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When it comes to owning a car or a bike for a common man, the joy is never ending. We make sure we protect and guard it against damages, scratches, rash driving, etc. We also prepare ourselves to face any mishaps by insuring our bike. So what next?
Studies show that at least 60% do not have an insurance policy. Out of which the majority of two-wheeler owners have failed to renew the policy. Driving without a two-wheeler insurance policy is a punishable offence and you will be penalised for the same.Therefore, it is necessary that you always carry a valid two-wheeler insurance policy and make sure that you renew it from time to time. As per the law of Motor Vehicles Act, 1988, it is mandatory for every two-wheeler to have a motor insurance policy.
A two-wheeler insurance policy is considered as lapsed policy, when the policyholder has failed to renew it on time. A lapsed policy is as good as having no vehicle insurance policy and the policyholder will no longer be able to enjoy the benefits of the same.
As mentioned above you can choose to renew your policy either with the same insurer or you can switch to a new provider.
As insurance companies have increased at a rocket speed, the competition to provide the best deal to the customers and thereby expand the business is very fierce.To provide better offers and benefits to the customers, every insurer has provided all the facilities online. So if you want to change the insurer, then you can compare policies online either on insurer’s website or on any neutral third-party website. This will allow you to compare various plans and facilities provided with your current policy and make the right decision. This will also help you negotiate with your current insurer for a better deal.
Vehicle Survey: Vehicle survey is done during two instance. The first one is at the time of renewal and later when you want to claim the insurance. To get your policy renewed, the survey inspector will inspect your vehicle, which will decide if the vehicle is eligible for renewal. If there are fe existing damages on the vehicle, the surveyor will make a note of the same which will impact the IDV of the vehicle. There will be a nominal fee charged by the insurer.
As per recent IRDA norms, the premium rates has been standardised with effect from April 1st, 2017.
|Premiums Payable||Engine Capacity|
|Rs.569||Up to 75 cc|
|Rs.1,114||350 cc and above|
You can avoid all the fuss of standing in the line signing various papers and driving all the way to the insurers’ office. This is the digital era and you can make complete use of it. Opting for long-term two-wheeler insurance policy is the best option if you want to save yourself from renewing it annually. It provides coverage for 3 years and the insurance company gives great discounts and offers on premium amount, so you will be saving a lot of time and money with this option.
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