Riding a bike without valid two-wheeler insurance can land auto owner in trouble and prove financially damaging in case of a road accident. Under Indian Motor Act, third party vehicle insurance is compulsory but still around 50 percent of two-wheelers driving on streets across the nation are not covered. If two-wheeler owners understand the importance of third-party insurance, then policyholders can save nearly few lacs of rupees in case of an accident. Though a person is not needed to secure one's vehicle against theft and/or damage under the law, person must consider covering the vehicle with proper two-wheeler insurance online.
Generally, majority of motorcycle owners do not renew their vehicle insurance after the first 2 years. Under the Indian Vehicle Law, auto owners have to pay compensation to the victim involved in a road accident. Online third-party insurance is a mandatory policy that covers this risk. Usually, insurance agents also do not show keen interest in selling such plans because of the small benefit which they get from two-wheeler insurance products. Due to its small amounts, two-wheeler owners too tend to skip this policy altogether. When the plan lapses, getting the two-wheeler covered can be tedious.
The two-wheeler has to be inspected again physically and the owner has to do a lot of paperwork one more time. It is really inconvenient for people to go through the procedure of getting their two-wheeler inspected in case the policy has lapsed. The high lapse rate is considered as a chance for insurance companies in India to increase premium income. A few insurers, including HDFC Ergo and Bajaj Allianz General Insurance have introduced plans which allow two-wheeler owners to insure their vehicles online without any physical inspection.
Though, the insurer is opened to a certain type of risk, the final decision to skip the pre-inspection in case of online two-wheeler insurance renewal of lapsed policies has been used to promote this type of insurance in India. Insurance companies claim this hard work has gained good results. Once person decide to purchase a policy online for his or her two-wheeler after a break, then do not forget to carefully read the fine print of policy document. For example, the coverage is not applicable immediately. If the two-wheeler is being covered online under two-wheeler insurance without inspection, then the risk inception date begins around three days from the policy issuance date.
Instead of opting for the physical route to invest revival of lapsed plans is a choice, online insurance renewal is much easier and easy to understand. In case a victim suffers minor injuries, then he or she can claim based on the scheme criteria. Therefore, select a plan that suits your budget and insurance needs both. Choosing the best policy needs thorough research and proper guidance from a professional. Avoid selecting a plan in hurry else it will create hassle in the future. Buying online insurance for your vehicle is the best way to enjoy ride of a vehicle. So, don't be too late and get your two-wheeler insure.
Sarika Kodag helps readers to select the best Car Insurance as she has vast experience in this sector. She always looks out for subjects related to insurance and writes informative yet interesting articles on investing, saving and financial planning. Her forte is to comparatively analyze and suggest different insurance policies to her readers. She provides knowledge about various investing options and make reader aware of current news about insurance field. So, they can use it to improve their future. She specializes on topics about health, car and life insurance. In her free time, she writes on business and travel insurance as well. Also, she advices many people including her friends, family and relatives who require wealth management solutions. All the best to you while comparing insurance and I hope that you get a beneficial deal by visiting this space regularly. Most of the people who got help from her feels that with her advices, process of purchasing insurance became easy.