the period if you do not have any claims for any accidents or theft or disasters, a way of discounts on two-wheeler policy’s premium is given as an appreciation of safe driving. If you have not filed any claim for the full preceding policy year you get a 20% discount on your own damage premium; in case of 2 consecutive years of no claim in insurance you get a 25% discount; when it is 3 years, it becomes 35% and 45% for 4 years and you get a 50% discount on own damage premium for continuous 5 years of no claim in accidental insurance.

Coverage Against Theft/VandalismNowadays, people are fond of different varieties of bikes where some of them are at a high cost. According to the survey 16, core vehicles are registered in India and around 1.7 lakh of those are stolen. But the recovery rate of those bikes is much lower. Even a bike at the locked houses is stolen much easier when it is parked outside. During these hard times, it is possible to claim for the stolen bike.

Add-on Covers- Add on features are the features that adds value for the insurance, a few of the add-on values are personal accident cover that covers the insurance for partial or complete disability of the co-passenger; Nil or zero Depreciation cover gives the cover of insurance for the fiber components, rubbers and even plastic; medical cover covers the insurance for medical treatment for the person in the accident; Cashless hospitalization help to take treatment without paying in the hospital.

Permanent Injury of the Individual- In case of Permanent injury of the individual in an accident like death, loss of both the limb, loss of both the eyesight, it is possible to climb to 100% of the amount in the insurance. In case if one leg or one eye has lost 50% of the insurance can be claimed. If a person loses one leg and one limb 100% of the insurance can be claimed.

Death of the Individual-Permanently losing a person in an accident is more painful and not replaceable. But when there is a valid driving license, an active insurance policy, and in case if a person gets injured and that leads to death, as a compensation for the death total amount of the insurance amount is given. It helps the family financially.

Damage Caused to the Property of the Individual-When a property of an individual is being damaged during an accident or in a disaster, you can claim, according to the policy and the benefits provided by your bike insurance company. It helps you financially to repair the damage in your vehicle. In the process, you have to take your vehicle to the authorized person and repair it and get a detailed invoice stating the repair. On producing them in your two-wheeler insurance company you can get the compensation for the damages.

Third Party Coverage- During an accident, damages are not possible for you and your two-wheeler; the damage can also be for the third party. In these cases, you will have to pay for the medical expenses and to repair the damages of their vehicles. This third party coverage helps more during those circumstances. These facilities in the motorcycle insurance policies help you financially for the damages in the third party’s vehicle.

Benefits of Two Wheeler Insurance

There are a huge number of benefits to having two wheeler insurance. It is not possible to be on the positive side all the times. There can be any accidents, disasters or stolen from you two-wheelers during those bad times, having two wheeler insurance helps you out in a great manner. Here are some of the situations that make you feel that you should have an insurance policy for your two-wheeler.

Coverage Against Natural Disasters- Disasters are something unpredictable; they may happen at any time, anyone. If there is any loss or damage to your vehicle during disasters like flood, earthquake, fire, etc, you can have an insurance coverage depending on the damages caused.

 

Loss or Damage Natural Calamities- There can be a loss in your two-wheeler because of natural calamities like cyclone, storm, tempest, inundation, flood, lighting, explosion, fire accidents, typhoon hailstorm or a landslide. This may affect a huge in properties and vehicles. During those cases, if your vehicle is insured, they help you financially to overcome the loss.

 

Loss or Damage Against Man-Made Calamities- Manmade disasters like riot, theft, burglary, malicious act, a strike by other people, damage from transit road, damage when moving the vehicle through road water or air may affect you two-wheeler and that lead to loss or damage. During those situations, your insurance company helps you from your two-wheeler insurance plan.

 

Personal Accident Cover- Personal Accident Cover helps the person with financial assistance when the person met with an accident that leads to serious injury or death. These include the kind of fall or collision, burning or drowning. The money is given according to temporary disability, permanent disability or accidental death.

