Mr.Rajan was looking to buy an all new two wheeler. He did his homework before settling on dealer following reviews set up for funds & had all documents needed for registration. However when he came to discover that insurance is required for two wheelers as per Indian law & he was completely confused.Bike Insurance
Rajan did not know basic rules of two wheeler insurance & needed to devote much time & time to understand processes & terms used in two wheeler insurance.
What is reason I should have Bike Insurance?
Despite fact that 10 million new 2 wheelers get bought each year in India but improvement in transportation & roads infrastructures is not enough to support all types of vehicles.
In absence of traffic regulations that are properly implemented as well as roads that are prone to potholes & bumps even an experienced two wheeler driver is likely to be unable to cope. If you experience catastrophe like crash on road theft of vehicle or property damage caused by third party two wheeler insurance will assist you in take care of cost.
Additionally its required in law to carry an insurance in order to operate your vehicle in Indian roads.
Types of Two Wheeler Insurance in India
The second party two wheeler insurance plan or liability only insurance coverage is an essential policy legally required. It covers injuries to body death & damage to property that is caused by an uninvolved third party.
A complete or comprehensive insurance policy will cover damage or loss to vehicle due to natural or human made cause & theft in combination with whats included in third party insurance policy. comprehensive insurance policy provides security against natural calamities like flooding storms & so on. as well as man made disasters like vandalism riots & strikes.
How is Insurance Premium Calculated?
In case of insurance capabilities of your car have major role to play. Its cubic Capacity (CC) of your car city of purchase as well as type of coverage you choose as well as cover you select for accessories are among elements that determine price. Covers with add ons are provided by some insurers. You have to pay an additional fee for additional coverage.
What is IDV?
IDV also known as Insured Declared Valuation (IDV) is figure which is constant throughout duration of policy. It indicates amount at insurance of vehicle. Heres formula that calculates IDV for two wheeler.
IDV =”Manufacturers Ex Showroom Price + Sales Tax Cost of depreciation registration & insurance fees
Bike Insurance Renewal
It is essential to keep up with your insurance by deadline in order to ensure your continuity. majority of insurance businesses offer one year insurance policies. Some firms also provide long term insurance for two wheelers. If policy you have purchased has expired & you want to renew it get your car inspected to renew your insurance.
No Claim Bonus & its Benefits
NCB also known as No Claim Bonus is reduction on your premium when you did not make an claim within previous year. NCB was created to reward safe driving insurance policyholders can get as much as 50% off on claim free time periods.
What Happens if I Sell my Vehicle?
If you are selling your vehicle then you are capable of transferring two wheeler insurance as well. new owner has notify insurance company within 14 days of buying car & provide all necessary details about car in order to transfer insurance.
How do I File Claim?
In event of an accident in event of an unfortunate accident you must notify your insurer by either phone or mail to start process of claiming. It will require you to fill out claim form with all relevant documents such as your driving license & FIR (in event theft) as well as an estimate of repair (in event of an accident). Once damage has been assessed by an expert you are eligible for compensation from insurer.
If youre wondering what to do when choosing best insurance coverage for your automobile take advantage of third party sites for comparison to determine premium & coverage. Knowing terms used in motor insurance will help you avoid many headaches in future & also prove beneficial in future.Bike Insurance
If youre wondering what to do when choosing best insurance coverage for your automobile take advantage of third party sites for comparison to determine premium & coverage. Knowing terms used in motor insurance will help you avoid many headaches in future & also prove beneficial in future.
Guide for Bike Insurance Claims
Insurance of motor vehicles for India is required by law. It is required by Motor Vehicles Act in enacted in various states as well as union territories sets out further regulations on this subject. legal requirement to have an active insurance for as long as vehicle is operating on roads across entire country. cost of obtaining or renewing insurance for scooters & bikes are based on an IDV (Insured declared value) of car.
