4 Tips to Get Bike Insurance Claim

4 Tips to Get Bike Insurance Claim

India is a nation with a population of 1.3 billion, and a clear majority of the population is dependent on two wheelers for their daily commute. The flexibility and the affordability associated with two wheelers make them the most desirable means of transport.

The good old days saw the toughest motorbikes and scooters – However, the modern day two wheelers are expensive and require a lot of maintenance. Damaging or losing your vehicle can cost your thousands or even lakhs. Thus, safeguarding your bike with a two-wheeler insurance is a must. Companies have started offering the best policies designed to safeguard your bikes like - the IFFCO Tokio bike insurance policy 

There have been many companies offering bike insurance services, and among them, the IFFCO Tokio bike insurance has managed to offer some pretty good motor insurance policies leading to satisfied clients and faster claim settlements.

Also Visit: Cashless Network Of Iffco Tokio Bike Insurance

KEY Features Offered by IFFCO Tokio Bike Insurance Service

There are several motor insurance companies that provide the latest and the most competitive features. A trending motor insurance service is offered by IFFCO Tokio general insurance policy that includes the following features- 

• Cashless claim settlement 
• No claim bonus offered on renewals. 
• Policy transfer facility from another company to the IFFCO Tokio bike insurance policy

Note – You don’t need any IFFCO Tokio promo code to avail the above benefits

Tips to Get Your Bike Insurance Claims 

Getting your insurance claims can be frustrating and time taking. Taking the concern into consideration the IFFCO Tokio bike insurance department suggests you the following steps that can help you get your insurance claim –

Do not Admit Your Fault

If you met with an accident, you should always follow one golden rule – “Never accept your fault”. Be extremely careful with the statements you make on the accident spot. Any statement made without thinking can affect your claim and drag you to the court.

Obtain a Copy of the Police Report & Take Pictures of the Accident

Taking pictures instantly on the accident spot is a huge positive and can greatly strengthen your insurance claim. Thus, it is always a great idea to instantly take photographs of the physical damage, broken parts, accident location, other party’s vehicle etc.

Taking pictures of your bruises and fresh wounds is a great idea, as it strengthens the trust of the insurance companies regarding the possibility of an accident 

In case the police officer/s are available on spot, do not forget to note down the name and the contact number of the investigating officer. You can follow up and get the police report as soon as possible.

Note- The IFFCO Tokio bike insurance company believes that getting the police report ensures faster claim settlement, in case of accidents as well as theft.

Inform Your Insurance Company

You should immediately call the insurance company and provide information on every minute detail like - date of the accident, time of the accident, the police report number, reason of accident etc. It is also mandatory to give the insurance details of the other person. 

You must ensure that you don’t provide any false information as 99 percent calls are recorded, and any discrepancy in information will affect your insurance claim.

Property Damage Payment

The insurance company’s claim settlement manager may instantly ask you about the estimated damage. Remember, estimating the exact damage of your bike needs a thorough inspection. Never quote a random figure – Rather, ask the claim settlement manager to give you sufficient time to determine the exact damage cost.

Some insurance companies may ask you to get your bike repaired in a specific garage; you need not follow their instructions. The insurance companies might have tie ups with those garages, and the mechanics might use low-cost materials to recover your damage 

As per the law, no insurance company can force the clients to get their bikes repaired in a specific garage or work shop. It is always advisable to get your bike fixed by the best mechanic or someone you can really trust.

Key Consideration

A few insurance companies often put the blame on the biker, and hold him/her responsible for the accident to forfeit his/her insurance claims.

Hence, it is important to review the accident report of the company and verify it’s record in the assessment of fault. The information can be generated online upon special request.

Through the above information, IFFCO Tokio bike insurance company aims to provide the most authentic help to its clients. Thus, believes in educating the policy holders that contributes to faster claim settlements.

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Here is Everything You Need to know about Bajaj Allianz Two-Wheeler Insurance

Here is Everything You Need to know about Bajaj Allianz Two-Wheeler Insurance

When you invested your time and efforts in finalizing the two-wheeler of your dreams, you want to keep it safe and secure. We get that you want to ensure the protection for your two-wheeler against any unpredictable situation. Bajaj Allianz two-wheeler insurance plan has been formulated to make sure that your two-wheeler is safeguarded at all the times.

