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."