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A 2016 ICE 360° survey stated that the proportion of two-wheeler ownership has increased to 36%, as compared to 21% in the year 2011. As per the Statista research in 2019, India's auto industry sold no less than 21 million vehicles. We are clearly a nation that believes in thinking on its feet. We like to hustle in all the bustle. India is a country of varied infrastructure, with lanes of all lengths and breadths. Two-wheelers can take the turns that four-wheelers cannot. Hence, the ever-increasing demand. However, the increase in the purchase should also directly influence an increase in two wheeler insurance and its subsequent renewal, given the two-wheeler vehicle is one of the primary modes of commuting in the country. Sadly, that is not the case and many users overlook insurance renewal of their two-wheelers.
As reported by Policybazaar, a survey by the General Insurance Council suggests that nearly 60% of the vehicles in India are not insured, with a majority of uninsured vehicles being two-wheelers. This, after acknowledging the fact that two-wheelers are more prone to getting into accidents due to them being light and swift as compared to other heavier vehicles on the road. Also, two-wheelers are also at a higher risk of getting stolen. All in all, two wheeler insurance renewal should not be ignored. Let us give you a few of the many reasons for it:
# Reason 1: Protection against accidents
Lack of two-wheeler insurance doesn't just make one vulnerable and exposed to vehicle thefts, it also leaves one without protection in the face of accidents. Around 149,000 people lost their lives on Indian roads in 2018 alone. India accounts for about 2% of motor vehicles globally, yet it's responsible for more than 11% of road traffic deaths. Road accidents not only cause loss of lives but also deeply impact the socio-economic condition of the country. In the year 2017, more than 48,217 two-wheeler vehicle users died in road accidents. Good two-wheeler insurance gives a cover against thefts, accidents, natural calamities, manmade hazards, and third-party liabilities.
In this context, insurance becomes extremely important as it not only covers theft but also accidents, coverage against natural calamities, man-made hazards and third-party liabilities.
Looking at these grim statistics of theft and accidents, it is even more important to renew two-wheeler insurance on time.
# Reason 2: Abiding by the rules
The current set of traffic rules mandate having insurance for your vehicle, whether it's a two-wheeler or not. As per the Motor Vehicles Act, 1988, a two-wheeler third party insurance coverage is mandatory, if you own one and take it out on the roads. Bajaj Allianz Two-wheeler Third Party Insurance policy assures that there is coverage in the case of any third party suffering due to your two-wheeler. Having a third party two-wheeler insurance policy further instils the owner of the two-wheeler with confidence to take the vehicle out on the roads, without any hesitance or fear. Thus, the driving experience is also a smooth one, not riddled with any worry.
# Reason 3: Protection against theft
Insurance acts as a protection or shield for your two-wheeler. It protects the vehicle against theft and accident by ensuring enough compensation. Statistics put out by the Delhi police say that in the year 2018, five vehicles were stolen every hour. There were 44,518 motor vehicle theft cases out of which 32,984 were two-wheelers. That is a whopping 74.70%. Only about 20% of these cases were solved. Hence, in the absence of insurance, it's a complete loss for the remaining 80%. Thus, the need for two-wheeler insurance.
So many benefits, yet such a dismal rate of two-wheeler insurance renewal. Why are people hesitant to get their lighter vehicles insured? Let's understand that.
Why do people avoid insurance?
The major reason is the long and hassled procedure, or an impression of one. People often have a cumbersome idea of the whole insurance process; purchase, renewal, and even claims. Indeed, there could have been such an experience in the past. However, there is a solution for that; Bajaj Allianz.
Enjoy a hassle-free experience with Bajaj Allianz
Bajaj Allianz offers an array of features in its two-wheeler insurance policies, that are essential for the protection and safety of your vehicle. It also offers add-on covers for loss or damage due to natural or manmade calamities, personal accident, third-party legal liability, and more. You can also compute your premium online with the two wheeler insurance premium calculator. Bajaj Allianz has many great offers that can make life easier for two-wheeler owners.
The procedure for applying for an insurance policy and further claims can also be done easily. Here's how Bajaj Allianz makes life easy for those who wish to purchase two-wheeler insurance.
# Purchase and renewal
To avoid a cumbersome experience, Bajaj Allianz has an online purchase and renewal system where no physical inspection of the vehicle is required. You just have to log in on the relevant portal, fill in the details at the comfort of your home, and you get the insurance. It's as easy as that.
# Claim that claim
To make the insurance claim process easier, Bajaj Allianz launched a mobile application called Caringly Your's it has a feature called Motor on the Spot. This is where policyholders can register their claims. You can self-inspect motor insurance claims up to INR 20,000, through the company's insurance wallet. Post the uploading of pictures of the damage, there is an immediate liability calculation, coupled with repair workshop suggestions. Once the customer accepts the recommendation, the money is credited in the bank account in less than 30 minutes!
# Custom Made Insurance Policies
Bajaj Allianz believes that no two individuals are the same. So, no two policies can be the same too. Thus, the two-wheeler insurance plans are customized and designed with the customer's need in mind. It offers a long-term package policy and a short-term one as well. Both are comprehensive and curated keeping in mind the customers, who can then pick one of choice and change and custom it later on.
# Added essential features
Bajaj Allianz two-wheeler insurance comes with an array of features. These can make your life easier and a little less worrisome. For instance, you can transfer up to 50% of your No Claim Bonus from any insurance provider. This, in simple terms, means that when you switch to Bajaj Allianz from another insurance company, you will not be losing your No Claim Bonus. Additionally, you can also club a personal accident cover of INR 15 Lakh with Bajaj Allianz two-wheeler insurance policy. This is a great feature considering the fact that accidents entail not just loss of property, but the loss of life as well, along with accidental injuries, if any. One needs to be prepared on all the fronts.
It's time to take the lead and get your two-wheeler insured. If you have already done that, make sure that you renew the policy on time. These are unpredictable times. The better protection you have, the better prepared you are to face the future. Insurance renewal is an assurance that your two-wheeler is safe against any possible threat that there is. The vehicle that takes you through the rocky roads of life should be safe enough with you in control. Bajaj Allianz will hold your hand and guide you through it.