The prices of two-wheeler vehicles in India increased during the financial year 2020-2021 due to the change in government policies and taxes. However, on the other hand, the demand and sales for the vehicles too increased in this phase. This is ironic but depicts the true picture of the present needs of the middle-class Indian people.
The term two-wheeler insurance means getting your two-wheeler insured against any type of damage or risk, from the best insurance company amongst all the service providers of the insurance sector.
As same as a helmet protects your head from getting damaged during an unforeseen event, a two-wheeler insurance policy provides you financial protection against all the financial losses suffered due to unfortunate events such as accidents, natural or man-made disasters, theft, or any other incident.
In the above-mentioned cases, the service provider company compensates you or provides a cashless service covering the risks under the two-wheeler insurance policy. Therefore, it is essential not only to purchase an insurance policy but also to renew it timely, to get a cover against tribulation and hardship.
Two-wheelers consist of all the vehicles which ride on two wheels. So, two-wheeler vehicles mainly include bikes and scooters. The term bike insurance means an insurance policy that financially protects your bike or scooter against unforeseen events.
Because of the millions of vehicles traveling on the roads of our country at the same time 24*7, it is obvious that accidents will happen. Therefore, the government of India has made it mandatory to carry an insurance policy when you are running your vehicles on the roads.
The latest Motor Vehicle Act (2019) states that you have to pay a penalty of Rs2000 in the absence of carrying a two-wheeler third-party insurance policy, and your license could also be sized if you repeat this unlawful practice.
Furthermore, an insurance policy not only helps you reduce the financial burden but is also a companion on your journey. In shorter words, it protects an asset that is high-priced and of uncalculated worth to you.
This policy offers round-off coverage. If anyone is searching for a 360 degree cover for his vehicle, then he should go for a comprehensive insurance policy that provides securities against any risk not just for a two-wheeler but also for the owner’s body. T
his policy automatically includes all the two-wheeler 3rd party insurance liabilities as well as standalone insurance liabilities. Risks against unforeseen events such as accidents, theft, fire, injuries, or damage caused due to natural (earthquakes, floods, cyclones, hurricanes, and landslides) or manmade disasters (burglary, riot, or strike), are completely covered under this policy.
It is always suggested to have all-around coverage for your vehicle through a comprehensive plan because this is the best two-wheeler insurance policy.
The third-party policy offers you the minimum coverage that every two-wheeler owner has to fulfill due to the obligation of law in our country. The name of the ‘Two-wheeler Third-Party Liability Coverage Insurance Policy’ comes from the fact that it only provides benefits, not to the insured, but any third party involved in the unfortunate happenings.
This covers injuries, suffered damages, disabilities, or death caused due to an accident, natural disaster, or theft involving the insured person’s two-wheeler. The third-party insurance policy also covers legal and financial liabilities of any damage to the property of a third party caused because of the vehicle of the owner or the insured person.
Standalone Own Damage cover insurance policy includes all the financial losses and damages caused to your two-wheeler vehicle in case of a collision or an accident. This cover is your one-stop-shop for damage compensation if your two-wheeler has suffered from damages due to any natural calamity such as floods, earthquakes, landslides, etc.
Also, if your bike or scooter gets stolen by somebody, the Standalone Own Damage Coverage will help you gather compensation for the same. Earlier, Own Damage Cover was a bundled offering with Third-Party Liability coverage. However, from 1st September 2019 onwards (when the new Motor Vehicle Act, 2019 came into force), this is no longer the case anymore. You had to purchase it separately.
This policy also does not cover the value of depreciation, electrical or mechanical breakdown, or damages due to drunken driving, etc. However, you are totally free to choose amongst the add-ons you want to include in your standalone policy anytime, as per your requirements and wish.
We always strive to provide the best possible assistance to our customers and prospective clients round the clock a year. The ratio of our customer satisfaction is near 100 percent. This is the result of the continuous training and development process. Our CSRs are trained to provide personalized service to each of our clients.
one of the top-notch features of SIBPL’s two-wheeler insurance plans is that we make our customers save their money by asking for affordable premiums from them. Our excellent decisions and suggestions lead to savings on the part of premiums of an insurance plan. The procedure of policy renewal is also prompt and undemanding.
