Investing in two wheelers is exciting as well as nerve wracking, at the same time. While the excitement is because you get to fulfill your dream, the nerve wracking thought is because we pour all our savings into the purchase. Amidst all the bitter sweetness of buying a bike, we usually tend to forget the most crucial thing right after the purchase. As per the Motor Insurance Act, 1988, an investment in two wheeler insurance is a must.
On the other hand, an investment in new two wheeler insurance
policies should be made with the right assistance as well as the right knowledge. Failure to understand the basics of the policy before its purchase might get you into trouble in the future. So if you’re wondering about the facts and details about two wheeler insurance, then go through facts mentioned below:
- Two wheeler insurance policy is a compulsion
An investment in two wheeler insurance has been made compulsory by the Motor Insurance Act, 1988. Due to the rapidly increasing rate of accidents, a third party two wheeler insurance is a must. In case a rider does not abide by the rules and regulations, then he is liable to pay hefty penalties.
- Two wheeler insurance policy can be purchased and renewed online
Keeping the convenience of customers in mind, Bajaj Allianz General Insurance has availed the purchase and renewal of the old and new two wheeler insurance policies alike on their online portal. All you have to do is visit their website, opt for either a purchase or a renewal, and make the payment via a debit or credit card.
- Two wheeler insurance policy is divided into two broad categories
Insurance companies provide their customers with two different options of the policies. This is simply because the two wheeler insurance policies are broadly categorized into a comprehensive policy and a third party insurance for bike
. While the comprehensive policy covers man made, theft, personal accidents, natural calamities and allows you to extend your coverage with add ons, the third party policy only covers the costs incurred on the third party damages.
- Two Wheeler insurance provides long term benefits
These benefits are offered as third party two wheeler insurance policies for a five year term are compulsory. Investment in long term two wheeler insurance saves you from the trouble of renewing your policy multiple times as well as covers you for a period of 3 years. Bajaj Allianz General Insurance makes provision for long term two wheeler insurance
for the betterment of its policyholders.
- The two wheeler insurance premium is determined by the type of bike
Before buying a new two wheeler insurance for your bike, make the right selection of your bike. The type of bike typically determines the rate of premium of your insurance policy. For instance, if you purchase high maintenance bike with a higher cubic capacity, then the premium will also be higher.
- Two wheeler insurance policy extends No Claim Bonus to its customers
When the policyholder does not make a claim for the longest period, he receives the No Claim Bonus (NCB) every year. Initially, the NCB might be for lower but it gradually increases further to approximately 50%. To enjoy the NCB benefit, see to it that you don’t make claims for small reasons like dents or scratches on the vehicle. However, if you’re purchasing a new two wheeler insurance for the very first time then you will have to wait for the end of your policy term to avail NCB.
- Two Wheeler insurance allows cashless settlement
The claim settlement process is an important process of your insurance policies. Hence, Bajaj Allianz General allows a quick and hassle free claim settlement process. An immediate claim settlement is possible when your insurance companies have numerous network garages across India. Bajaj Allianz offers Motor OTS (On The Spot), a feature that allows you to register and settle your claims instantly via their Insurance Wallet app. Ensure that you look out for this must-have feature before buying a new bike insurance policy.
- Two wheeler insurance policies permit the transfer of ownership
When you decide to sell off your vehicle, you can easily transfer the ownership of your existing insurance policy to the other person. The original owner of the bike has to inform the insurance company within 14 days. Later, he has to submit all the necessary details and documentation to the insurance company.
- Two wheeler insurance policies have fixed IDVs
Wondering what is IDV in bike insurance
? Well, IDV stands for Insured Declared Value that simply means the value at which the vehicle of the policyholder is insured. Typically, these IDVs are fixated during the tenure of the insurance policy. It is further calculated based on the manufacturer’s selling price post the depreciation based on the vehicle age.
Now that you know these nine facts about two wheeler insurance, what are you waiting for? Go ahead and avail that new bike insurance policy today! With the help of our two wheeler insurance plans, you will not only ensure the well being of your vehicle for the long run but also protection from any natural calamities. At, Bajaj Allianz General Insurance, price is not the primary concern since our plans provide maximum benefits at an affordable rate.