Essential Things to Know About Car Insurance Renewal

Car insurance primarily acts like a mutual agreement between the insurer and the policy holder or the insured. The policy allows the insured to get the required financial coverage against several types of damages caused to the vehicle and the third party liability as well. This is a must have for all vehicle owners, as it is illegal to drive a vehicle without an insurance cover or with a lapsed policy. Nowadays, when it comes to investing in a four wheeler insurance plan there will be numerous options that a person can easily explore. With the online presence of renowned insurance entities, it has become very convenient for a person to buy the desired insurance plan and renew the same on time as well.

Things to remember while renewing your Car Insurance Policy

There are vital things for an owner to remember when it comes to four wheeler insurance policy renewals. It is from the first renewal that the owner analyzes the need for renewal of the policy. So, it makes absolute sense to purchase the best policy that suits your requirements keeping the following points in mind.

Kind of Plan

 You should analyze whether you require a Comprehensive Car Insurance Policy or a standalone Third Party Liability Insurance. A comprehensive policy covers own damages as well as third-party liability, whereas a third party policy, a mandatory car insurance policy, covers injuries caused to other people in an accident but not damage to property or vehicle.

Add on Benefits

There are quite a few additional benefits that are available with four wheeler insurance policies and some of them can be more than handy for an owner. Zero Depreciation cover is almost a necessity in a car insurance policy, especially for high-end cars, where the depreciation amount would be much higher than the additional premium payable. Then there is No Claim Bonus or NCB, which is an additional coverage that is provided for not filing a claim during the policy year. So, if you have not claimed in your motor insurance policy for one whole year, close to 5-10% of the IDV is given as a bonus on renewal. So, during four-wheeler insurance renewal, NCB needs to be checked for accuracy if there has been no claim in the previous year.

Portability

If you are considering switching from your current insurance plan to some other one for renewal, you can certainly do that with proper evaluation, keeping your full convenience in mind. But it must be noted that the evaluation process adheres to the Portability Guidelines issued by IRDAI.

Claim Procedure

This is the most important element that defines a good motor insurance policy from an average one. The claim procedure has to be easy and convenient.  And hence knowing the same and being aware is a very important factor while shopping for your car insurance renewal policy.

So, look into these aspects while shopping for your four wheeler insurance renewal to get the desired coverage. Additionally, it is advisable to be prompt with your insurance renewal as a lapsed policy means no insurance coverage. Renewal is a must to enjoy uninterrupted insurance coverage.

Items Covered By a Comprehensive Two-Wheeler Insurance Policy

Riding a fast and fashionable two wheeler can surely add a certain charisma to your personality. Moreover, in comparison to cars, two wheelers are much easier to navigate through the congested Indian roads. Additionally, they fit into the budget of most people and require low maintenance expenses. Due to the numerous conveniences offered by them, a number of people prefer to invest in a two-wheeler rather than cars.  In fact, the two wheeler industry in India is one of the largest in the world, in terms of sales and production.

However, due to the nature of their use and make, two-wheelers are fairly more prone to accidents in comparison to four-wheeler vehicles. Therefore, it is necessary that you invest in a two-wheeler insurance policy, in order to safeguard yourself from the financial liabilities that may arise if your vehicle meets with an accident. Moreover, in India you are legally bound to have a third party insurance for your two wheeler. This insurance policy would essentially provide coverage for the injuries suffered by another individual, and the damage done to their property due to the accident caused by your vehicle.

There are a number of insurance service providers who offer two-wheeler insurance policies. You should ensure to invest in a comprehensive policy that covers the following items in order to minimalize the expenses that may arise in case your vehicle meets with a mishap:

· The damages suffered by the two-wheeler in case of  an accident

· Third party liabilities covering injury or death of a person

· Third party liabilities covering the damage done to their property

· Personal accident cover to the owner or the driver, including injury or death

· Personal accident cover to the owner or the driver, both in case of injury or death

· Personal accident cover to any other passenger other than the driver

· Damages suffered by the non-electrical and electrical parts of the two-wheeler

· Damage suffered by the two-wheeler due to either natural or manmade causes. Such as :

üExplosion, fire, lighting and self-ignition

üBurglary or vandalism

üRiot or a strike

üTyphoon, cyclone, hurricane, flood, earthquake and storm

A two-wheeler insurance policy can be availed either as a two wheeler package policy or multi-year two wheeler package policy. While the former variant of 2 wheeler insurance has a system of annual renewal, by investing in the latter policy you get the benefit of having the coverage for two to three years, without having to worry about the renewal deadlines. 

Why you Should Buy a Two Wheeler Insurance Policy?

Like you, your vehicle needs insurance too. Whether you have a two wheeler or any other vehicle, having insurance for your vehicle is always a smarter and safer move. So, when your vehicle causes damage to another vehicle or when your own vehicle is damaged due to some accident, you will not have to worry about the expenses for repair.

What is Two-wheeler insurance?

