Skip to main content

Motorcycle Insurance In India

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

You must have heard the famous saying" A Four Wheeler Moves Your Body A Two Wheeler Moves Your Soul ". Haven't you heard of the trailblazers blazing their way across India? The legendary Harley Davidson Motor cycle has finally made its way into India. Bike enthusiasts in India are sent into joyous rhapsody on sighting of these bikes. Another famous bike used widely in India for those off road rides is the Royal Enfield. Imagine blazing your way across some of the most scenic sights in India on a Royal Enfield? The mountainous terrain or the off road trail of Leh, The hectic rush of Delhi, Lush green mountains of Manali ,Root bridges of Cherrapunji ,The beach roads of Goa or the beautiful scenic beach hugging coastal roads of Chennai and Pondicherry. Don't you fantasize about such joyous rides but they certainly come at a price. What if there is a boulder or a fallen tree when you make those sudden sharp turns around those bending and dipping curves?.What if that lovely bike of yours is stolen ?.What if you are involved in a nasty collision with another biker who wants to ride the wind?.What if you would have to bear the huge losses involved in a bike collision with another bike and you don't have sufficient funds to pay the injured person when you are at fault?.Two Wheeler insurance is your sole hope and rescue at this point of time

 

For further information on the topic you can CONTACT Prajna Capital on 94 8300 8300 by leaving a missed call.

 

 

What Is Two Wheeler Insurance All About?

As per Indian Law having an insurance policy for your two wheeler is compulsory. This serves to be very useful to you if your two wheeler is stolen or you are involved in a serious motor accident. Many college students in our country purchase two wheelers on loan and ride rashly. Who would pay the heavy damages and liability costs that would be incurred if they were involved in an accident?. You have the third party liability which is that portion of a two wheeler insurance policy that covers damage caused by you ,mainly bodily injury to another person or damage to another person's property. This policy would not cover the loss or damage suffered by your own two wheeler or injury to the pillion rider. A package policy is a comprehensive policy which covers loss and damage suffered by your two wheeler in addition to third party liability.

What Is Covered Under This Policy Governed By The India Motor Tariff Act 2002?

·         Subject to the limits of liability the company will indemnify the insured against damage to his insured two wheeler including the accessories and also the property of the insured as well as the insured's family members and household caused by accidental external or visible means.

·         The Company At its own discretion may repair, reinstate or replace the damaged two wheeler and accessories in cash to the extent of damage.

·         Subject to the limits of liability the company will indemnify the insured against claims and damages to any person other than his household, family members and those in his service.

·         Accidental damage to any Insured two wheeler held in the trust and custody and control of the insured.

·         Accidental damage to any property not in control or custody of the insured.

 

What Is Not Covered Under This Policy Governed Under The India Motor Tariff Act 2002?

·         The company is not obliged to pay for mechanical and electrical damages and breakdown, depreciation, wear and tear and failures and breakages.

·         Damage to tyres due to punctures, sudden application of brakes, cuts and bursting of tyres.

·         Any accidental damage caused by ionising radiation or contamination by radioactivity caused by nuclear waste or combustion of a nuclear fuel.

 

What Claims Are You Generally Covered For Under These Two Wheeler Insurance Policies?

 

·         You are covered for damages due to floods, earthquakes, cyclone, fire, explosion, landslides, frost, hurricane or a rockslide.

·         Damages due to riots, terrorism, strikes, or malicious acts.

·         Transit by rail, road, inland waterways, air transit, lifts and elevators.

·         Theft of your two wheeler.

·         Coverage of a lakh to the Owner/Insured while travelling, mounting and dismounting from the two wheeler as a personal accident cover.Add on covers can be extended to the damages to accessories, and a personal accident cover can be taken for the pillion rider on payment of an additional premium.

 

What Claims Are You Generally Not Covered For Under These Two Wheeler Policies?

 

·         Damages caused outside the geographical boundaries of India.

·         Losses and damages caused under conditions of intoxication due to consumption of liquor or drugs.

·         Losses and damages caused due to accidents arising out of a person without a valid license riding your two wheeler.

·         Two wheelers being used outside or above its specified restrictions.