As compared to our competitors, we take the least of your time and energy to settle your claims. Asset valuation, damage estimation, and claim filing process are done by our representatives with paramount zeal and commitment.
Our offline or online payment systems are entirely unshakable. Even a single case of fraud has not been reported in our company to date and this depicts how steady and dependable our payment system is. We keep all the personal and financial information related to our clients such as account track record, account details, history of renewals, and payment gateways totally stable and sound.
Our insurance experts possess years of experience in this industry. They will assist you in choosing the most informed choices which suit the best to your needs. They discuss the necessities in detail with you and bring out expert opinions to deliver the best policies and plans to you.
The process of policy generation at Square Insurance is 100% transparent. We pass on even the minute details to our clients and bring forth proper and complete documentation.
Insurance industry experts claim that SIBPL has the best insurance agents in the insurance segment. Without hiding any facts, our expert agents supply you the exemplary services.
Our system automatically furnishes timely reminders to the customers for renewals and claim settlements. We even provide a simple process if any policyholder wants to upgrade add-ons or make any adjustment in the insurance policy.
in case of total damage (it happens) of your two-wheeler due to any circumstances, the company compensates the loss and pays you the on-road price of the vehicle. This is an add-on that gives you the protection of 100% of the money you paid at the time of buying your two-wheeler, with a single go.
We cover 3 EMI’s (at max.) of your insured vehicle if it takes more than 30 days to repair it, at the network garage of the company. It simply means that the EMI of your vehicle will get paid by the company if the two-wheeler is under repair.
this means our company covers the costs of repairs and replacements of engine motor and gearbox if any damage happens due to an unforeseen event.
with this add-on, a policyholder can take benefit of cashless garages. This means he/she need not pay the money for repairs and replacements if an accident happens and the vehicle is taken to the network garage for repair work. This is also known as a cashless claim service.
our two-wheeler comprehensive insurance policy provides risk coverage for the injuries caused due to an accident, to the registered owner.
you can add protection over depreciation with zero depreciation cover. With this benefit, no amount will be deducted at the time of the claim, due to the vehicle’s depreciation.
suppose, if a policyholder sticks anywhere due to any reason of failure with the two-wheeler, then with the help of this add-on he/she can call the company to take help of roadside assistance. This is a type of instant service that one gets with the add-on.
consumables such as nut, bolt, ball-bearings, engine oil, grease, fuel filter, etc are covered under this add-on.
this add-on of our insurance policy gives you the leverage to get the risk of your two-wheeler covered, in case your bike or scooter gets stolen by anybody, anywhere. The company compensates by paying you for the loss.
this add-on means that the company will compensate for the cost or replace the same helmet, damaged due to an accident caused in which the insured vehicle is involved if this add-on feature is embodied in the policy at the time of purchase. Due to the presence of these above-mentioned add-ons, the comprehensive insurance policy is doubtlessly the best two-wheeler insurance policy which we can suggest to you.
Various factors affect the premium calculation of a bike insurance policy. We are disclosing these factors briefly, one by one:-
It is assumed that the risk owned while riding is more amongst young riders. Hence, if your age is less then you have to pay more amount as a premium. And, middle-aged or older people have to pay fewer amounts as a premium for their two-wheeler insurance.
Technically, the age of the vehicle is inversely proportional to the IDV of the two-wheeler. The lower the IDV of your vehicle will be, the lower you have to pay the amount of premium to buy an insurance policy.
IDV means insured declared value. We estimate your vehicle's IDV at the market price at the time you purchase a policy. It is simple that if the market price of your bike is low then the estimated IDV will also be on the lesser side. Low IDV’s attract lesser premium amounts. On the other hand, high market value leads to higher IDV and attracts a higher premium amount.
If your two-wheeler is of a lower-priced model and lower variant then the premium will also be on a lower side. The insurance service provider has to pay money for the replacements and repairs of the damaged vehicle. This value increases and decreases according to the variant and model, the higher amount of model will attract the higher repair and replacement amount. Therefore the amount of premium you have to pay changes because of the make and model of your two-wheeler.
this is the foremost and the most obvious factor which affects the calculation of the premium. Suppose you are purchasing third-party insurance instead of a comprehensive plan, then the premium calculated for your policy will be less as compared to a comprehensive insurance plan’s premium.