If a person meets with an accident, and there is loss of life or severe damage caused to the person’s own two-wheeler or the other person’s two-wheeler, then a person will have to bear all the expenses all by himself. But, if a person has two-wheeler insurance, then the entire damage is covered under it. In addition to that, the amount you pay as a premium is much lesser than what you cover. It gives you security against theft, damage, third party damage or any other damage caused to your two-wheeler or someone else’s vehicle. In addition to this, the amount insured is much more than what you pay as a premium.

There are various reasons why you should have vehicle insurance. Let’s dig in more to understand the concept better:

• Need of the hour: In today’s fast life, it’s always better to be safe than to be sorry. When you ride a two-wheeler, you are more prone to face the danger, than a person sitting in a car. In such a scenario, you get coverage for self-injury, third party liability, damage or loss of the vehicle when you have insurance for your vehicle.
• Buy Online, buy hassle-free: You can buy two-wheeler insurance online. All you have to do is fill in the details required and then buy one. No complicated paperwork, hassles, time consuming formalities; just a few simple steps and you get one.
• Renew in minutes: You just have to spend few minutes on the internet for bike insurance renewal. Just like buying one, renewing one is also simple. Follow a few simple steps and there you go.
• Legal Security: Third party insurance also looks after the legal liability of the two-wheeler owner. For instance, if the owner meets with an accident, the third party insurance takes the financial burden off from the owner’s shoulder plus also prevents any kind of legal suit against the owner. In today’s uncertain world, it’s always smart to have your two-wheeler insured to face any uncertain incident in future.
• Secure Your Own Self: Even if you are riding safely and following all the rules, still you can be a victim of an accident caused due to someone else’s fault, negligence or mistake. In such a case, it’s always good to have insurance for your two-wheeler, in order to cover all the damage caused to your vehicle and your own self. And, if the situation is vice-versa then third party insurance comes into the picture.
• Easy Cancellation Procedure: The cancellation procedure of the policy is also as simple as the one when you buy or renew one. For instance, if you buy a three year policy, then it does not mean you are stuck with it. You can anytime opt out during the policy period, if you wish to. You can cancel the policy and get a refund of the unutilized policy whenever you want. But, it is always recommended to purchase a new one, before you cancel the old one.
• Stability At The Time Of An Emergency: When you meet with an accident, you go through so many emotions, physical injuries and much more. During such times being in the right state helps a lot. In such condition, having a security in the back of your mind due to insurance helps you to be patient and recover sooner.

Benefits of Comparing Insurance Online

Two-wheelers are preferred over other modes of transport due to the ease of commuting. Here are some important things to consider before buying a two wheeler insurance policy:

Things to Factor in Before Buying Two-Wheeler or any Other Insurance policy

1. Type of Coverage (Third party liability or comprehensive)

2. Insured Declared Value (Sum assured by the insurer)

3. Premium Amount (Insurer pays under the policy)

4. Add-On Covers

5. No Claim Bonus

6. Cashless Network Garage Options

Unique Benefits of Comparing Two-Wheeler Insurance Online

Cost-Effective Method

By comparing two-wheeler insurance policies online, you can save a lot of money as well. You don’t have to bear the travel expense of going to various insurance companies, as you can access anything from your home through a computer. Not only money, it even saves some precious time of yours.

Select Suitable Plan with Ease

When it comes to insurance, you should always have a policy that takes care of all your requirements.  On online platforms, it is very convenient to go through various plans and select the one that fits your requirement. This would seem like a herculean task otherwise. So, simply compare and buy a two wheeler insurance policy online with consummate ease.

Insured Declared Value

Insured Declared Value is the maximum sum fixed by the insurer which is provided on theft or total loss of vehicle. So, go through the plans of various insurance companies online and select the policy attracting a good IDV. Again the websites make the whole exercise very effortless.

Less Physical Exertion

Today, you can access any information from anywhere. This means you don’t require traveling to meet insurance officials to select and buy a policy. You can perform this task from the cool confines of your home without breaking into a sweat.

So, leverage the potentials of online platforms to the maximum to save money, time, and effort. Also, choose the type of insurance that suits you the most.

Importance of Two-Wheeler Insurance and its Renewal

These days, people are using two-wheeler for several purposes, including personal and commercial. Irrespective of the purpose, two-wheeler is of paramount significance to every Indian who owns it today. However, many people are very casual about vehicular protection against risks such as accidents, burglary, theft and many more. This is either due to lack of knowledge or apathy. Some people are not aware of the benefits of bike insurance and some are very indifferent towards protection.

Buy insurance online

Today, it has become very convenient to buy two-wheeler insurance policy due to the mushrooming of various online platforms. You can buy a two-wheeler insurance policy without moving an inch via online portals. It has also become a necessity, as a two-wheeler without insurance cover can easily turn into a huge liability for you in case of expected or unexpected calamities. In case, you haven’t bought a policy, then the time is ripe for one.

Things to consider before buying the two-wheeler insurance

1. Type of insurance

It is important to be aware of the kind of coverage you need. There are chiefly two types of two-wheeler insurance, i.e., third party and comprehensive. Third party insurance is required as per law, and offers protection to the third-party for damages to property or any injury to an individual, where the policyholder is responsible for the accident. Whereas, the comprehensive insurance covers both, third party damages and own losses. So, choose the insurance as per your requirements.

