How digital technology makes it easy to buy motor insurance?

The recent technological advances have made human lives easier. Be it shopping for clothes or ordering your favorite pizza, everything is made easier by the technology. Even the traditional companies are riding the same band-wagon. The ripples created by the technological advances can be seen in the way traditional companies are evolving. The traditional insurance companies are slowly yet steadily transforming into InsureTech companies- that we know of today. These insurance companies not only provide two wheeler insurance online but also insurance covers for a car. One of the major advantages of the InsureTech companies is that, the insurance policies are tailor-made for you.

 

In order to make use of the services of InsureTech companies, all you need is a good internet connection and a suitable electronic device. This electronic device can be your laptop, computer, or even your smartphone. Thus, if you have these tools, you can easily buy yourself an insurance policy.

These InsureTech companies make use of various technologies such as internet, cloud, and social media to make better decisions and reach a wider audience.

Now let’s just assume that you want to buy third-party insurance for your car. If it were the earlier days, you would have to make endless visits to the insurance company agents and then go through a number of hassles. Not anymore, because the InsureTech companies have made everything easier for you. All you need to do is visit one of the company websites and buy your insurance policy within minutes.

Also, now you will never have to visit multiple companies and speak to a number of agents. Because you can simply make use of the various aggregator sites and find the motor insurance company which is best-suited for you. There are also a variety of AI-powered quotation generator tools available at your disposal. Thus, all you need to do is make use of these online services and compare hundreds of policies, from the comfort of your home or office.

There are also other customer-related services- such as chat services made available to you. Also, if you find visiting these websites a daunting task, worry not, because you can even contact the insurance company agents on social media platforms. The InsureTech agents are now available to communicate with on Facebook, Twitter, etc.

And after you have finalized your policy, you can now even buy it online. Yes, you heard it correct! Now, you don’t even have to visit the insurance companies to purchase a car or two wheeler insurance policy. All you have to do is visit the company website and purchase your selected policy. After your policy purchase, you will receive your policy documents in your mailbox. Thus, you are also relieved of the cumbersome task of compiling and maintaining the documents; as the chances of documents being misplaced are quite high.

Thus, the digital technology has almost nullified all the hassles and has made the purchase of a motor insurance policy easier for you.

6 things to keep in mind when renewing a two wheeler insurance policy

Renewing your two wheeler insurance policy is a must! Fail or forget to renew your policy and you could end up with a hefty fine or a rejected claim. Moreover, before you go ahead and renew your policy, there are a few things you must keep in mind to ensure that the process is a smooth and efficient one. That’s why the following article will highlight 5 essential factors you must bear in mind when renewing your motorcycle insurance policy.

1. Renew your policy before it expires.

If you wait till your policy expires, then you would be forced to either not ride your vehicle or ride it uninsured. Moreover, if it lapses completely, the insurer might have to re-evaluate your vehicle before insuring it again. To avoid such scenarios, experts suggest that you renew your policy at least 45 days before your policy expires.

2. You can go to a new insurance company.

It’s not a compulsion that you stick with your current two wheeler insurance provider. If you dislike their customer service or premium rates, you can surely look at other options and switch insurance companies. However, you must remember to do a thorough comparison before jumping ship. Read reviews of the new insurer, cross-check the new plan with your existing plans and go into the decision well-informed.

3. Reviewing your coverage is important.

Your ‘protection needs’ could have changed since you first purchased your insurance policy. For example, you could now have a spouse who travels to work with you. In such an instance, you might find it useful to add the ‘Pillion Rider Add-on’. You could also increase the deductible to reduce your premium and unlock significant savings.

Basically, after using your existing plan for a year, you will have a better idea of what you need and what you don’t need, this allows you to adjust the policy accordingly before you renew the plan.

4. You could go for a different type of policy.

You could also opt for a long-term two wheeler insurance policy when renewing your existing plan. This will safeguard you from the headache of yearly renewals. Moreover, long-term plans work out to be more affordable. This is because the third party insurance premium rate is locked at the current rate for three years. With a single year plan, you pay a higher third-party premium rate every time you renew the plan.

5. Bear in mind your NCB discount.

If you haven’t made any claims during the coverage of your existing plan, you are eligible for a ‘No Claim Bonus’ when renewing your policy. This discount will be applicable on the renewed plan regardless of whether you stay with the same insurer, choose another insurance company or opt for a long-term policy.

6. Keep your next renewal date in mind.

Once you’ve renewed your 2 wheeler insurance policy, make a note of the expiry date. Set a reminder or ask the insurer to have an SMS service in place to notify you when the expiry date nears. This will ensure you do not forget the expiry date and save you from riding uninsured.

We hope these 6 pointers ensure that you have a smooth experience and help you enjoy uninterrupted protection from the perils of the road. Good luck and ride safe!