If you have installed any type of security system device in your bike (such as an Anti-Theft device), then the insurance company gives you some leverage on the amount of insurance premium. The presence of any security systems in your bike attracts a lesser premium.
The premium amount is directly proportional to the level of risk involved while riding the bike. Urban areas are prone to risk due to the presence of a large number of vehicles; therefore attract a higher premium than rural or remote areas.
this is a type of reward given to the insured, for every year that passes without filing a claim. No claim bonus simply means a direct deduction is given to you on the amount of your next year’s premium if you haven’t filed a claim the previous year.
Up till now, we all know that why it is necessary to purchase a third-party insurance policy. We also know the importance of claim settlement because this is the prime reason due to which we purchase the insurance policy in the very first place.
So, in this section, we will tell you the process of how you can file a two-wheeler insurance claim if anything bad happens. We will go through the proper steps and the selected routes of the claim settlement.
After the event of an accident or if your two-wheeler has been stolen by someone, or after any other unforeseen event, you are required to register an FIR at the nearest police station from the scene of the crime or accident. This is a type of legal documentation which you have to show as proof of the incident.
You can take your vehicle to the nearest garage amongst the selected network of garages of the insurance provider company. At that authorized service center, a professional will assess the damage suffered by your two-wheeler. He will prepare a monetary report of the loss and will pass it on to the company.
After the accident, if a policyholder takes his/her two-wheeler to a garage that comes under the list of selected garage networks authorized by the insurance provider company, then he/she can avail the benefit of a cashless service.
All the repair work to be done due to the damage caused by an accident will be cashless there. It means there is no need for the vehicle owner to bear the number of expenses for the repair work; the company will directly settle the amount with the network garage.
If in case, the policyholder couldn’t take his vehicle to a garage which is an authorized center and falls under the list of network garages, due to any reason such as location, time, the was or emergency; in that case, the claim settlement route will be ‘reimbursement’. This means the garage manager will produce a document showing the estimated damage figures and details of your vehicle and the policyholder will submit that file to the insurance company’s office.
Afterward, a surveyor from the company will visit that garage to check and match the details physically. Then the company will reimburse the amount to the policyholder, but at first, he had to pay for the expenses of the repair work.
Due to the presence of millions of vehicles on busy roads of India, accidents are bound to happen one or another time. And, that can lead to significant financial losses and damages. The general public prefers bikes and scooters, or any other two-wheelers as the preferred mode of transportation in India.
Therefore, the cases of accidents or thefts are also on a rise for the same vehicles. So, in this section, we will showcase to you the documents which a policyholder needs to produce to file a bike insurance claim. This will help owners to get compensation for the damages and losses incurred.
So, these were the two-wheeler insurance policy claim documents that are required to be gathered if a policyholder wants to file a claim.
if you would wish to purchase a bike insurance policy online, then you have to go through a minimum of paperwork and less documentation. The process is also transparent and hustle-free. It requires very few steps and you can buy a policy for your two-wheeler in a few minutes.
before finalizing the policy or insurance plan for your two-wheeler, you can simply visit the website of your insurance provider and check the available plans. You can also compare that plan with all the leading company’s plans. Moreover, during the online purchase of a policy, you will get an option to compare the two-wheeler insurance policy quotes and prices from the leading insurance companies in India. After an easy comparison, you can go for the best quote.
a customer can customize the coverage he wants to take easily by taking the add-ons which are visible showing all the details, at the time of renewal, or purchasing a fresh policy. The amount of the policy premium will alter depending on the number of add-ons one takes.
During online purchasing and renewals, the payments can be made using secure and protected online channels. Moreover, if your policy requires any amendments or you want to update anything, you can simply choose the option or can email the information to your insurance service provider. After the completion of the process, the updated policy document is emailed to you on the registered email ID.
Online option has a lot of competitiveness. That symbolizes that you will be provided the best quote for your two-wheeler from the insurance service provider companies. Furthermore, this process also not includes any commission or processing fees.
in an online option you are directly in contact with the company’s customer service 24*7. This means that the issues take less time to be resolved, with an enhanced customer satisfaction ratio.
you can renew your policy is very little time during online renewals, as compared to offline renewals.
So, these were the benefits of purchasing a two-wheeler or a bike insurance policy online.
