With the increased purchase of two wheelers every year, the significance of a two wheeler insurance policy also increases. Often during the festive season, owing to a lot of offers and discounts people flock in large numbers at showrooms and dealers to buy new vehicles. In the process of excitement, most of the times, the importance of opting for the right insurance and consideration of various factors of an insurance plan is missed out. Though the Indian Motor Vehicles Act, 1988 makes it mandatory to have a two wheeler license and third party insurance for every two-wheeler on road, majority of the vehicles are just not insured or run with an expired insurance. Many fail to renew their policy to avoid a nominal amount of premium payment;others simply miss the deadline while a large population avoids the entire process to avoid the process of getting their vehicles inspected for a renewal.
Riding without a valid two wheeler insurance policy is not just risky in cases where the vehicle meets with an accident causing damage to self, the rider and any third party but can also bring in serious legal procedures if caught riding without an insurance plan or an expired one. There are broadly two types of insurance policies for two wheelers. The first and the most common insurance plan bought is the third party insurance plan. This insurance is made mandatory by the Indian Motor Vehicles Act, 1988. Usually it is bought from the showroom while buying the two-wheeler. Since the owner or rider of the vehicle cannot take complete liability of the damage to the third party vehicle or physical injury or death of the third party, it is made mandatory by law to have a third party insurance cover.
The second type of two wheeler insurance is more robust and efficient and is called the Comprehensive Two Wheeler Insurance Plan. A comprehensive two wheeler insurance plan includes all the features of a third party insurance policy and additionally provides coverage to the insured individual and the vehicle. It also provides coverage in case of loss or theft of the insured’s vehicle.
Apart from long term two wheeler insurance plans the insurance coverage is valid for a year and is subject to renewal after a year. In case the renewal is not done on time, the policy lapses. In such cases, procedures akin to buying a new policy are followed. Depending on the type of the policy, the duration of the entire process varies. A third party insurance plan can be availed easily compared to a comprehensive one. However, if any unfortunate event occursduring the time the policy has lapsed or is invalid, claims will not be accepted by the insurer. Thus it is important to get your insurance renewed at the right time.
To make the entire process of buying a new policy or getting an existing one renewed has been made considerably simpler by the insurance companies. Almost every insurance company offering a two-wheeler insurance policy hasa section running in their website where you can login with your specific credentials and get the renewal or purchase done in easy steps. This not only removes the hassle of dealing with an insurance agent but also saves a lot of time and money, further it also helps the buyer make an informed decision.
The online interface would ask you to key in specific details about your occupation, the make and model of the bike, geographical location, and various other factors while you are purchasing the two-wheeler insurance for the first time. The premium is computed and generated depending on your inputs and choice of policy. After which, you can easily make the payment using your debit or credit card.
Similarly for individuals looking for a renewal of their two-wheeler insurance policy, the website requests for a different set of parameters to be entered like the existing policy number and vehicle registration number
Many insurance companies now have a system in place which sends out reminders and notifications well ahead of time to the policyholders to get their insurance renewed before the policy lapses
Since smart phones are so very common these days, almost every insurance company has explored the mobile application arena. Policyholders can now buy or renew their insurance plans easily through the mobile app. The process and interface is extremely simple and guides you with every step and is greatly time-saving.
Long-Term Two Wheeler Policy
Some insurance companies have come up with extended insurance plans that keeps your vehicle insured for three years at a stretch. Third party two wheeler insurance plans bought at the showrooms are nowadays usually bought for three years. It not only removes the hassle of getting the plan renewed every year but also saves you money on premium and from facing any legal issues in case you miss out on renewing it.