Multi Year Bike Insurance - Why You Should Opt For It?

Two wheeler make daily commuting easy for countless people across India. As compared to cars, two wheeler are more economical and easier to maintain. Congested roads and traffic jams in Indian cities make them all the more useful. They are less likely to get stuck in jams and can help a person reach his destination quickly.

However, two wheeler are also more likely to get involved in road accidents. It is important for every two wheeler owner to secure his vehicle with an insurance policy. Despite the fact that law has made it mandatory for every bike owner to purchase an insurance policy, many people continue to drive two wheeler without insurance. This not just puts them on the wrong side of law but also makes them a threat to the safety and well being of others.

When it comes to buying bike insurance, choosing the right policy is of great importance. These days, an increasing number of people are opting for long term or multi-year bike insurance.

How is multi-year bike insurance different from normal bike insurance?

Unlike a normal bike insurance policy that allows bikes to be insured for one year, a multi-year bike insurance policy allows bikes to be insured for up to 2 or 3 years. Here are some of the key multi year bike insurance benefits that make them highly useful-

1. Convenience

Opting for a long term policy means that the bike owner will not have to pay premium every year. Thus, there is no stress of annual renewals. The policyholder doesn’t have to remember the renewal date. This can prove to be very useful as many people often tend to overlook the renewal date.

2. Low Premiums

IRDAI raises insurance premiums from time to time. With a multi-year bike insurance policy, the policyholder won’t have to worry about an increase in premiums next year. As the premium for 2 to 3 years is paid in advance, this policy can prove to be more affordable.

3. No Claim Bonus Discounts

Although, no claim bonus discounts are available on both types of policies, a multi-year bike insurance policy provides a chance to claim a higher bonus. Earning a higher discount can substantially reduce the premiums and help the policyholder save money.

Due to multi year bike insurance benefits, an increasing number of bike owners are opting for these policies. Purchasing a long term policy will not just ensure the safety of a two wheeler but also provide complete peace of mind as the policyholder won’t have to deal with the stress of renewing policy every year.

When it comes to buying a bike insurance policy, there is no shortage of options. These days, most of the insurance companies offer insurance policy online. All types of two wheeler insurance policies can be easily purchased or renewed online. This not just helps people save time but also makes the entire process simple and hassle-free. Moreover, you can easily avoid all the paperwork and other formalities.

3 Important Things That Every Car Owner Must Know About Car Insurance

A car is one of your most important assets. Buying a car insurance policy is one of the best ways to protect this asset. The main aim of a car insurance policy is to cover all types of financial losses that may occur from operating a car. Purchasing the right car insurance policy will go a long way in protecting you financially in case of an accident.

Here are some of the main reasons why you should buy car insurance-

• Firstly, car insurance is a legal requirement in India. The law makes it mandatory for every car owner to buy a car insurance policy. Driving a car without car insurance puts you on the wrong side of law.
• Car insurance policy safeguards your financial interests. In case of an accident, the repair costs can be very high. If you are at fault, you may have to pay for the damages caused to the third party.
• Many of the car insurance policies also provide non-accident protection. If your car is stolen or vandalized, you can claim compensation.
• Car insurance policy provides complete peace of mind to the car owners.

Although, most people realize the benefits of buying a car insurance policy, they often find it hard to choose the right policy. With so many choices available, selecting the right 4 wheeler insurance can prove to be quite difficult.

If you are planning to buy car insurance, here are three important things that you need to know-

1.Types of Car Insurance

Car insurance can be broadly classified into two categories- third party insurance and comprehensive insurance. Third party insurance policy covers only the damages caused to the third party. A comprehensive car insurance policy, on the other hand, not just covers the third party damages but also the damages caused to your own vehicle.

2.Zero Depreciation Cover

Your car is a depreciating asset. Opting for a zero depreciation cover means that the company while settling a claim won’t deduct the depreciation value.

3.Exclusions

The damages caused to your car due to mechanical breakdown, destruction or confiscation by government authorities, and intentional damages are not covered by car insurance policies. Before, buying a car insurance policy, it is important to check the list of exclusions.

When it comes to buying a car insurance policy, there is no shortage of options. Buying car insurance online is one of the easiest ways to purchase a car insurance policy. For four wheeler insurance renewal too, you can visit the website of your car insurance provider. The entire process of buying and renewing 4 wheeler insurance online is fast and simple. It can help you save a significant amount of time. There are many reliable car insurance companies that offer all types of car insurance policies online. However, it is important undertake extensive research before choosing a car insurance policy online.

