key factors to consider before buying two wheeler insurance

Bajaj Allianz bets big on two wheeler package policy

Bajaj Allianz General Insurance is eyeing for 30 per cent of its total two-wheeler insurance sales through long-term package policy by the end of this fiscal.

The private sector non-life insurer has already sold 6,000 such policies so far in 2016-17.

Two-wheelers can be insured for up to three consecutive years under this policy which was introduced at the beginning of the current fiscal.

"We have already sold 6,000 policies under the long-term two-wheeler package policy which was kicked off on April 1. We are looking at 30 per cent of our total two-wheeler insurance sales to happen through this policy by the fiscal-end," Bajaj Allianz General Managing Director and Chief Executive Tapan Singhel said today.

The company will use the telematics-based offering to reward customers showcasing good driving behaviour. The facility comes with 12 value-added features, providing not only safety and security to customers, but also savings and convenience, he told reporters on the sidelines of launch of the company's new offering called 'Drive Smart'.

The three-year long-term package for two-wheelers is currently available at an average annual premium of Rs 3,000.

"To achieve 30 per cent of the total two wheeler insurance sales by the fiscal-end through this route, we are banking on online sales which are currently responsible for 7-8 per cent of total two-wheeler sales," he said.

The company is quite bullish on this segment as more than 75 per cent of the two-wheelers in the country are not covered at present.

Of the total premium of Rs 5,900 crore achieved by the company during financial year 2015-16, 57 per cent was contributed by motor insurance alone, he said.

"Our market share under the motor insurance segment was currently at 11 per cent in terms of premium," the MD said.

On car insurance, he said a total of 21 lakh private cars were provided insurance cover by the company at an average premium size of Rs 7,000 in the fiscal gone by.

Talking about claims settled by the company during the last fiscal, he said "we settled a total of 6 lakh claims amounting to Rs 2,500 crore."

There Are CeThere Are Certain Things You Should Know About 2 Wheeler Insurance Claimsrtain Things You Should Know About 2 Wheeler Insurance Claims

Buying a vehicle of your choice is an inexpressible experience. However, as you buy your dream car or bike, it's also important that you ensure its safety and protection. This is why you should have coverage in place to ensure that you don't have to face any financial hardships, if there is any unfortunate mishap.

Remember, if you have a good insurance policy, then, it can compensate you for the loss against accidents and thefts, which can happen any time without any warning. However, it's important that you look for various options and compare the quotes before you make a decision. Also, if you buy a policy from a reputed and dependable company, your 2 wheeler insurance claim will be settled timely without any hassles. The entire process will be very simple. After the accident or mishap, you will have to take your bike or scooter to the allowed mechanic and depending on his estimation, the company will reimburse you.

In case, your bike or scooter has been stolen, then it's a requisite that you file a police complaint, only then, the insurance company can start the procedure. Once the company verifies that there is no fake action involved, the claim cheque is handed over to the owner. Also, your policy will continue after the mishap or accident. However, in certain cases, some companies charge more for renewal taking into consideration the additional danger of accident with owner. Along with all this, there are certain points that will help you sail through the entire procedure smoothly!

• The damage, loss or the theft should be reported to the insures immediately; also to the police, if required

• Receive the claim form from the insurer after providing him with the relevant information

• Fill and submit the completed form together with an approximation of the loss to the insurer

• After this, the company will organize an inspection of the damaged items to evaluate the loss. Sometimes, if the losses are too grave, then, a professional licensed surveyor is appointed

• You have to supply the obligatory documents to verify the amount of loss

• If you are not able to establish the reason of loss, then, you have to establish that the loss or damage has occurred due to a covered hazard

• After all this, the claim is settled after you and your company agree on an amount

Keep all these factors in mind, buy the policy form a good company and you will never have issues settling the 2 wheeler insurance claim.

Source: [http://bit.ly/2gSX4mj]

Everything You Wanted To Know About Your Two Wheeler Insurance!

This insurance provides protection against natural and man-made calamities like: fire, rockslide, landslide, storm, hurricane, flood, earthquake, burglary, theft, riots or any damage caused to the vehicle in transit by road, air, inland waterway or rail.

