Know the market value of your used bike
Whether one is tech-savvy or not, it's a fact that the process of opting for a two-wheeler insurance is now safer, quicker and much more convenient. At this age when internet has taken control of everything in our lives, the financial industry including insurance has changed its course. As a result the ease when it comes to online transactions cannot be ignored. With a few clicks you can purchase insurance from any nook of the world at any point of time.
The benefits involved are manifold. Since you are buying directly from the insurer the commission charges are reduced, virtual world cuts down further operational costs and thus benefiting the consumer in the form of lower premium. The major benefit is certainly to the customer as conventionally the online insurance companies do not inspect the vehicles when you are purchasing a new insurance or renewing an expired insurance. The never ending queues, safeguarding the original insurance copy, missed reminders of insurance premium payments becomes things of the past when you switch over to buying insurance online. On top of that, you get to shop around for different policies without any pesky insurance agent forcing you to zero in on any plan that will earn them a few gains and thus eliminating any chance of being misled. The online mode certainly gives you more flexibility and more options in choosing the required term plan.
With online insurance the power is actually being bestowed to the customer where you can get quick premium quotes, renew old policies, pay premiums, track your investments, make claims online and also receive copies of your insurance policy via email.
The wonderful feeling of wind blowing through your hair as you ride through the streets on your brand new motor bike is a fantasy that is doubled with the responsibility of protecting yourself and your vehicle. The perfect way to do this is to invest in a good insurance policy.
Motor insurance is a mandatory requirement and it needs to cover two components, own-damage and third-party insurance. While own damage cover protects your vehicle against damage and theft, third-party cover defends losses to a third party. The Motor law in India is structured in such a way that third-party insurance is obligatory as it covers the liability of a third party in case of an accident.
Two-wheeler owners can now opt for three year insurance cover in one go as the IRDA (Insurance Regulatory and Development Authority) has allowed insurers to file for a three-year term comprehensive policy. If you have no plans of trading your vehicle for another one in the near future then opting for a three year insurance is the best.
Some of the advantages in favor of a 3 year insurance policies are noted below:
The three year policy tenure will benefit the customers as you do not need to put in reminders for payments every year. If by chance the Annual policy lapses due to non-payment of the premium then there will be a break in the policy which forces you to buy a fresh policy, or worse- risking rejection from the insurance company. A couple of promised benefits may also be denied if the policy renewal is delayed. In addition to that, the inconvenience of vehicle inspection in case a policy lapses can be avoided for three years with this option. New India Assurance and ICICI Lombard are the pioneers in providing the facility of availing the three year insurance for its customers.
Minimized premium rates
By embracing technology a long term insurance policy such as a three year one will keep you safe from escalating premium amounts and also from the extra overheads. Insurers suggest that the three year tenure policy will minimize the cost of issuing policies, administrative costs and even the follow-ups thus resulting in the form of lower premiums for the customers.
Know the market value of your used bike
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