If you are an owner of a new or old two-wheeler vehicle and are looking to buy a new two-wheeler insurance policy (or want to renew the old policy), then I will suggest you select the online option because it will take a few minutes and minimum of formalities.
Furthermore, you can take benefits such as no commission, no processing fee, and direct contact with the company, 360-degree customer service, and a secure payment system. So, to buy an online two-wheeler insurance policy you just have to follow these steps:
Visit the website of your insurance company:- Log on to the web address of your service provider or if you want to change the company, you can anytime choose its alternative. All the leading insurance companies in our country have started selling online policies. You only have to choose the best.
Fill in the details of your vehicle You need to fill in all the required and essential information about your bike or scooter such as the model name, registration number, make details, cubic capacity details, location, etc. If you would do so, you will receive the best quotes and prices of the different two-wheeler insurance policies offered by the leading insurance companies.
Compare the online prices:- now, as information is at your doorsteps, you need to compare the different prices and plans and choose the best available one which suits your requirements and expectations to the optimum level.
Final selection:- You can simply go further by selecting the plan which fancies you the most, according to your necessities. You just need to fill in any additional information, if required.
Make the payment online:- As soon as you make the payment of your first premium and clear the secure payment gateway, your insurance policy documents will be mailed to you on your registered email ID within a short time frame.
Contact us for 24X7 support access:- You can contact Square Insurance brokers if you wish to purchase the best insurance policy for your two-wheeler. Also, if you have any clarifications to ask for, or in case you face any problems, you can anytime contact us on our customer support number or can email us on our customer support mail ID.
We believe in not hiding any facts and figures from our present and prospective customers, and this is why SIBPL is one of the top insurance broking companies in India. The below-mentioned are some of the things which our policies do not provide a cover for:-
Damages happened while driving without a license:- Suppose you are riding your bike without a license and an accident happens all of a sudden. The damage caused during this type of accident will not be covered and compensated according to the rules of the insurance policy.
Destructions caused due to negligent:- negligent behavior such as driving through a waterlogged lane or jumping your vehicle from height, will not be entertained in any case.
Drunk and drive:- if you are riding your two-wheeler after the consumption of alcohol or any other kind of drug, and you get banged. Then, the company is not responsible for such childish behavior and will not compensate for the losses in any case.
Standard and everyday wear and tear:- Electrical or mechanical breakdown or wear and tear of two-wheeler’s parts because of aging is not covered in the policy. Therefore, the insurance provider will not pay for these everyday small or big repair works.
Compulsory deductibles of claim:- this is that fixed amount that gets deducted at the time company processes a claim. According to insurance mandatory rules, compulsory deductibles have to be borne by the customer only.
Destructions caused due to war:- wars such as nuclear or chemical, national or international, are generally not covered in the insurance policy, Hence, the damages done due to these happenings are not compensated by the insurance company.
No requisite add-on cover:- some types of damages and risk covers are purchased with the add-ons. This means, no add-ons no compensation. If your policy doesn’t have added benefits then the insurance company will not pay you for those damages.
Several advantages reveal that timely renewal of a two-wheeler insurance policy is essential. They are:-
Claim the No Claim Bonus on time:- you can save money up to 50% if you claim you’re no claim bonus on time. Always take this benefit if you haven’t filed a claim in the previous year. In this way, you can save money while paying the policy premium.
Choose CC of your two-wheeler wisely:- if the cubic capacity of your bike is less then you will have to pay a lesser premium. Always show CC of your bike correctly, never inflate it.
Increase the voluntary deductibles:- the voluntary deductible is the amount you agree to pay from your pocket, during the process of claim. The higher you agree to pay this amount the lesser the premium you have to pay.
Know the correct age of your two-wheeler:- if your vehicle’s age is more, then you have to pay a lesser premium. So, always show the correct age and take advantage of paying less amount of the policy premium.
Take the required and necessary coverage:- if you will take unnecessary coverage and add-ons which are not even required as per you and your bike’s need, then you have to proceed by paying a big amount of premium without any reason. Therefore, always know your needs and opt for the right coverage.
Install security systems:- as many security systems, you install in your two-wheeler as less the premium you have to pay to the insurance company.
** If you want to get accommodated by the best PoSP insurance company then don’t think much and get in our touch. SIBPL has delivered and will continue to deliver all the favors. We always strive to drop-ship the superlative solutions.