Insurance coverage insurance policy protects vehicle owner as well as its owner against potential for liability that arises from an accident. It also offers compensation to pay for various expenses that arise from damage caused to property of third party. Based on type of insurance coverage you opt to purchase insured may also be able to look forward to seeking compensation for damage caused to them or their occupants in event of incident. If youre smart owner it is essential to be aware of claim process to ensure that there is no time lost in event of unlucky events.
The following sections will walk you through details of claims procedure generally & paperwork that are required to get through entire process.
Two Wheeler Insurance Claims Process:
The procedure is bit identical to process is similar to that Auto Insurance in general. These points will guide you through claim process.
If post mishap conditions permit taking record of registered number(s) of any vehicles that were involved in accident.- Make FIR (First Information Report) to police in your area when damages caused are serious & has legal ramification to incident. Be sure to save copy of report & also keep an acknowledgement in your file.
- Note down names contact numbers of all witnesses as well as date of accident as well as location.
- Make call to claims department or stop by office closest to you (if possible) for claim form to be filed. Be sure to register as soon as possible to avoid any unnecessary problems.Bike Insurance
Get claim reference number & follow steps to get repair work done on damaged vehicle at garage.
Documents Required for Bike Insurance Claims Process:
Form of claim that has been filled in & signed by Signature- The registration Certificate for motorbike
- Drivers License for driver who is driving in event of an accident.
If vehicle is stolen in event of vehicle being stolen documentation provided by local RTO as well as an NoC issued by bank (if hypothecated) is required. Other documentation based on individual case by case basis must also be available on request of.
Tips details of claims procedure will be posted on website of insurance company as well as accessible at designated office. It is possible that process will differ in accordance with general procedures of business. It is recommended to go through documents on policies every at least once year to make sure you are on right track & keep up to date.
How to Change Bike Insurance Policy?
Maintaining your vehicle coveredat at all times assists in not only meeting your legal obligations however it also safeguards your financial interest from any responsibility arising from participation of your vehicle in an accident which caused injury to property of third party. An extensive insurance policy also safeguards insured vehicle against damages & covers repairs & repairs.
Most of time as with other service or product we think about switching to another insurance company or obtaining better protection with our current. This article will shed some more light on intricacies & details involved in process of changing your two wheeler insurance. Many of us are not aware you can change to different insurance company during duration of our policy & also request to receive reimbursement from previous policy. We will look at various situations one at time & learn process to seek change in your policy.
At Time of Renewal
Consider switching insurance company during renewal process. Insurance firms offer hassle free renewals on internet. Just by providing essential information about policy you are able to renew policy with an online payment without giving any lengthy documentation. Additionally policy will be immediately accessible online to consult.
It is also possible to consider an existing insurance company for plans that are enhanced. If for instance plan currently covers only third parties comprehensive coverage could be included during renewal in order to ensure coverage complete. Optional riders such as insurance for death & injury accidents are also possibility for boosting amount of insurance coverage. Bike Insurance
During Policy Period Bike Insurance
If youre unhappy with advantages & features of your current two wheeler policythat you have changing into different insurance company can be done. This is however with an additional policy that requires a. As motorcycle insurance cannot be transferred & you have to end current policy & obtain brand new policy. In order to do this you must give an notification of no less than seven daysshould be given by letter to previous insurance company.Bike Insurance
If you are in interim in meantime you may sign up with insurance company you wish to join to obtain new insurance policy. After policy is approved through newly established insurance firm you have to submit documentation in order to cancel previous one. current insurance cant be cancelled if there was claim made in time. When all requirements are met & premium is paid it is refunded following deductions taken on prorated basis.
Points to Consider Before Changing Bike Insurance Policy
If youre considering changing your policy because of cost consider what benefits you get from current plan versus one youre considering. few hundred dollars more for less benefits might not be practical.- Consider factors such as how effective customer service is availability of online tools & resources claims settlement rate & other aspects which directly affect you.
Accessibility of Rider Options for enhancing policys quality & coverage must also be taken into consideration prior to changing. These small facets can be very helpful in event of large loss.Bike Insurance