Offered Coverage
Mentioned below is the insurance coverage offered by Bajaj Allianz two-wheeler insurance.

1. Own Damage- The insurance coverage would be provided in the case of accidental damage or loss caused to your two-wheeler arising because of any of the situations mentioned below.


• Explosion
• Fire
• Self-ignition 
• Lightning
• Burglary 
• Housebreaking 
• Theft
• Riots
• Strike
• Earthquake 
• Flood
• Typhoon
• Storm
• Hurricane
• Inundation
• Tempest 
• Cyclone
• Tempest
• Frost
• Hailstorm
• Accidental by external means
• Any terrorist activity
• Any malicious act
• Damage in transit by roadways, railways, inland waterway, airways,  elevator or lift
• Landslide
• Rockslide
2. Liability Due to Third-Party- Insurance coverage will be provided for any legal liability arising due to bodily injury caused to any third-party or damage caused to any third-party property because to an accident involving your two-wheeler in a road mishap. 
3. Personal Accident Coverage- In case of any unfortunate situation where your (driver- owner) death or permanent total disablement because an accident caused while you were riding your two-wheeler, Bajaj Allianz would pay you the predefined sum assured to either you or your legal heir.

Optional Extensions

Here are the optional extensions offered by Bajaj Allianz that you can select for as a part of your two-wheeler comprehensive insurance plan.

1. Loss of any accessories
2. Legal liability to cleaner, any workman or paid driver.
3. Personal accidental cover for the pillion riders

Main Exclusions
Here are the exclusions that are not a part of the two-wheeler insurance plan offered by Bajaj Allianz.

1. Any damage or loss caused outside the covered geographical area
2. Any damage or loss arising due to your two- wheeler not being used in coordination with the limitations of usage
3. Any claims arising due to any contractual liability
4. Any consequential loss
5. Other exclusions that are mentioned in the fine print of the policy

Premium

In order to get a premium quote for your two-wheeler insurance, you can fill the bike insurance package plan proposal form out. On the basis of the filled information, the insurer shall notify you about the premium that you would have to pay.

We hope that now you know everything about Bajaj Allianz two-wheeler insurance. Always keep in mind that according to law, it is mandatory for every vehicle owner to buy two-wheeler insurance plan for his/her vehicle plying on the Indian roads. Otherwise, you could be penalized.

If you already have insurance coverage, don’t forget to renew your insurance plan before its due date.

Also Visit: 5 Common Myths about Two Wheeler Insurance

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Two-wheeler Insurance Renewal: Conventional Vs Online Process

Two-wheeler Insurance Renewal: Conventional Vs Online Process

Renewing your two-wheeler insurance is no more a nightmare now. All thanks to online renewal process that allows you to renew your lapsed policy without an inspection or documentation. This way the two-wheeler insurance online renewal process becomes easier and hassle-free these days.
With many online aggregator introduced, now vehicle owners can take a stress-free nap and all their insurance related issues are being taken care off!

Why One Should Choose Online over Conventional Renewal Process

Conventional Two-wheeler Renewal	Online Two-wheeler Renewal
Time consuming process	Speedy process
Tedious paper work	Less or no paper work
The insured is required to visit the insurance office to get the renewal done	You can renew the policy at your utmost comfort; even you are on your bed or travelling to somewhere.
Broker guides you throughout the process	No broker required

In the conventional process, vehicle owners experienced rigid inspection, which costs were borne by them.  It is a cost other than the premium and also a burden on him. However, the tedious documentation process makes the process more tiring.

However, gone are the days now, when two-wheeler owners experienced such events. By simplifying the entire process, online two-wheeler renewal process has started gaining attention among the customers.

Steps to Renew Your Lapsed Policy Online

Shop for Insurer

You have to finalize an insurer that offers you a competitive premium rate to cover your vehicle. You can use online aggregators to compare the policies, the benefits or features and get the best deal.

