Bike / Two Wheeler Insurance Renewal Tips Including 3rd party & full /comprehensive cheap packages, and companies within India cities like Hyderabad, Delhi, Mumbai, Kolkata Chennai.
Bike/ Two Wheeler Insurance FULL & Liability / 3rd party
Motor Insurance is the largest component of General Insurance market and therefore of greatest importance to all public and private insurers. Motor Insurance Policy is designed to cover risk against damage to and from all types of motor vehicles plying on the open road. The policy covers
1. Two Wheelers- Scooters/ Motor Bike
2. Private cars
3. All kinds of commercial vehicles (transport people and goods)
4. Motor Trade (vehicles in showrooms and garages)
Bike/ Two Wheeler Insurance
Bike/ Two- Wheeler Insurance Policy covers the risk for two important factors; damage to vehicle and damage to the third person caused by the vehicle. Accordingly, two types of covers are provided by the insurers in case of Bike/ Two-wheeler Insurance.
Two wheeler insurance third party Liability Only Policies
Where the bike/ two-wheeler is insured for ‘liability only,’ popularly known as, ‘Third Party Insurance,’ the policy covers the legal responsibility of the insured to the third person (i,e., the victim). The third-party liability arises out of damage to the property of third party or damage to the body of the third party due to death or injury.
The vehicle insured is excluded from the risk covered.
FULL /Comprehensive Package Policies
Where the bike/ two- wheeler is insured for ‘package,’ the risk covered is extended to the vehicle insured and its accessories over and above ‘third party liability.’ The additional risks covered are Fire, Explosion, Lightning, Burglary and Theft, Riot and Strike, Typhoon, Hurricane, Storm, Tempest, Malicious act, Earthquake, Flood, Terrorist activity, Landslide/ Rockslide. The risks of damage while in transit using rail/ road, inland/water, air or lift are also covered in the package policy.
There is also a provision to add personal accident cover for the life of insured.
What is not covered under Bike/ Two- Wheeler Insurance Policy
· Mechanical/ electrical breakdown
· Depreciation/ Wear & tear
· Failures/ Breakages
· Damage due to negligence of driver or driver under the effect of any drugs
· Damage to/by a person without the valid license.
Bike/ Two- Wheeler Insurance Procedure
Bike/ Two-wheeler Insurance is mandatory under Motor Vehicle Act. The policy covers risk for the year and must be renewal on a yearly basis. The one great benefit that technology has brought in is hassle free purchase and renewal of insurance policy online, which is now provided by online portals of leading insurers including the public sector insurers like Oriental and New India Insurance. Unlike the conventional system of policy renewal,
the online renewal method does not need the inspection of the vehicle. However, it is important to note that delay in policy renewal will not cover the risk for the time elapsed. In case of online renewal, the risk cover starts three days after the vehicle owner purchases the policy. Whereas advantage of dealing with insurance agents is that the concerned insurance agents act. As a timely reminder to the insured which protects them against the unseen losses due to time lapse.
Two wheeler insurance premium calculator how to?
Important parameters for Premium Calculation
- There are several factors that you must know contribute to the premium calculation of your Bike/ Two-wheeler Insurance. The crucial ones are listed below.
· Age and health of owner
· Type of two- wheeler
· Insured Declared Value (IDV)
· Age of vehicle
· Previous history of claims
· Place of registration
The Good news is that you can now carefully evaluate premium amount offered under different policy covers online. Various insurance portals provide the service of policy comparison and premium calculation for ease of buyers. All leading insurers provide with the facility of buying insurance online.
In today’s time where the buyer faces several choices among the insurers, it becomes the responsibility of each insurer to come up with most beneficial insurance plans with simplified processes to purchase insurance smooth and hassle free. The clarity of information will help buyers make their instant choices. And the revenue may get divided fairly among key players. It is also the duty of the buyer to carefully evaluate and examine the type of policy and its implications.
The importance of the Bike/ Two-wheeler insurance lies in fact. That there are numerous incidents of accidents.
Damage registered every day. Proper and extensive insurance cover will ensure safety and security for ourselves and the lives of others affected by us. Last, but not the least, insurers must see that the claim settlement does not take more than standard operating time to avoid inconvenience to the insured and third party.
two wheeler insurance comparison
Reliance/ Bajaj Tata AIG /two wheeler insurance companies offering online.you can Port/change / Jump to another company while renewing your Policy No fees /terms for it. Also, keep old insurance copy along with new. In case you have furnished wrong details online the old policy will be proof for having the policy before you renewing that.
Cheap two wheeler insurance Available from National Insurance Company (Government)But only renews five years old vehicles. Presently from 2010 onwards.
- Next cheap Bike Insurance renewal online is SBI Two Wheeler
- However, I tried Oriental insurance company, but it has a server problem for renewal.
- I didn’t try popular bike insurance companies like ICICI, Bajaj Allianz, Reliance, Tata AIG and other, etc..
- I had renewed my expired bike with HDFC Ergo for 1100 Including PA Personal Accidental Policy 100 Extra 1 lakh coverage if dead in 1 year.
- Tried to renew on HDFC ERGO premium price 982 excluding PA
- On Oriental / National Insurance 650 for one year very cheap but processed due to the technical problem.
- Finally registered with SBI general for 876, 500 third party,220 for bike value + service tax.
Two wheeler bike insurance renewal online
You can renew your bike from before 30days and one day before the insurance expiry date. No need to inspect the vehicle.you can download the policy from motor insurance company portal. However, if that not generated quickly you can contact them they will generate policy and send it your email Address.
But lacks stamp on the original policy papers.
For renewing your bike insurance, you have to provide all the details of your bike along with old policy number and expiry date.
Bike Insurance can Renewal online only before 3-1 day before. If your are renewing today policy will starts from next day. Not covers today.