2-Wheeler Insurance – Maxabout News https://news.maxabout.com Latest Car & Bike News in India Sat, 09 Nov 2019 12:17:22 +0000 en-US hourly 1 https://wordpress.org/?v=4.8.9 https://news.maxabout.com/wp-content/uploads/2017/09/cropped-Maxabout-News-Favi-Icon-2017-32x32.png 2-Wheeler Insurance – Maxabout News https://news.maxabout.com 32 32 Impact of Riding a Bike with Lapsed Insurance Plan https://news.maxabout.com/bikes/riding-bike-lapsed-insurance-india/ https://news.maxabout.com/bikes/riding-bike-lapsed-insurance-india/#respond Mon, 02 Sep 2019 09:06:58 +0000 https://news.maxabout.com/?p=519953 Impact of Riding a Bike with Lapsed Insurance: Driving a car is relatively safer as the driver is seated inside the car. Riding a two-wheeler, on the other hand, is considered to be unsafe, as the rider is open to multiple dangers. Thus, every biker needs a safety net through insurance. Your bike should be […]

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Impact of Riding a Bike with Lapsed Insurance: Driving a car is relatively safer as the driver is seated inside the car. Riding a two-wheeler, on the other hand, is considered to be unsafe, as the rider is open to multiple dangers. Thus, every biker needs a safety net through insurance.

Your bike should be insured every time you are ready to hit the roads. Sometimes, you may forget to renew your two-wheeler insurance, and your policy can lapse. However, to avoid any legal penalties and financial losses, you must renew your bike insurance on time.

Two-wheeler insurance is mandatory in India. It safeguards you against heavy expenses incurred due to natural disasters, man-made calamities, damage/loss of the vehicle, and third-party liability. Thus, you must renew your two-wheeler insurance and never allow it to lapse.

Here is a complete guide on the effects of riding with lapsed insurance and how to prevent this situation in the first place. What will happen if you ride the bike with lapsed insurance?

According to the reports published on IRDA, 70% of individuals riding a bike in India either have no insurance, or their insurance had lapsed. A lot of things may happen if you are riding a bike with a terminated insurance policy. These include:

1. Loss of No Claim Bonus (NCB) – You should remember your insurance renewal dates. If more than 90 days have passed after the expiry of your bike insurance your NCB is lost and you will no longer be entitled to an NCB. Moreover, you cannot even transfer the NCB points to a new vehicle policy, if at all you buy one.

2. Heavy Penalties – Insuring your two-wheeler is mandatory according to the Motor Vehicle Act, 1988 and riding a bike with lapsed or no insurance is a punishable offence. If a rider is caught riding the bike without a valid insurance policy, he may be fined up to Rs 1000 or can be imprisoned for three months, or both.

3. Legal Liability – With a lapsed policy, you will not be secured against accidental losses or other expenses borne by you in an accident. In case of loss of life of a third party, the compensation given to the family of the deceased will be borne by you and not by the insurance company.

4. Increased Risk – The impact of a lapsed policy is not just restricted to your current insurance. You can also face issues while purchasing an insurance policy the next time, as the new insurance company may doubt your premium paying capacity. Thus, you are at higher risks.

What to do if your bike insurance has expired?

Ideally, you must renew your bike insurance much before its expiry. If at all it has expired, you must immediately get in touch with your insurance company and submit the necessary documents for the renewal process. To avoid such a situation, it is important to renew the insurance policy as soon as possible.

How to renew your two-wheeler policy?

Two-wheeler insurance is vital as riders are likely to get injured during an accident. An insurance policy makes the situation less painful for you. If you miss renewing your two-wheeler insurance policy on time, here’s how you can get your policy reinstated.

  • Renew your two-wheeler insurance online by visiting the website of your insurance provider and submitting your renewal application form
  • Enter the correct details of your two-wheeler and the expiry date of your insurance policy
  • Next, browse through the policy details and the premium options
  • You can also use a two-wheeler insurance premium calculator to calculate the monthly premiums
  • Make the payment online using their secure payment gateways
  • You can ask for policy-related documents instantly, and you will be awarded NCB accordingly

How to avoid lapsing of insurance renewal?

The best away to avoid lapsing of insurance policy is to keep a check on the expiry date of the insurance. You can set a reminder on your mobile so that you can renew the policy on time. You can also sign up for SMS and email alerts. Most insurance providers send timely renewal reminders, so you do not have to worry.

Last year, the Supreme Court issued a mandate for all bike owners to insure their vehicle for five years at the time of purchase. Purchasing long-term insurance policy covers can allow you to enjoy maximum benefits and avoid the unpleasant consequences of using a lapsed policy.

To sum it up

Insurance is a safety net that protects you from financial losses owing to an accident involving your bike. Ensure you pay your premiums well in time and avoid riding your bike with an expired or a lapsed insurance policy.