Get your Two-wheeler Inspected

At the time of renewing the policy, you must get your two-wheeler inspected by a surveyor to ensure pre-existing damages. If there is any, your vehicle will be deprived of an insurance policy. Again if it is a minor one, then that could be excluded from two-wheeler insurance cover. You’ll also have to bear a minimum charge for the inspection, irrespective of if there is any damage or not.

Buy the Policy

After the inspection is done, you are all set to purchase a two-wheeler insurance plan. Some insurers also offer policies within 24 hours after the inspection done. The best way to buy your insurance in online purchasing.

No Claim Bonus

If you’ve missed the policy renewal date and it lapses for more than 90 days, you’ll lose the earned No Claim Bonus during your policy tenure. NCB is offered for every claim free year as a discount on your annual premium. It could be a huge loss if you’ve not claimed your policy for 3 -4 years when you lost the NCB.

Renew Your Policy with the Same Insurer

If you are unwilling to leave your insurer and renew the lapsed policy with the previous insurer only, call the insurer asking for the more information on how to renew your policy. After an inspection, the insurer will guide you through the process.

It is an offence to drive your two-wheeler without a valid insurance policy. It is hereby mandatory to keep your insurance updated on time. You should set an insurance renewal reminder to wake you up whenever your insurance renewal is due. However, by opting multi-year insurance plans, one can get rid of the renewal periods odds. In multi-year plans, you will get the enough time to renew your policy and need not to do it annually. We guess it is not that tough to maintain a date once in three years t to renew the insurance.

Also Visit:- 7 Ways You Can Save on Your Bike Insurance

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7 Ways You Can Save on Your Bike Insurance

7 Ways You Can Save on Your Bike Insurance

Every now and then we try to adjust with the hooping rates of everything. Thankfully, the financial experts have designed some insurance products that we can customize according to our comfort. Like bike insurance premium it is the amount you pay annual to avail the insurance benefits from the plan or the coverage to protect your two-wheeler in unforeseen event.
You can probably decide the cheapest amount you pay as premium by simply adhering certain tricks. Here we go:

1. Go for Less-expensive One
   
   The exotic bikes with huge engines will be more expensive than a regular bike with a small engine. Your premium will be low if you select a cruiser than buying a sports bike. Premium is also low with used bikes than the new one.
   
   
2. Opt for More Deductibles
   
   Deductibles are the amount the insured willingly pay for the damages and the insurer pays for the rest. More you cover the risk, the lower the premium. When you agree to pay for higher deductible, it means a larger share will be paid by you that lower the premium.
3. Cut Down the Unnecessary Cover
   
   The riders are free to choose the cover they actually need. However, third party legal liability cover is mandatory in India, the comprehensive and collision plan is completely optional. You should analyse your need before buying a cover. Because buying a comprehensive or collision cover to your old vehicle doesn’t make any sense. A single third party cover is enough and this way you can lower the premium also. Also by dropping specialized coverage like accessories, you can save on premium. Again if your health insurance cover for medical expenses or other hospitalization related costs, there is no need to take add-on medical cover with your bike insurance.
4. Prefer Taking Your Bike Insurance from the Same Insurer
   
   Grouping your bike insurance with other insurance policies from a single insurer is a good idea to get discount. If your health insurance, car insurance, travel insurance is with the same insurer, you may insist for better discount on the premium.
5. No Claim Bonus
   
   By claiming less you can reduce your premium rate. No Claim Bonus is offered for every claim free year which ranges from 20% to maximum of 50%. So you can avail some discount by obtaining NCB every year.
6. Compare Premium
   
   When your renewal day has arrived, don’t settle done by paying the amount and remain with the same insurer. Compare other sites, the policies offered by various insurers and look for discount. Also try convincing your insurer to settle with a better deal. You can compare the plans by using bike insurance calculator and don’t hesitate to switch to another if get the better deal.
7. Driving RecordIf you have a good driving record, there are chances of minimal accidents. Thus, you can create an image of less risky in front of the insurer and may not charge you much for your bike insurance.

We hope this help you keep a check on your premium and deal with it smartly!