 

Third Party Legal Liability- Most of the bike riders love to ride their bike on the empty roads, which is not possible all the times. For a driver, it is necessary to have an eye on the other vehicles on the road. They also may be the reason for the accident. In case if there are an accident and the people in the other vehicle or the other vehicle is damaged, third legal liability helps at those circumstances. It covers insurance for the opposite people or vehicle.

Two Wheeler Insurance, a comparison

There are certain insurance companies, policies, plans, premium etc. Everything has its own characteristics. To choose the best one, alkalize the futures, pros, cons in everything and choose the best according to your needs and that suits you.

Types of Two Wheeler Insurance, a Comparison

There are two types of two-wheeler insurances – comprehensive and third party insurances that you can choose from. Each one has its own features. Choose the best two wheeler insurance, according to your needs by knowing the services provided by both of the insurance types.

Comprehensive Insurance

• It covers third party liabilities and also covers any damages to your two-wheeler due to accidents, fire, theft, flood, earthquake, and other natural and man-made calamities.

• It does not cover insurance for normal wear or tear and electrical or mechanical breakdown.

• Any damage or accidents caused because of drunk and drive or while drug consumptions, without a valid driving license or when the policy is inactive there cannot be insurance coverage.

• It provides as an add-on value in zero depreciation, pillion rider, return to invoice and roadside assistance.

Third Party insurance

• It covers insurance for the damages caused to the other vehicle during the time of the accident.

• It does not provide insurance coverage for you, your vehicle, and under some circumstances like stolen, natural calamities, fire, mechanical and electrical breakdown, normal tear or wear.

• It is not possible to claim for insurance when you do not have a valid driving license when you had alcohol or drug when driving or when your insurance policy is not active.

• Personal accident cover is given as an add-on value in the third party insurance.

Two Wheeler Insurance Companies

There are lots of companies for two wheeler insurance. Based on certain factors, compare bike insurances with each other and the best one can be selected.

• Types of coverage that the two-wheeler insurance may provide like collision cover body injury liability insurance cover, vandalism cover, personal injury protection etc.

• Look at the factors that affect your premium. It helps more when you do not claim for your insurance for a year. This serves as the main reason to have compared the two wheeler insurance.

• When you change the vehicle what will be the status of the insurance?

• What will be the claim process if there is a need?

Compare Two Wheeler Insurance, get clear answers to the question and choose the best companies among lots of companies to have the best and useful two wheeler insurance.

Two Wheeler insurance companies

Bharti AXA

Bharti AXA is one of the largest and most trusted two-wheeler insurance companies in India.

• They provide long-term and flexible policies and also offers up to 20% discounts.

• Provide one-time premium

• For easy and convenient payment they provide multiple payment modes.

• They offer 24/7 customer service.

• Add-ons are provided for comprehensive insurance.

Bajaj Allianz

Services like dependability, innovative products, seamless service, and customer-oriented services make Bajaj Allianz be one of the best two wheeler insurance companies.

• You can renew the policy easily through online.

• SMS updates are given periodically for the customers.

• The customer can approach at any time since they provide 24/7 customer service.

• You can avail third-party liability benefits while there is property damage or injury or death during the accident.

Reliance General Insurance

Reliance General Insurance, presented by the Reliance group, tops in the list of the features and the services provided by them.

• Quick and fast settlement during the claim for the vehicles that are lost or damaged.

• Renewal is easy and with all time available customer service.

• NO claim benefits and has a membership of the recognized Automobile Association.

New India Assurance

It is a government-owned firm that works in 27 countries. One of the most appreciated companies among the two-wheeler insurance companies in the world. So key factors of New India Assurance are

• More add-on provided

• The claiming process is easy and quick

• Provide the best grievance resolution system

• When you acknowledge grievance there will be a resolution within three days of time Two-wheeler insurance Plans, a comparison

A two-wheeler insurance plan differs from one company to the other. Some plans are,

• Quick policy assurance

• No inspection and no extra charges

• Lowest premium

Compare Bike Insurance Premium- A bike insurance premium is an amount that you pay periodically to the insurance company and for which the benefits are given when there is a loss and when you claim for it. There are certain factors that decide your bike insurance premium and two-wheeler insurance rate and using these they can be compared.