2. Add-on services

Bike insurance also has provision for various add-ons or additional services, which are voluntary in nature. These services are very cost-effective and include options such as fuel assistance, towing facilities and many more. The add-on aspect is crucial for preserving your No Claim Bonus as well. So, choose these wisely.

3. Inclusions and exclusions

 It is pertinent to know the inclusions and exclusions in your online two-wheeler insurance policy. Some examples are: claims related to incidents under the influence of drugs, alcohol etc., damage due to nuclear risks, etc. Go through all the terms and conditions before opting to buy a policy.

4. Proper research

There are several companies offering various two-wheeler insurance plans online. Hence, it is incumbent upon you to compare, research and find the one that fits the bill perfectly. There is a lot of information on the internet about terminologies, clauses, calculators and so on, that can help you take a wise decision.

5. Cheap things are not good

As there are many insurance providers online, price variations will always be there on the cards when it comes to premium amount. You are bound to find premiums at throwaway prices, but they need not be having sufficient coverage. Also ensure that you compare not just the price but also the company history, service offerings and other important areas related to your two-wheeler insurance.

6. Don't suppress facts

Be very truthful and sincere while providing your bike insurance details. Otherwise problems can crop up while insuring the bike online or during the claim process.

Why is it important to renew two-wheeler insurance?

· As per the Motor Vehicles Act, 1988, it is illegal to ride a two wheeler without a valid insurance.

· You will be solely liable for any damage or loss caused by you or inflicted upon you.

· The benefits of insurance policy can be availed only if you renew the policy each year on time

· One policy expires the renewal becomes cumbersome due to vehicle inspection and other processes

Last but not the least, don’t ride your two-wheeler without insurance, as you are not only endangering your life but also the lives of several others on the road.

What Factors To Look Into When Finding Online Insurance

Insurance is the only way to protect yourself and your family in times of unforeseen circumstances. Whether it is about buying the best health insurance or the best medical insurance, the biggest question is how good the coverage is going to be. Buying insurance can be a hassle but the option to obtain it online has made the entire process a lot easier.

Insurance is an important part of every individual and a good insurance backup provides you with a sense of peace. Since life is so uncertain it is better to be safe than sorry for any unpredictable incident. You can buy fantastic coverage for various types of insurances. Finding an insurance plan can be a difficult task, however it is important to keep in mind certain things before you search for the right insurance plan online.

1. Know What Coverage you Want: First, you must determine what kind of insurance you really are in need of. Search about the benefits it would offer and whether or not it will be feasible as per your need.

2. Read Company Reviews: Since there are so many insurance companies online you have to be careful in choosing the one which provides you instant service at the time of uncertain needs. Read customer reviews about a company will always show you the bigger picture about what the services the company offers, how it serves its customers in times of need, etc.

3. Compare Insurance Online: Just before you are ready to buy insurance online, compare your insurance policy with other plans available online. Comparing insurance will always tell you more about the insurance you have decided to buy. You can compare such plans as are offered by different companies in terms benefits, premium rates, additional services, etc.

4. Find a Genuine Company: Any insurance company must never be taken lightly. It is important to find the one firm that has an approachable office nearby your location. The company should be a brand name and must be known to many. Whether it is about finding the best health insurance or medical insurance in India, the entire idea is that the insurance company should be prepared to support you when you really that such aid the most.

5. Ask for Discounts: When you plan to buy insurance online there is a possibility that you can fetch discounts upon various multiple insurance plans together. For example, if you seek to purchase health and medical insurance together for yourself and your entire family, you maybe be able to find a great deal on the premium as well.

Why Choose Car Insurance Offline When You Have Online Options?

There are certain things which we as human cannot control. It holds true when you are on road driving your vehicle. Thus, to safeguard yourself and fellow passengers, it is crucial for you to have a comprehensive car insurance policy. If not comprehensive, then having third party liability insurance is a must under the provision of the Motor Vehicles Act, 1988.   

These days, availing insurance policies online has become easier than ever. So, buying car insurance online in India can be done in just few clicks.  

Let us look at these reasons which have shifted the focus of individuals from offline to online mode for buying insurance.

1. Cost-Effectiveness

When you choose to buy car insurance online, you are the one making decision based on your budget, coverage, or benefits, as there is no agent forcing, compelling or influencing your decision. An online platform allows you to choose the best insurance policy without letting you incur costs, pertaining to agent’s commission, documentation, and other facets. As a result, you buy insurance at relatively low price compared to offline.

2. Effortless and Quick

Gone are the days when people used to call insurers or agents to get quotes and choose the one that fits their requirements. With the help of online platforms, you can easily zero in on the policy that is best suitable to you and buy it in simple steps. The best aspect of buying insurance online is you can do it anywhere anytime.

3. Easy Access to your Documents

One of the biggest advantages of buying car insurance online is you can access your policy documents any time you need them. So, in case you miss the hard copies, you do not have to rush to your insurer as you already have the access to the saved soft copies, which you can produce whenever required.

So now that you know the perks of buying car insurance online in India, you can now do it with more confidence. However, be sure you read all the terms and conditions and scope of the coverage, and do not hesitate to call the customer service in case you have any queries.