Insurance Policy for Two Wheeler: Two Wheeler Insurance for Five Years

Insurance Policy for Two Wheeler: Two Wheeler Insurance for Five Years

Two Wheeler Insurance for Five Years: Automotive industry, two-wheelers vehicle is the largest segment. Until March 2016, there was 16 crore registered two-wheelers in India. From this, around 15.2 crores two-wheeler is on road. Unfortunately, 60-70% of the vehicle is on road without insurance. This condition is seen in India even when there is motor insurance compulsory in the country. It was found that the biggest difference is seen in the two-wheeler sector.

When asked about it to the users of two-wheelers, they said the biggest problem was a renewal of policy every year. They feel uncomfortable renewing the policy every year. Thinking more about this, it is clear that the solution to this is a long-term policy. In long duration policy, people will be free from the renewal of the policy every year.

When the policy will be of long duration, the premium will also be reduced for the policyholder. For companies, too long duration policy is good in accordance with distribution and servicing. The response to this was as expected by the customers.

Let’s check how to buy long-term bike insurance coverage for 3 years/5 years. ICICI alone could sell 5 lakh log duration policies, bringing in 130 crore rupees premium. Do customers have the option of choosing terms in a long-duration policy? ICICI is one of those few companies in April 2015 that offered a long-term policy for two-wheelers. The rates of this vehicle have been kept quite attractive.

Customers can have up to 10 to 15 percent savings on buying 2-3 years of the policy. On buying a long-term policy customers are not worried about increasing premiums. The biggest benefit here is that even claiming in policy duration there is the benefit of no claim bonus available to the customer.

For instance, if you have taken a three-year policy, you can take advantage of a claim bonus for up to three claims. Customers are given the choice of one, two, and three years for their policy. Can the customer get accidental insurance as an add-on to this policy? Many companies have made changes according to the customer’s needs. For instance, ICICI provides zero depreciation on a two-wheeler insurance policy.

Under this cover, the customer does not have to worry about the depreciation. This way one can claim the money as decided by the claim surveyor. ICICI Lombard has also started Health Advisor help. This advisor is an internet platform wherein anybody can know about health-related queries.

The best thing about this platform is that, not only ICICI Lombard customers can use it but also anyone can use this. Customer can plan their health treatment accordingly with this platform. On this platform, you can compare the prices of treatment of different diseases in different hospitals. You can also take an appointment in your chosen hospital.

Not only in the two-wheeler segment, but companies are also bringing innovations in other segments of insurance policies. In 2003, ICICI Lombard also introduce season insurance for the first time.

The company also started Internal Claim Processing Center in 2008. There are around 100 doctors and 200 automobile engineers. Companies have made their call centers better so that all the queries of customers can be solved easily and faster. Read more articles on daily rewards.

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