Bike Model: for costly, higher-end bike models, the higher amount of premium can be paid. In case of a lower model bike, it is enough to have premium with the lower amount.

• Age of the insurance taken: higher premium is paid for a lower age bike user. It is evident that most of the young age bike users experience more accidents. So it is necessary to have high premium for the youngsters.

• Year of manufacturing: high premiums should be paid for the recent model and recently manufactured bikes. If the manufactured date is so long then the premium amount would be much less.

• Anti-theft Discount: installing some anti-theft devices can help you with the lower premium. Some anti-theft devices are Anti-theft alarm, GPS device, safety gear lock, etc that are easily available in the market.

• Location: location also plays a role in the number of accidents. A stat says that Delhi stands first in the accident rate. Likewise, metro cities have high traffic and can also have high accidents. So insurances in such cities the premium will be high compared to the cities with less traffic.

• Non-Claim Bonus (NCB): if you do not experience and accidents or disasters, then a reward which is 20% to 50% of your premium. It is a reward for the safe being and safe driving. So it is advised not to claim insurance for minor accidents.

Features of Two-Wheeler Insurance Plans, a Comparison-These are the main features of the two-wheeler insurance plans, to get the best plan compare,

• Premium: the amount paid periodically for the insurance

• Coverage: the amount that is coved for the various claims that are recorded.

• Claims: number of claims, the time is taken for the settlement and the process has to be noted.

• Documents: be careful and cautious with the documents that are produced during the time of issuance

Benefits of Two Wheeler Insurance, a Comparison-The most important part is the financial security during the time of an emergency. They cover during the damages in natural and manmade disasters, when the bike is stolen, personal accidents, third party liabilities etc.

Buy Two Wheeler Insurance

Buy the best bike insurance where it is more safe and helpful when needed.

How to buy Two-Wheeler Insurance Online- Visit the online two-wheeler insurance companies and know about the complete facts and the service provided by them and choose the best among them that suits your needs.

When to buy Two Wheeler Insurance- It is most advising and legal to buy insurance as soon as you buy your two-wheeler. Riding a vehicle without insurance is illegal.

From where to buy Two Wheeler Insurance- From where to buy Two Wheeler Insurance

Things to do before buying Two Wheeler Insurance- Get to know about the plans, premium, and coverage provided.

Buying Process of Two-Wheeler Insurance- Visit an online insurance company, choose the best company for your insurance, log in and feed the details choose the appropriate things required, and make a payment.

Documentation- Provide the documents like driving license, address proof, PAN details and other documents for the registration.

Terms and Conditions- it provides the facts about your insurance. Read them well before signing.

How Quickbima Helps You To Choose The Best Bike Insurance Plan?

Quickbima, an online platform offers two wheeler insurance plans that help you to compare all the segments of the various insurance plans for online bike insurance. That is term insurance, endowment plans, investment plans like ULIP plan, pension plan or annuity plans, motor plans like two wheeler insurance plan, car insurance plan etc.

While choosing a plan it is important to know the tools and complete product information to choose the right plan, Quickbima servers as a platform providing this information and to choose the best bike insurance online.

On visiting Quickbima, there are lots of companies compared based on their performances and the services that they provide. Go through them completely and you get an idea to choose the best service for two-wheeler insurance online.

Renew Two Wheeler Insurance

To make use any policy in your insurance coverage foremost important thing is that, your insurance policy should to active. For which, Renewing is much necessary. When you regularly renew your insurance,

• You are considered as a law-abiding citing.

• You can feel safe during driving.

• You will not have any break in policy disadvantage.

• You can always keep your no claim bonus active.

• You can claim for insurance at any time and get assistance with it.

To avoid last-minute tension it is recommended to have a review of your policy a month before the ending deadline.