Also Read: 5 Common Myths about Two Wheeler Insurance

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Are You Aware With Jargons Related to Your Insurance Policy?

Are You Aware With Jargons Related to Your Insurance Policy?

Mr. Sharma was interested in buying a two wheeler Insurance for his prized passion, he bought recently. He is a smart buyer so decided to buy a plan online. But while visiting the website of the insurance provider, he got confused by the insurance jargon and different clauses.
Seeking for help, he approached his neighbour. Being employed with an insurance company himself, the neighbour offered a lowdown on various types of auto insurance and deductibles associated with each. Here is what they discussed.

Two-wheeler Insurance Types:

There are types of two-wheeler insurance policies:

Third-party Liability Cover: It is a mandatory cover by State Law to be taken for any two-wheeler running on the roads. It protects you against any legal liabilities arises out of the damages to the third-party in an accident, when the insured is at fault. The premium is very minimal.

Comprehensive Cover: As the name suggests, this cover means all round protection. By including own damage cover, this plan provides protection at the time of any damages occurred due to man-made disasters like theft, fire, vandalism, strike, riot, terror attack etc. It is an optional plan which doesn’t cover third-party liability and premium is slightly higher than the other one.

What is Deductibles?

Deductibles are the part of your claim that you have decided to pay yourself and claim the rest of the amount. In other words, it is the threshold after which your insurer pays up to a maximum limit of your insurance cover.

Variants of Deductibles

Deductibles are mainly of two types- Compulsory Deductible and Voluntary Deductible.

Compulsory Deductible is decided by the insurer and you as an insured will have to pay compulsorily. The amount of deductibles varies insurer to insurer, as per IRDA it starts from Rs. 50 for two-wheeler to Rs. 500 in case of four-wheelers. There is no way out for lowering the premium for compulsory deductible and the insurer may pose higher deductible if your vehicle is older or at high risk of claim.

For instance:  Amit takes a two-wheeler policy which offers a maximum limit of Rs. 2 lakhs for hospitalization with a deductible of Rs. 15,000. When Amit required filing a claim due to reimburse the hospitalisation expenses, which came to 80,000. The insurer will pay Amit Rs. 80000 minus deductible amount of Rs. 15,000= 65,000. The remaining 15000, Amit will have to pay by himself as compulsory deductible.

Voluntary Deductible, on the contrary, is an optional deductible for the buyer. It is applicable when your policy renewal date arrives and you pay a certain amount of your claim voluntarily. You can earn a discount on premium by paying the voluntary deductible. Below is a rough estimate of how you can earn on Voluntary Deductible.

Deductible Amount	Discount on Premium (%)
Rs 2500	20
Rs. 5000	25
Rs. 7500	30
Rs. 1200	35

That means, higher the voluntary deductible you decide to pay, lower the insurance premium you will pay!

If Amit feels that he is a good driver and has no claim history, he can opt for this deductibles. Simply opting for the highest deductibles of Rs 1200 and get a bulky 35% off on his bike insurance premium. According to this, if Amit files a claim, he will pay for the amount up to 1200 and the rest claim will be paid by his insurer.

Compulsory Vs Voluntary Deductibles

Compulsory Deductibles	Voluntary Deductibles
The amount is fixed by the insurer and the insured is bound to pay this.	The amount is decided by the policy holder and it is optional
It has no effect on your insurance premium rate.	It impacts on your premium as higher you decide to pay as deductibles, lower the premium you will pay.
At the time of claim, only compulsory deductible is required to be paid.	It requires the insured to pay both the compulsory and voluntary deductibles when a claim is made and thereby the total amount is high.

We hope after this discussion Mr. Sharma takes a wise decision about his two-wheeler insurance and will consider all the important terms and clause of insurance policies while buying one!

There are some bike insurance provider where you can visit like Bajaj Allianz, Iffco Tokio and Bharti Axa Two Wheeler Insurance.

5 Common Myths about Two Wheeler Insurance

5 Common Myths about Two Wheeler Insurance

While bike riders are familiar with the equipment of their vehicle like helmets, lights, mirror, a few of them know a lot about two-wheeler insurance. Since the financial market embraces new heights and various insurance companies come up with exciting insurance plans, Bike insurance has started gaining the importance among policy buyers.