4 Key Benefits of Buying a Health Insurance Policy

Most people need medical care at some point in their lives. With the medical costs surging by the day, a medical emergency can easily erode a person’s entire life’s savings. Even if a person is young and healthy, the chances of a medical emergency cannot be ruled out. For this reason, it is important for every individual to be financially prepared to handle medical emergencies. And the most effective way to do so is to buy a health insurance policy.

These days, most insurance companies offer health insurance online. Here are some of the key benefits of having a health insurance policy -

1.Financial Security

In the absence of health insurance, the onset of a sudden illness can spell financial ruin for an individual. Most of the major operative procedures are quite expensive. An open heart surgery, for example, can set a person back by Rs. 2,00,000. Even a simple hospital stay can burn a hole in one’s pocket. Purchasing a health insurance policy will safeguard a person’s finances.

2.Best Medical Care

Due to non-affordability, many people have no choice but to settle for average medical care facilities. In some cases, they may completely forego the treatment as they can’t afford to pay high medical bills. Health insurance policies provide people an easy access to the best medical care. This proves to be very helpful when it comes to helping a person overcome an illness.

3.Preventive Care

Most health insurance policies cover annual checkups and preventive care. The data suggests that people with health insurance policies are more likely to go for annual checkups. Annual checkups and diagnostic tests can significantly increase the chances of detecting health problems early when they are easily treatable. Most illnesses, when detected early, are less expensive to treat. This will also make it easier for an individual to stay healthy and fit.

4. Tax Benefits

Although this aspect shouldn’t be the driving force when it comes to buying a health insurance policy, it is important to know that a health insurance policy offers you tax benefits. Under Section 80D of the Indian Income Tax Act, you’re eligible for tax deductions for any payment made toward the health insurance premiums.

With all these benefits, it is not difficult to conclude that it is important for every individual to purchase a health insurance policy. In today’s age of internet and technology, a person can easily buy health insurance online. The insurance companies offer many types of health insurance policies. Keeping in mind your age, income and other important factors, you can easily opt for the right medical insurance online.

Understanding the Importance of Buying Health Insurance

Life is unpredictable. No one can predict with certainty about what is going to happen, and that is why it is always a good idea to be prepared for the different kinds of eventualities that might occur. Knowing the future might be tad impossible, but knowing the facts is not that hard. According to a survey by IBEF, the healthcare sector in India is growing at 15% CAGR. Though this is good news in several aspects, but this growth also signifies an increase in healthcare costs. Already, 4% of India’s GDP is being spent on health. According to another study, 95% of the Indian middle class does not even have health insurance.

Type 1 diabetes is growing by a rate of 3% per year in adolescents and children in India, and coronary heart diseases have a prevalence of about 14% in the country. Whether we blame the pace of modern lifestyle, or the increasing pollution in the country, the fact is that affordable healthcare is a very important part of our lives today. There are of course a number of advantages that are available when you buy health insurance online. A few of these include:

• Healthcare at an affordable rate for the common people
• No delay caused in medical treatments due to the unavailability of funds
• Wide network of hospitals that offer cashless facilities for treatments

There are a lot of factors that one must consider when choosing a health insurance plan. These factors include:

• Comparison: Especially when you buy health insurance online, make sure that you look at the numerous options that are offered by different companies. Compare the prices, premiums, inclusions, and exclusions so as to ensure that you choose the plan that suits you best.

• Research: Properly research about the coverage offered by a health plan is one of the most important aspects you need to consider. Know what you’re getting into.

• Premiums: If the premium is low, the policy might be making up for it in other forms. Check all related costs and payments like co-ops, deductibles, etc.

• Coverage: Just because a policy lists more illnesses, doesn’t necessarily mean better coverage. Do the research to the core.

• Renewals: Every year, when it is time to renew your policy, don’t just blindly auto-renew, instead research other options as well.

• Pre-Existing Diseases: Find out about the pre-existing disease coverage

• Day Procedures: Being admitted at a hospital is not always mandatory, so find out which day care procedures are covered by your policy

•Mediclaim terms can change even during the duration of the policy

Healthcare is not cheap, and the last thing you want to worry about when you are unwell in the hospital is money. This is why you must make sure that you have a proper medical coverage so that you can concentrate solely on getting better.

Issues You May Face While Buying Bike Insurance Online in India

Are you in search of bike insurance online in India?  It can become quite easy for you if you know which type of insurance you actually need. Several sources such as internet, television and even newspapers can let you know about the different insurances you can go for, and learn how they are so much important for you.