·         Any damages or accidental loss caused due to acts of war, invasion by a foreign enemy, civil war, mutiny, rebellion, military coup and enemy hostilities.

 

Factors Which Influence The Premium Charges Of Your Two Wheeler

Insured's Declared Value

The sum for which the two wheeler is insured is known as the Insured's Declared Value popularly called IDV. It is fixed by the insurance company and represents the current market value of the two wheeler. This remains constant throughout the term or time period of the policy. This value becomes very necessary when we want to evaluate the price of the two wheeler when it is stolen or damaged beyond repair. This value mainly depends on the manufacturer's listed selling price and the model of the two wheeler. Remember the age of the two wheeler also plays an important part in determining the IDV .This is mainly calculated after appropriate depreciation charges are applied.IDV is then bifurcated into two parts, own damage and third party liability for the purpose of premium calculations. Own damage section represents the two wheeler, accessories, side car, anti theft devices and also the non claim bonus.

 

Table Showing The Depreciation Deductions In Order To Obtain The Insured's Declared Value

Depreciation Charged To Arrive At The IDV Value Of The Two Wheeler

% Of Depreciation For Fixing IDV Value

Within A Period of 6 Months

5 %

Above 6 Months But Within 1Year

15%

Exceeding 1 Year But Within 2 Years

20%

Exceeding 2 Years But Within 3 Years

30%

Exceeding 3 Years But Within 4 Years

40%

Exceeding 4 Years But Within 5 Years

50%

Cubic Capacity Of The Two Wheeler

You have two wheelers cubic capacity defined under the India Motor Act as a minimum of 150 CC , 150-350 CC and above 350CC.The average insurance premiums range from INR 5000-INR 7000 depending the category it falls under.

Geographical Location

You have Zone A which includes Ahmedabad, Chennai, Delhi ,Mumbai,Kolkata,Bangalore ,Hyderabad and Pune where premiums charged are higher. Zone B includes the rest of India .Damage protection on your two wheeler can be extended even out of Indian Boundaries such as Bhutan, Nepal, Sri Lanka, Maldives, Pakistan, and Bangladesh on payment of an additional premium. However this does not apply when the two wheeler is in transit.

No Claim Bonus

You are eligible for the no claim bonus when there is no damage claim made during the tenure of the policy. You require a comprehensive two wheeler policy for this and you get covered for damages only to your own two wheeler irrespective of whether you are at fault. You are able to procure deductions in the range of 20-50% on the premiums paid under the own damages section.

Transfer Of Ownership

Let us consider that you purchased a second hand motorcycle from one of your friends. You have to make sure that the insurance policy of the motorcycle is also transferred to you. You the transferee has to write to the insurance agency within 14 days of receiving the policy with the details of the registration number, previous owner, date of transfer and date of the insurance policy so that a fresh certificate of insurance can be issued by the insurance agency, If you have a two wheeler insured under an insurance policy you can substitute it for another two wheeler provided they belong to the same class during the tenure of your policy. The premium would be adjusted on a pro rata basis. You need to note that the insurance policy of the two wheeler is divided into two parts. The first part covers the name, address, mobile number, policy number, Issued date of the insurance policy, term of the policy and the geographical area. The second part covers Registration details, Engine Number, Year Of Manufacture, IDV, Make of the two wheeler and so on.

How To Secure That Claim When You Need It?

Let us consider that your two wheeler has been involved in a nasty collision. You need to inform the insurance agency where your policy is in force .Your claim amount is based on the Total Loss/Constructive Total Loss. You have the IDV and if the claim amount exceeds 75% of the IDV then you have to calculate the Constructive Total Loss. You get the IDV minus the depreciation charges.

 

Rate of Depreciation Of All Parts Of The Two Wheeler

Age Of Two wheeler

% Of Depreciation

Under 6 Months

Nil

6 Months To 1 Year

5%

Between 1 Year To 2 Years

10%

Between 2 Years To 3 Years

15%

Between 3 Years To 4 Years

25%

Between 4 Years To 5 Years

35%

Between 5 Years To 10 Years

40%

Exceeding 10 Years

50%

What If Your Two Wheeler Is Stolen

If your two wheeler is stolen the first thing you need to do is to register a First Information Report (FIR) at the Police Station and then inform your insurance company .You would need a copy of the FIR for the claims processing. If your two wheeler is not found within a specific time period then the insurance company will process your claim.