Two-wheeler Insurance is a standalone insurance plan, which provides coverage for liability, loss, damage or medical expenses during the course of your driving tenure. In every aspect of our lives, more or less, we are surrounded by certain myths. The insurance sector is no exception. Like driving, where abound of misconceptions exist, vehicle insurance also has its share of myths which may misguide you. In this article, we want to make you familiar with certain myths related to two-wheeler insurance, to restrain you from making any mistake by randomly following them.

5 Common Myths Related to Two-wheeler Insurance

1. Bike Insurance is Expensive
   It is a misconception that two-wheeler insurance is expensive. As compared to other insurances, Bike Insurance premium is lesser than the others. Also, one can buy two-wheeler insurance at a lesser price, which starts from Rs. 2
2. Insurance is for Only Professional Cyclists 
   We don’t deny the fact that professional cyclists for sure need vehicle insurance. But it is also mandatory for those who love their bike! Insurance protects the vehicle against liability, damage, or loss. Bajaj Two wheeler Insurance plan provides coverage for loss or damage natural calamities as well. The accidental coverage provides by this plan is INR 2 lakh for the individual driver of the vehicle.
   
   
3. Can’t Renew Policy If It Breaks
   The biggest myth lies around an expired policy is that you can’t renew it. Well, reality says it is not like that. There is another way out to renew your policy even after a long break. With the help of break-in insurance, a vehicle owner can renew a policy. However, it is advisable that the break shouldn’t exceed 90 days.
   
   
4. I Will Lose My No Claim Bonus If Transfer the Policy for One Insurer to Another
   But in reality, your No Claim Bonus follows you, wherever you go! No Claim Bonus is a reward given to a vehicle owner if in case he/she hasn’t filed a claim for insurance for the entire length of the policy. Fortunately, NCB is transferable from one insurance company to another without reducing the benefits. Provided one has to transfer it within 90 days of the expiry of the old insurance policy.
   
   
5. Inspection is Mandatory
   Well, it solely depends on your vehicle type. For two-wheeler, inspection is not required if the break is not more than six months. Your vehicle documents are sufficient. But in the case of car insurance, it is completely opposite and insurance will only be given after thorough inspection of your car.

Over the time, two-wheeler insurance market has changed a lot. Insurance companies are now focusing more on their products to woo their customers. By introducing online insurance policies in two-wheeler sector as well, the companies ensure that their customers continue with them year after year. Myths are always part and parcel of every aspect. Insurance sector also experiences the same. However, it is up to you, how you deal with and come up with a wise decision.

4 Reasons why Automobile Insurance is Must

4 Reasons why Automobile Insurance is Must

Classification of Indian cities is based on the commercialization, business, and real estate. This is why we get to hear a lot about Tier I, Tier II and Tier III cities. Cities falling in the category of Tier I are extremely commercialized cities.

Tier II cities are next level down from Tier I.  There are smaller cities whose population is 1 million. Tier II cities are the regional hubs like industrialized centers and capitals of states. Cities like Pune, Mangalore, Cochin, Dehra Dun etc fall under this category.

Tier III includes the cities whose population is lesser than 1 million. Basically, these cities have woken up from their deep slumber and geared up to taste the flavors of development. Cities like Trichy, Baroda, and Madurai falls under this category.

The premium of your insurance plan depends on the tier you belong to. If the population in your city is dense then there would be more numbers of vehicles plying on the roads of your city as compared to the other cities with less population. It means that the risk of road accidents is also higher, that is why your insurance premium would be higher.

Everything You Need To Know About Online Bike Insurance Click Here

Indian Roads and Vehicle Insurance

There are a plethora of reasons why motor insurance should be mandatory in India. Here, we are listing four prominent ones. 