5-step process to making a two wheeler insurance claim

Riding a two-wheeler is probably the fastest way to commute on Indian streets. This is because the population of motor vehicles on roads has increased tremendously in the past few years. And motorbikes are the best option that the middle-class Indians citizens can opt to buy. Motorbikes are not only generally cheaper than the other motor vehicle such as cars but also low on maintenance at the same time. Insurance also helps to nullify the factor of risk.

There are a variety of insurance companies providing third party insurance, comprehensive insurance, etc. Therefore, people can make use of these covers and protect not only themselves but also any third-party against unprecedented accidents. The third-party cover takes care of all the financial as well as bodily damages incurred by the third-party because of you. However, it doesn’t cover any damage incurred by you. Comprehensive insurance covers the damage incurred by you, as well as, the third-party.

The government of India has made it compulsory for all the vehicle owners to have at least a third-party cover. Therefore, no motorbike owner can ride on the Indian roads without insuring their two-wheeler. Even the IRDAI (Insurance regulatory and development authority of India) has taken stringent measures to ensure public safety. The recent changes made in the third-party insurance segment are applicable since 1^st September 2018. The new rules state that all the new two-wheeler owners need to buy a third-party cover for a minimum of 5- years.

In the near future, these measures will surely prove to be beneficiary. However, there are a lot of first-time two-wheeler owners who are still unaware of the whole claim settlement process. This 5-step process will help ease your insurance claim settlement process for your comprehensive policy.

The 5-step process to making a two-wheeler insurance claim is:

• Contact the police right away! : This is the first and the most important step that no vehicle or two-wheeler owner should overlook. However, most of us are pretty shaken up after the accident has occurred. Therefore, it would be best if someone else could take down all accident-related information and contact the police on your behalf. The police will also help you by calling an ambulance (in case of any bodily damage). Later on, you should file for an FIR. This FIR will help you file a claim.
• Let your insurance company know: The second thing you do is to call your insurance company and inform them about the accident. You need to do this quickly because every motor insurance company has a time limit- after which you cannot file for a claim.

• Insurance investigator: After you have filed for a claim, the insurance company will send an investigator. This investigator will assess the damage and make an appropriate report. Your claim will be accepted or rejected on the basis of this damage report.
• Garage: After your claim has been accepted by your insurance company, you will be given the option to repair your car in one of the garages covered by your insurance company.
• Reimbursement: If you want to repair the car damages in any other garages- the ones which are not covered by your insurance company, you can also opt for a reimbursement (if your insurance company allows that). However, you will have to pay first and then submit your bills. But remember, you will have to submit the bills within the set time-frame given by your motor insurance

5 misconceptions about two wheeler insurance you shouldn’t believe in.

There are numerous nuances of two wheeler insurance that can be confusing to the first time buyers and result in certain misconceptions. These misconceptions have a knack of spreading and clouding the air around motorcycle insurance. Some buyers believe in these misconceptions and even make misinformed buying decision based on these half-truths & myths.

Keeping this in mind, the following article will debunk 5 of the most common misconceptions of a two wheeler policy to ensure you make clear and confident buying decisions.

1. Buying the mandatory cover is enough.
This is probably the biggest misconception in relation to two wheeler insurance policies. People often settle for third party insurance just because it meets the basic legal requirement. They think that buying anything better than this is not needed and a simple third party motorcycle insurance policy will suffice.

Legally, this is true but you shouldn’t settle for third party insurance if you can afford to buy a better, more comprehensive plan. This is because a third party plan doesn’t provide financial cover for damages occurring to your vehicle in case of an accident. Also, basic third party plans do not cover theft, vandalism or damages occurring due to natural and man-made calamities.

2. Online plans are not good.
Almost every insurance provider now offers bike insurance online. These plans are the same as the ones you’d buy at the branch of your insurance provider. They have the same claim processes and helplines; provide the same cover and function exactly as offline plans do. Some insurance providers will even provide discounted rates if you buy plans online. So if you find a good, reliable deal online, just go for it – anything you’ve heard about online plans being inferior could just be a myth or a misconception.

3. NCB is not transferrable.
Some people aren’t satisfied with their current two wheeler insurance plan but are afraid to change their insurer because they feel they will lose their NCBs. However, this is not true and you can switch your insurer as many times as you want without losing your NCB. You just have to follow the correct procedure for changing insurance plans and everything will be sorted.

4. Two wheeler insurance comes with pillion cover.

If you ride someone to work every day or have a pillion rider with you most of the time, it makes sense to get an add-on that covers your pillion driver as well. Because most two wheeler plans do not come with pillion rider cover as default and you need to confirm this with your insurer before you believe it.

5. Two wheeler insurance is expensive.
Some people refrain from buying a policy and choose to ride without even basic third party insurance because they are afraid it costs too much. On the contrary, a comprehensive two wheeler plan will cost nothing more than 1 or 2 thousand for a year (depending on your two wheeler make and model) and the equation gets better if you go for long term plans.

We hope these pointers have given you a clearer image of third party insurance and help you make informed purchase decisions. If you have any other doubts, it is best you speak to an insurance provider today and get them cleared out. Good luck and all the best, ride safe.