Online Two Wheeler Insurance

When buying or renewing a two-wheeler insurance policy, you will come across the letters ‘IDV’ at some point. IDV is an abbreviation for ‘insured declared value.’ The IDV forms an important part of a vehicle insurance policy for cars and two-wheelers. Yet, many people are often unaware of what IDV truly stands for and why it is so significant. In this article, we note down for you all that you need to know about IDV in bike insurance . The definition of IDV The IDV, or insured declared value of your bike, refers to the current market value of your two-wheeler. This calculation is determined after taking into account any depreciation that has occurred post-purchase. For instance, if you have just purchased a new bike priced at Rs 1.5 lakh, then your two-wheeler insurance policy will also give it an IDV of Rs 1.5 lakh initially. Now, with every subsequent policy renewal, your IDV will drop as your bike to depreciates. So, your next policy might list the IDV as Rs 1 lakh, and the poli...

Bike insurance, like any financial tool, can be a little difficult to wrap your head around. There’s a lot of jargon that you need to decode and different types of plans you can choose from. All this complexity leaves space for misconceptions, which in turn, leads to mistakes during the buying process. Keeping this in mind, the following article will set straight 5 common misconceptions that people have about insurance for two wheeler . Hopefully, this will improve your grasp of the topic and help you make sound decisions if and when you need to buy a policy for your bike. 1. Two-wheeler insurance is expensive. Many individuals assume that purchasing a plan will burn a hole in their pocket. However, this is not true.  Third-party bike insurance premiums start from as little Rs. 482 per year (W.E.F June 2019)! These days, 2 movie tickets and a tub of popcorn costs more than that.   2. The policy that comes with the bike is the best. Sure, sticking with the plan that comes with ...

  Two-wheeler insurance is quite a vast topic. There are so many little details that one needs to understand to fully grasp how a plan works. However, there are some individuals out there who are well-versed with the wordings and workings of a bike insurance plan . Do you consider yourself as one of these individuals? Well, let’s put your knowledge to the test – see if you know the answers to these simple questions about bike insurance. 1. How many types of bike insurance plans are there? Let’s start with an easy one! Most would say that there are only 2 types of plans you can buy – third party and comprehensive. Well, this sort of true but technically speaking there are a couple more policy variants you can purchase. They include standalone own damage cover, which of course will need to be bundled with a single-year or long-term third party insurance policy. So all-in-all, you have 4 options. You could opt 1 year of third party cover, or 1 year of comprehensive cover, or 1 y...

  It is very important for any business that makes use of commercial vehicles to get insurance. Road travel is the most accident-prone mode of transportation, and this is why a commercial vehicle insurance plan is a must. Without one, the business owner could incur heavy expenses in case one of their vehicles are part of a collision. But there are certain situations in which a Two Wheeler Insurance plan does not provide coverage for the damages caused. As a policyholder, you should be aware of these exclusions before buying any plan to avoid complications in the future. So, let us take a look at 4 of the most common exclusions of a commercial vehicle insurance plan: 1. Accidents caused while driving under the influence of drugs/alcohol. Motor insurance becomes invalid if the driver of your vehicle was under the influence of alcohol or any kind of drug. This seems to be fair because in such cases, it is the driver’s irresponsibility that has caused the accident. 2.   D...

In India, it is mandatory for every motorist to have at least a basic Bike Insurance policy. Apart from legal compliance, having this type of coverage can truly protect your finances if your car suffers damages in a mishap or due to other calamities. Bike insurance needs to be renewed each year. During renewal, vehicle owners often wonder if they need to change insurance providers or whether they should stick with their current plan. This decision may vary from person to person depending on each one’s needs. In this article, we will list out the pros and cons of not changing your vehicle insurance provider so that you can make an informed decision. Pros of not changing your vehicle insurance provider                   If you stick with the tried and tested insurance provider whom you have known so well all along, you may enjoy the following benefits: • Loyalty discounts as per insurance provide...

  You have just got your very first two-wheeler and are all set to hit the road. You have all you need for a safe and comfortable ride. Driving license? Check. Helmet? Check. Vehicle registration? Check. But, wait! What about motorbike insurance? Having a basic two wheeler insurance policy is mandatory by law in India. Apart from the legal aspect, this insurance can help protect you financially should any road mishap occur. Unfortunately, there are many myths about two-wheeler insurance out there. These myths can cloud your judgment when selecting the right two-wheeler insurance policy or they may have you believing facts that aren’t true (and probably originated as forwards on WhatsApp). Today, we take a look at some common two-wheeler insurance myths that you need to stop believing now. Myth1: The pillion rider is automatically covered under my two-wheeler insurance Fact: The pillion rider is not automatically covered under a basic two-wheeler insurance policy. If you...

Buying bike insurance is mandatory by law for all two-wheeler owners in India. In the unfortunate event that your bike is involved in a mishap, your coverage protects you from massive financial loss. Yet, bike insurance is often purchased in haste without much thought being given to the terms of coverage. The same trend seems to reflect when people renew their cover. Now, the good thing about bike insurance renewal is that you can start afresh by rectifying any oversights in your original insurance policy. To help you out, here are 3 mistakes to avoid when renewing bike insurance. 1.     Not comparing plans When renewing your bike insurance, it is not necessary that you stick with the same provider. Do feel free to explore other plans that may offer better coverage. Aggregator websites can help you compare the latest two-wheeler plans so you can select the one that truly gives you the best value for money.   Remember that there is a lot of competition in the i...