Issues you may face while buying two-wheeler or bike insurance

• First is the amount of damage cover that you take out. If you have not been investing much in maintaining your bike, paying a good sum of money over its insurance will not do much good to you in the long run.
• Another issue that you might come across is your medical cover. If you have already taken a decent health insurance plan then you may not need to invest money in the medical cover. At the same time, this does not mean that you should avoid it completely.
• If you pay less for your insurance, you can also have some comparatively negative effects. For example, you may find that you only obtain liability insurance, and at that time it might seem to be good idea, but it is certainly not that much effective. Liability insurance only serves to protect the other individuals involved in a car accident. In this case, you will receive no compensation unless the other driver is carrying his own liability insurance policy.

The only thing to keep in mind is that you should never obligate yourself to one particular insurance company. At some time, you may want to switch the insurance firm, for which you may have many different reasons.

Liberty Videocon General Insurance - Providing Bike Insurance

You can avoid these issues by getting bike insurance from Liberty Videocon General Insurance, which is led by an experienced and seasoned lot of business, claims, underwriting technology professionals. It commenced operations in 2013 with the aim to provide all-encompassing private, commercial and industrial insurance solutions. These professionals have come together to lay the foundation of a progressive organization. It is a joint venture between Liberty Citystate holdings PTE Ltd., a group company of US-based Liberty Mutual Group, a leading global property and casualty group, and Videocon Industries Limited.

5 Factors to Understand Before You Purchase Bike Insurance

Bike insurance becomes a must when you want to make sure you are commuting everyday on a bike. Insurance companies play a major role for covering any type of tragedy that can possibly occur in such an unpredictable life. People often neglect getting insurance done, and only realize this when it has become too late. There are various types of insurances such as complete bike insurance coverage, additional insurances add-on over your vehicle, etc. 

Online insurance is the latest trend in the market. Many people nowadays prefer online insurance over the fact that you have to walk into an insurance office and wait for someone to explain you what insurance is best suited for you. Whether you plan to buy or renew your bike insurance online, here are a few factors that you should consider:

1. No Claim Bonus Discount: No claim bonus helps you to save your money on your next premium. Two-wheeler policy helps you to earn a good amount of discount. You can save up to 20% on your next premium if you do not claim insurance for a year. The trick is to avoid claiming money for small damages such as unnoticeable dent on the bike, tiny scratches, and many more small damages. 

2. Modify Your Insurance Coverage: Read the entire bike insurance policy; once that has been understood you can either cut down or put some add-ons to the insurance. Whether it is an old bike or a brand new one, it is important you get all the coverage within a single insurance plan.

3. Compare Between Insurances: Online insurance companies offer a way to compare between other insurances and the one you are planning to purchase. Comparing for insurance is not only essential but also a good practise to understand what other companies have on offer. You might be able to discover better plans and benefits under lesser price range.

4. Increasing Deductibles: Increase in deductibles cuts down on your premium cost. Deductibles are the amount that you have to pay in case any loss or damage happens to your bike. Increase your deductibles through your insurance company.

5. Know About Your Company: Once you have selected your insurance company you need to research more about it before you purchase bike insurance from it. Two-wheeler insurance such as bike insurance is one of the most cost-effective insurance plans. Reading reviews about the company before you buy insurance is indeed a wise decision.

Things You Must Know About Personal Accident Insurance Policy

Life insurance and health insurance are two of the most popular types of insurance policies. While the life insurance policy covers the risk of death, health insurance policy provides financial protection against medical expenses. However, apart from these two, there is - personal accident insurance too many people tend to overlook.

Personal accident insurance offers protection against the financial consequences of an accident. Accidents are common. Almost every day, there is news of road accidents and other types of accidents in newspapers. Some of these accidents can be fatal or can cause serious injuries that may lead to physical disabilities. If such a thing happens, the affected person may end up losing his job and income. Moreover, the disability treatment can wipe out your savings. A personal accident insurance policy can protect you from such financial difficulties.

Here are some of the important things you need to know about personal accident insurance-

1. All types of major and minor accidents are covered under personal accident insurance.

2. It provides financial protection against death as well as disability due to an accident.

3. As compared to other insurance plans, the premiums for personal accidents insurance are quite low.

4. Partial, as well as full disabilities are covered by personal accident insurance.

Note that, a personal accident insurance does not cover for some types of disabilities that include pre-existing disability, disability due to childbirth, self-injuries, criminal act, etc.  A basic personal accident insurance policy provides the basic death and permanent disability cover. If you want to make the cover more comprehensive, you can buy additional protection against temporary a partial disability. A comprehensive cover will provide you complete peace of mind and freedom from all financial difficulties. However, it is important to understand the terms and conditions of the policy carefully before purchasing it.

When it comes to buying a personal accident insurance policy, there is no shortage of options. Most of the leading insurance companies offer these policies at low premiums. Personal accident covers can also be purchased online. You can easily select the policy you need and get a quote on the same. The entire process of choosing the right personal accident insurance policy online takes just a few steps.