Online Policy Renewal- Online Policy Renewal is renewing of your insurance policy on an online website. Thus, they make bike insurance renewal much easier. You can make your two-wheeler insurance renewal at any time from a click on your mobile, laptop or computer. For the process

• Log on the website

• In the renewal form, fill the details of you and your vehicle

• Get a premium quote and pay for your insurance.

Here is some information that you should concentrate during the time of your two wheeler insurance renewal.

Mode of Payment- When it comes to the mode of payment any online mode is acceptable to buy online two-wheeler insurance. Like credit cards, debit cards, net banking. Since they are online it is easy to pay and also they can be accessed quickly. Look at the payment mode that you are comfortable with and choose the mode of payment.

Policy Tenure- Policy Tenure is the factor that is chosen during the time of taking the policy. They can be taken for 1, 2 or 3 years. Having long-term policies is useful to have good premium. Admits lots of work people may also consider an insurance policy as a burden. So have a long time policy avoids such difficulties. Having a two-wheeler policy for around 3 years is recommended. During the time of renewal, check the policy tenure and have a note about the next renewal date.

Check Insured Declared Value Offered- Insured Declared Value (IDV) is one of the important components for any bike insurances. It is the maximum sum of the insured that is provided to the person during the time of accidents, theft or loss during disasters. To Check Insured Declared Value Offered there are some calculations available to calculate two wheeler insurance premium calculators. Insured Declared Value is calculated based using the Ex-showroom price of your vehicle minus depreciation. Ex-showroom means the amount that the dealer pays to the manufacturer. If the age of the two-wheeler is less than 6 months the IDV offered is 95% of EX-showroom, when it is 6 to 12 months it is 85%, for 1 year to 2 years it is 80%, for 2 years to 3 years it is 70, for 3 years to 4 year, it is 60%, for 4 years to 5 years, it is 50%. Check the Insured Declared Value Offered to you during the period of time.

Evaluate Your Cover- Cover refers to the amount covered against theft, accident, damage or any loss in your vehicle. Make sure you know the covered amount it any. Premium depends upon the claim and covered amount in your two wheeler insurance. Evaluating is the necessary thing that you have to do during the renewal of your two wheeler insurance.

Know your add-ons- There are different add-ons given form companies and different bike insurance plans. Make sure about the add-ons on your company and the type of insurance that you choose. It will be highly useful when the need arises to get assistance and know what all the add-on services you can ask for your insurance company.

Check all Information- When you take a long time two-wheeler insurance policy you may forget certain facts. Get to know about all of them and check the details completely before paying and submitting the insurance renewal form.

DocumentationIn the process of documentation, there are certain documents required like

• Policy holder’s details that include name, gender, date of birth, occupation etc.

• Information of Policy holder’s driving license

• Vehicle registration number

• Registration number (RC) number

• Previous insurance policy number

• Recent passport size photographs

• Credit/ debit or the details of net banking for making an online payment

Two Wheeler Insurance Claim Settlements

As discussed, when there is a need for the insurance claim; that is when you or your two met with an accident, stolen or stuck in any disasters, you will have to go for an insurance claim for your two-wheeler. There is the procedure for the claiming process.

Claim Registration - Contact the company and register the claim filling the claim registration form. It is to provide the basic information regarding the claiming process.

Send your Vehicle for Repair- To evaluate the damages to your vehicle send your vehicle to repair to an authorized representative so that it would be more appropriate in the damage and also claiming process also will be easier.

Theft Claim- Theft claim is claimed when your vehicle is stolen. Make an FIR copy for it and proceed with the claiming process.

PAN Card & Driving License- It is required to produce the details of your PAN card and driving license in order to be the process of claiming

The True Copy of Police Report/FIR - It is important to file a First Information Report (FIR) if your two-wheeler is stolen or met with an accident or stuck in any of the disasters, which is very important for approval of the claim. This provides the proof of the damage or theft of your two-wheeler. They are important to produce the true and original FIR copy in your insurance company to get the claim settlement.

Claim Statement- Claim statement is the final statement stats the details about the claim. Get the claim statement for your claim.

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