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Two Wheeler Insurance: Tips and Facts You Must Know https://news.maxabout.com/bikes/two-wheeler-insurance-tips-facts/ https://news.maxabout.com/bikes/two-wheeler-insurance-tips-facts/#respond Sat, 13 Apr 2019 14:44:06 +0000 https://news.maxabout.com/?p=240885 Two Wheeler Insurance Tips & Quick Facts: India is a two-wheeler centric market and, a high number of vehicles increase the chances of accidents here. Insurance is a guaranteed compensation that saves your pocket in times of a mishap. You always need to remember that bike insurance is as important as getting your bike registered […]

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Two Wheeler Insurance Tips & Quick Facts: India is a two-wheeler centric market and, a high number of vehicles increase the chances of accidents here. Insurance is a guaranteed compensation that saves your pocket in times of a mishap. You always need to remember that bike insurance is as important as getting your bike registered with the authorities. Even after knowing the benefits of a suitable insurance cover, buyers hesitate to pick the best suitable plan due to lack of knowledge.

Two wheeler insurance is an important part of vehicle ownership as everyone is aware that no vehicle is legally allowed to use Indian roads without a valid policy. The government has made third-party insurance mandatory. In case of an accident, damage caused by your vehicle to the other one can be compensated this way.

Two Wheeler Insurance

What does an insurance policy cover?

Depending upon the type of policy selected, insurance covers almost anything bad that you can imagine with your two-wheeler. Bike insurance policies vary from third-party to comprehensive, further leaving space for various additions at a smaller cost. As we know, third-party just covers the person on the opposite side, whereas comprehensive bike insurance provides coverage to your two-wheeler. Coverage for comprehensive two wheeler insurance policies also varies with different providers.

Most two wheeler insurance policies cover the following acts:

Personal Vehicle Damage/Own vehicle damage

The best part of a policy makes sure that you don’t need to be under intense pressure after buying a two-wheeler. Most bikes have expensive visible parts and getting a little damage to the fairing can result in a five-digit bill. Insurance protects your vehicle from the loss that occurs through any minor or a major accident.

Third Party Legal Liability

Not just a rider is responsible for his/her actions on the road, the opposite party can even force you to go through the court procedure to get the claims. Having a valid insurance policy can save you from this hassle.

Theft

The biggest nightmare for two-wheeler owner is theft of the vehicle. Two wheeler insurance saves you from the entire loss and compensates the value mentioned in the paper for your vehicle.

Natural Disasters

Damage caused to a vehicle through uncontrollable means is also covered under two wheeler insurance policies. Bike insurance makes the fact sure that you can lose your bike in a flood but, the value will stay with you through the policy.

Man Made Damage

Two-wheeler insurance protects your vehicle against man-made activities like riots, burglary, accidental external damage. When you feel the situation is out of control, saving yourself should be your priority as anything that happens to your vehicle is covered by the policy. An attempt at theft that fails but, brings considerable damage is also covered.

As you now understand the benefits of having a valid, feature loaded policy, here are the perks that one receives when choosing a good two wheeler insurance. These benefits stay intact, even when you buy two wheeler insurance online or offline.

No Claim Bonus

NCB or no claim bonus is a goodwill gesture that is offered when a buyer makes no claim throughout the year. It can reach 50%, and help you claim half the value of personal damage cost in your next policy. It can be transferred from one provider to another through a simple process.

Cashless Settlement

Having a good insurance policy also means that you do not need to carry cash with you for any valid repair. This means that the policyholder can stay stress-free, even when he/she is short of money, due to any reason.

Personal Accident Cover

Many insurance providers cover personal damage under the policy, helping the rider cover the medical expenses that occurred due to the mishap. Optional features added to the policy can bring the same cover for the pillion rider.

When you buy two wheeler insurance online, do not forget to read the terms and conditions carefully. The policies clearly list what they offer. Bike insurance from a reputed brand like IFFCO Tokio also makes claim settlement easy, leaving the policyholder in complete peace of mind through tough times.

Here are some additional tips for the new buyers:

1) Never make a claim for something that can be managed by your own. Making a claim disqualifies you from the NCB section for that year, leaving you empty-handed when you wish to save more on a higher purchase.

2) Always try to get additional personal cover if your policy does not include the same in it. No one knows what the road can cause and stay prepared with a valid policy to save yourself from the cash crunch at a later stage.

3) Never miss a renew date as bike insurance provider will charge an extra fee for the days when your vehicle was left uninsured. The fine may not be huge but, still, every rupee counts.

4) Keep your documents handy as law enforcement agencies can fine you for not presenting the policy on time. Even if you show them the same later, a minimum fine is charged by the court.

5) Select the IDV very carefully. IDV plays an important role as the lower value you declare, the lower you will get the claim amount in case of total loss of a vehicle.

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