For most of us, bikes or scooters may be the first vehicle we have owned in our life. As important it is to have them, equally important is to protect them from all the hazards of the roads. Thus, it's important to have coverage with a Two wheeler insurance policy that covers the vehicle against natural and man-made mishaps like: fire, tremor, tempest, flood, earthquake, burglary, theft, riots or any damage caused to the vehicle in transportation by road, air, inland waterway or rail.

Now you don't have to get in touch with agents to get a Two wheeler insurance policy. You can get it online in a more convenient way. Online purchasing of these policies is both cost-effective and time saving. However, before you buy the policy, whether online or offline, it's important that you have some basic information about the cover. The first thing to know is that a two wheeler cover comes in two choices; comprehensive & third party. Third party is compulsory by the law, which covers only liabilities for injury, demise or damage of third party's property during the incident.

Did you know that your all-inclusive protection policy also covers third-party liability?

Two wheeler insurance provides mandatory personal accident cover of Rs. 2 lakh to the insurer/owner driver, this accident cover can also be opted for pillion rider. It also protects against legal liabilities arising due to third party injury/death or damage caused to its property.

With this cover, your policy bears all the losses done to a third person in the event of everlasting injury or death caused by your bike or scooter. Not only this, the cover is also extended to harm caused to the assets or belongings of another person by your covered vehicle. This cover can be of great help in protecting your savings by way of paying compensation to the injured third party. This type of coverage also offers a breather in case of lawful accountability taking place from accidents or property harm and eases you off the worries of legal measures.

There are also chances that you, i.e., the rider or the owner, can also endure an accident or any similar mishap which may cause damage or injury. In such case, the cover is of great help. It offers an amount in case there is disability or passing away of the driver or owner. The personal accident insurance is a default advantage on hand as a part of the tariff of the comprehensive 2 wheeler cover and does not need the payment of any additional premium. One of the most imperative aspects of two wheeler insurance, which you should be aware of, is the own damage (OD) premium, which you pay to the company for coverage above the third-party cover. The expense of this premium permits you to claim recompense in case of damages to your own insured vehicle, lest natural calamities.

Remember your bike or scooter coverage not only gives you a defense against unforeseen things, but also lessens your economic load cropped up during accident and gives you the peace of mind. After all, your two wheelers are about freedom, the Two wheeler insurance policy has been planned to set you free from worries!

Source: [http://planet.infowars.com/business/everything-you-wanted-to-know-about-your-two-wheeler-insurance]

Bajaj Allianz bets big on 2 wheeler package policy

 Bajaj Allianz General Insurance is eyeing for 30 per cent of its total two-wheeler insurance sales through long-term package policy by the end of this fiscal.

The private sector non-life insurer has already sold 6,000 such policies so far in 2016-17.

Two-wheelers can be insured for up to three consecutive years under this policy which was introduced at the beginning of the current fiscal.

"We have already sold 6,000 policies under the long-term two-wheeler package policy which was kicked off on April 1. We are looking at 30 per cent of our total two-wheeler insurance sales to happen through this policy by the fiscal-end," Bajaj Allianz General Managing Director and Chief Executive Tapan Singhel said today.

The company will use the telematics-based offering to reward customers showcasing good driving behaviour. The facility comes with 12 value-added features, providing not only safety and security to customers, but also savings and convenience, he told reporters on the sidelines of launch of the company's new offering called 'Drive Smart'.

The three-year long-term package for two-wheelers is currently available at an average annual premium of Rs 3,000.

"To achieve 30 per cent of the total 2 wheeler insurance sales by the fiscal-end through this route, we are banking on online sales which are currently responsible for 7-8 per cent of total two-wheeler sales," he said.

The company is quite bullish on this segment as more than 75 per cent of the two-wheelers in the country are not covered at present.

Of the total premium of Rs 5,900 crore achieved by the company during financial year 2015-16, 57 per cent was contributed by motor insurance alone, he said.

"Our market share under the motor insurance segment was currently at 11 per cent in terms of premium," the MD said.

On car insurance, he said a total of 21 lakh private cars were provided insurance cover by the company at an average premium size of Rs 7,000 in the fiscal gone by.

Talking about claims settled by the company during the last fiscal, he said "we settled a total of 6 lakh claims amounting to Rs 2,500 crore."