Points To Remember For That Two Wheeler Insurance Policy

·         Make sure that your insurance policy has been renewed on time with all the relevant correct information in order to avoid any hassles during claim processing.

·         When you renew that policy make sure that your two wheeler is in good condition so that you get a favourable inspection report. An unfavourable report can increase your two wheeler insurance premium.

·         If your two wheeler is damaged in an accident give a correct assessment of the situation which led to the accident and make sure that the Insurance Agency has all the relevant facts.

·         If you have no claim during a particular period make sure that it is noted and you get your No Claim Bonus.

I would like to end this article with the famous phrase "Be Safe Rather Than Sorry". Just as you always remember to wear that helmet when riding your Motorbike "Do Not Forget To Purchase That Two Wheeler Insurance Policy".

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

ULIP Review: ProGrowth Super II

  If you are interested in a death cover that's just big enough, HDFC SL ProGrowth Super II is something worth a try. The beauty is it has something for everybody — you name the risk profile, the category is right up there. But do a SWOT analysis of the basket, and the gloss fades     HDFC SL ProGrowth Super II is a type-II unit-linked insurance plan ( ULIP ). Launched in September 2010, this is a small ticket-size scheme with multiple rider options and adequate death cover. It offers five investment options (funds) — one in each category of large-cap equity, mid-cap equity, balanced, debt and money market fund. COST STRUCTURE: ProGrowth Super II is reasonably priced, with the premium allocation charge lower than most others in the category. However, the scheme's mortality charge is almost 60% that of LIC mortality table for those investing early in life. This charge reduces with age. BENEFITS: Investors can choose a sum assured between 10-40 times the annualised premium...

Section 80CCD

Top SIP Funds Online   Income tax deduction under section 80CCD Under Income Tax, TaxPayers have the benefit of claiming several deductions. Out of the deduction avenues, Section 80CCD provides t axpayer deductions against investments made in specific sector s. Under Section 80CCD, an assessee is eligible to claim deductions against the contributions made to the National Pension Scheme or Atal Pension Yojana. Contributions made by an employer to National Pension Scheme are also eligible for deductions under the provisions of Section 80 CCD. In this article, we will take a look at the primary features of this section, the terms and conditions for claiming deductions, the eligibility to claim such deductions, and some of the commonly asked questions in this regard. There are two parts of Section 80CCD. Subsection 1 of this section refers to tax deductions for all assesses who are central government or state government employees, or self-employed or employed by any other employers. In...

Am you Required to E-file Tax Return?

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Am I Required to 'E-file' My Return? Yes, under the law you are required to e-file your return if your income for the year is Rs. 500,000 or more. Even if you are not required to e-file your return, it is advisable to do so for the following benefits: i) E-filing is environment friendly. ii) E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns. iii) E-returns are processed faster than the paper returns. iv) E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file. v) E-returns can be accessed anytime from the tax department's e-filing portal. For further information contact Prajna Capit...

Bharat Bond ETF

Top SIP Funds Online   The government of India has paved the way for the launch of India's first corporate bond ETF called as Bharat Bond ETF. Edelweiss Mutual Fund will be managing it. The fund is mandated to invest in AAA-rated bonds of select public sector companies (see the table 'List of constituents and their proportions in the portfolio'). The government has a threefold objective behind launching this product. One, to deepen the liquidity of the Indian debt markets and provide a gateway for easy retail participation. Two, to solve investors' dilemma of picking premium bonds. Lastly, to help the underlying government-owned companies raise funding for their operations. But does it make sense for you, the investor, to invest in it? Lets find out. What is the product? As the name suggests, it is an exchange-traded fund which will be listed on a stock exchange from where its units can be bought and sold post launch. It will have two variants - one maturing in 3 ye...

What is Electronic Clearing Service (ECS)?

  As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now