1. It Safeguards you against the DamagesBuying a car is a costly affair. Not just buying, even the repair bills are very expensive. Your vehicle is always exposed to risks when it is out on the road. At times, your vehicle can be damaged because of somebody’s negligence or fault. A car damaging your vehicle, you crash into a wall avoiding hitting a passerby in order to avert an accident or a cricket ball landing on your car that cracks your windshield can take a toll on your pocket. Having a motor insurance plans saves you from all these damages.
2. It Decreases your LiabilityAs per law, having a Third Party Liability car insurance cover for all the automobiles is compulsory in India. The TPL insurance provides coverage against the legal complications of any road mishaps. For instance, if you ram your car against a car and damage another person’s vehicle or cause bodily injuries a driver or passersby, your vehicle insurance would pay for expenses incurred due to their treatment and it will safeguard you from the legal repercussions.
3. It Safeguards you from the Hospitalization ExpensesIt is unlikely that every vehicle owner surviving an accident is lucky enough to get away with minor cuts and bruises. There are some accidents that result in serious injuries such as fractures that need immediate hospitalization. Rather than making payment of the expensive hospital treatments from your precious savings, you can buy 2 wheeler insurance or 4 wheeler insurance so that your insurance provider pays for these expenses.
4. It Looks After your Family in case of your DemiseAn individual’s unfortunate demise after an accident is the worst thing that can happen to somebody. It becomes more worst if the departed fellow was the sole breadwinner of the family. The survival of a family becomes very difficult and struggling at the same time.

Having a motor insurance plan helps as it pays for the family’s expenditure after such unfortunate event.

Everything You Need To Know About Online Bike Insurance

Everything You Need To Know About Online Bike Insurance

As per the law, it is mandatory for all the vehicles owners to buy motor insurance for their vehicle. Otherwise, they could be penalized. Two-wheeler plans are formulated for one year and policyholder has to renew it on an annual basis.
The get rid of annual insurance renewals, the vehicle owners can opt for the long-year insurance plans and avail the benefits offered by these plans.

The world is going digital, why should you lag behind? Thanks to online bike insurance, buying or renewing insurance plans have become so easier and comfortable. This article is your guide to online bike insurance. Read on to know everything about online bike insurance to avail its benefits.

Types of Motor Insurance

Mentioned below are the types of motor insurance.

1. Third-Party Liability CoverIt provides the coverage for the damages or injuries to the third-party or its property. Having a third-party cover is mandatory for all the vehicles plying on the Indian roads. This cover provides the partial coverage.
2. Comprehensive Insurance CoverIt provides coverage against self-damage as well as the third-party damages/injuries. Along with that, it also provides coverage for the natural and man-made calamities. This cover provides full coverage.

The Factors Affecting Your Two-wheeler Insurance Premium

The following factors the premium of your bike insurance.

1. Automobile Model and MakeIf your bike is a sports bike, then its insurance premium would be higher. If you have a basic model of the bike then your insurance premium would be lower because insurance premium and bike model share a direct relationship.
2. Automobiles’ Year of ManufactureVehicles’ depreciation increases as the age of the vehicle increases. As the vehicle ages, it reduces its IDV (Insured Declared Value), and lower IDV means that you have to pay a lower premium.
3. Engine CapacityIf you know the cubic capacity of your automobile, then it would help you to understand if your insurance premium is justified or not.
4. Geographical LocationIf you reside in an urban area that has a high density of the traffic and increased risk of road mishaps, then the insurance premium for your automobile would be higher.

Benefits of Buying Bike Insurance Online

The below listed are the benefits of buying bike insurance online.

1. Easy and Convenient When you buy or renew insurance online, you don’t have to visit the nearest branch of your insurance provider and waste your precious time in the long queues. You can buy or renew an insurance policy from the comfort of your own home. Isn’t this great?
2. No CommissionThere is no need of an insurance agent when you buy insurance online. No insurance agent means you don’t have to pay any commission from your own pocket. You get to decide what insurance plan your want irrespective of any bias ness. Whereas, your insurance agent might be biased to such plans that provide him the high commission.
3. Safety and Security When you make payment online in order to complete your transaction, you pay through a secured payment gateway that makes sure that your transaction is safe and secure.
4. TransparencyBuying online bike insurance enhances transparency as you get access to all the first-hand information and you get to make an informed decision based on that information.