Why To Go For 2 Wheeler Insurance

The need and utility of two wheelers will never change, no matter which decade or era we are living in. Buying a two wheeler is a sensible and economic decision and there is no need to mention that it is one of the easiest ways to beat the traffic congestion that we face daily on our city streets.

If you are purchasing a two wheeler for yourself, then you must not forget to buy a two wheeler insurance policy as its mandatory to have it under the Motor Insurance Act. You can purchase two wheeler insurance for your motorcycle, bike, scooter, etc. It offers wide coverage that helps you in driving securely.

Features & Benefits:

The question that arises is why to buy it? Below is the list of features and benefits that may help you in deciding.

Stress-free inspection & cashless claim service

Offer coverage on partial or total loss to your vehicle that occurs because of an accident or theft.

Provide coverage on third party damage and third party bodily injury.

You may get attractive discounts on renewal (NCB) for a claimless year.

Predefined reduction for the parts that requires replacement.

Vehicle transport to the nearest garage in case of major breakdown.

Lost key assistance

Add on coverage as well

Need of Insurance:

It offers financial coverage for any type of damages or loss that occurs because of natural calamities such as fire, flood, etc.

Coverage against man-made calamities as well that includes theft or accident by external means etc.

The third party legal liability offers coverage against issues arising out of injury/death or property damage to the third party by your vehicle.

Before purchasing two wheeler insurance for your bike, scooty, scooter or any other two wheelers, it is essential to know the basic terminology of the same.

Premium:

The premium you paid for insurance depends upon several factors such as city where the vehicle got registered, model, age of vehicle, year of manufacture, etc. Premium is decided and regulated by IRDA hence there is not much difference across several companies.

Coverage:

It is the financial protection that the insurer offers to you and your two wheeler against any damage and loss caused due to any natural and/or man made calamity. Coverage depends upon the insurer and the plan chosen. That's why it is advisable to buy two wheeler insurance online after comparison.

Exclusions:

While purchasing the best two wheeler insurance, you must check its exclusions as it will tell you about situations where the insurer will not be able to offer coverage and required assistance.

Some exclusions will be- normal wear and tear, damage due to drunken driving, driving without license, damage caused by war or nuclear explosions, etc.

Claims:

After purchasing the best two wheeler insurance online, you are entitled to get the claim for the damages. It is advisable to not file for any small claim as it will reduce the chances of getting NCB discounts at the time of renewal.

It is advisable to read all the terms and conditions in detail before purchasing an insurance policy. Select your policy wisely making sure it suits your requirements.

2 wheeler insurance is an IRDA approved online insurance comparison portal helping consumers compare, choose and buy policies. We provide health, motor, life, travel & corporate insurances from a wide range of insurers. Get online comparison of insurance policies at cheapest price in India.

Source:  [http://ezinearticles.com/?Why-To-Go-For-Two-Wheeler-Insurance&id=9323663]

How to Get online 2 wheeler insurance

With a little effort on your part, online two wheeler insurance is possible to come by. There are a few things you need to consider prior to even beginning to obtain two wheeler insurance quotes

Consider your age and driving record. Any prior accidents that are on your current record will count against you even though you are after two wheeler insurance. Insurance rates will also be higher if you haven't had two wheeler insurance before. Once you've become a more experienced rider and keep your record clean, your rates will begin to decrease over time.

Think about the kind of motorcycle you have. Faster two wheeler or sport bikes are going to be more costly when it comes to insurance, as will new models. The more basic, older models will be cheaper to insure.

Determine how close you live to your employer and whether you live in a high crime area. If you can keep the mileage down, you could receive extra discounts on your two wheeler insurance policy. If you live or work in a high crime area, your rates could be increased.

Do not over insure. If something were to happen to the bike, you're only going to get the market value, so there's no need to pay extra insurance to have coverage that is unnecessary.

Keep your motorcycle garaged. You may receive an extra discount with some companies if the motorcycle is kept in a garage at night or when parked.

Shop around for the cheapest 2 wheeler insurance. Contact the big companies as well as smaller, local companies. Even though the big companies offer free quotes online that are easy to access, they may not have the best prices and you could end up paying more than you need to for two wheeler insurance. Pick up the phone or visit local insurance companies to get a two wheeler insurance quote.

Source: http://www.ehow.com/how_5104818_cheap-motorcycle-insurance.html