Two wheelers are among the cheapest and easiest mode of transport considering the extremely busy roads in India. They account for almost 70% of the vehicles and a majority of these are uninsured. It is mandatory for the users to apply for a two wheeler insurance policy when they buy their vehicle. A lot of the two-wheeler users fail to renew their annual insurance policies after it expires and to avoid this problem, the Insurance Regulatory and Development Authority (IRDA) has introduced a third-party insurance policy for a period of three years for two wheelers.
What are the Coverage of 3 years 2 wheeler Insurance?
A two wheeler insurance policy covers own and third-party damage.
Third-party liability - Here, the loss or damage caused by the two-wheeler to someone else’s life or property is covered by the insurance company.
Own Damage - Here, the loss or damage caused to one’s own vehicle is covered by the insurance company. This damage be man-made or natural.
Every policy covers the third party liability but the long term two wheeler insurance policy for being discussed here only includes third-party liability. In case of own damage, the user has to renew the insurance policy on a yearly basis.
What is the Premium for 3 years Bike Insurance?
The premium for the two wheeler third party insurance for 3 years is supposed to be 3 times the annual third party premium and should be paid in a single installment. This premium cannot be revised during the 3 year period, whatsoever. Also, the stand alone third party cover cannot be cancelled except in a situation of total loss, wherein the full premium for the unexpired years has to be refunded.
Apart from the premium, all the other terms and conditions for this new policy are the same as the one year two-wheeler insurance policy. The information about the same can be found with any company providing two-wheeler or motor insurance.
This move by the IRDA serves as an advantage for insurance companies as they will be able to collect the premium for three years in one go saving on administrative charges. New India Assurance is offering a 30% discount to people applying for 3 year third-party two wheeler insurance along with benefits on no-claim bonus. A consumer of New India Assurance long term two-wheeler insurance policy can avail up to 50% discount on no - claim bonus at the time of renewal.
The 3 year two wheeler insurance policy is a boon for two-wheeler users as it frees them from renewing the third-party liability policy every year. The fixed premium during the policy period saves them from the annual rate hike. Apart from this, they also get a benefit from the above mentioned discounts.
Insurance companies have welcomed this new step and certain banks have already introduced the same. For example, ICICI. IRDA plans to launch a similar long term policy for other vehicles soon.
News About Two Wheeler Insurance for 3 Years
Aprilia SR 150 bags the ‘Best Scooter of the Year’ in 2016 at the India.com Auto Awards
Whoever said gearless bikes can’t provide the same sense of adventure that a geared bike does, has clearly not taken the Aprilia SR 150 out for a spin. After winning the title of ‘Best scooter of the Year’ at the India.com Auto Awards, the SR 150 has the phones of booking agents ringing constantly. This powerful 150cc bike brings power to the rider with its sharp looks and stability making it an ideal scooter for Indian roads. Delivering 11.4bhp of power at 6,750 rpm and 11.4 Nm of torque at 5,000 rpm, the SR 150 makes urban commute fast and easy and all of this comes at a reasonable price of Rs.65,000 (ex-showroom Delhi). Taking out a two-wheeler insurance on a vehicle like this is a good safety net to procure. When you have a vehicle that looks this good, it’s bound to attract a few unnecessary elements especially with the recent rise in bike thefts.
Two-wheeler insurance is an ideal solution to minimise any sort of expenditure that could be incurred due to any unforeseen circumstance and also provides a sense of safety knowing that if anything does happen, a payout will be on its way.
11th January 2017
Scooter sales in India declined post demonetisation
Scooter sales in India debilitated in November, post the demonetisation process. Out of the total 3,88,692 units sold across the country, Honda Activa topped the list of Top 10 Scooters in November, 2016, with a sale of 1,80,811 units, followed by TVS Jupiter with 54,838 units. Hero Maestro came in 3rd with a sale of 26,320 units. Suzuki Access occupied the 4th place with 24,825 units, followed by Hero Duet at 16,741 units, and Yamaha Ray at 14,844 units. The Honda Dio was at the 7th spot with a sale of 13,383 units. Yamaha Fascino sold 13,019 units, while Hero Pleasure sold 10,349 units. The list of Top 10 Scooters in November 2016 ends with TVS Scooty, with a sale of 7,292 units. Hopefully, by the end of December, the scooter sales will pick up once again.
10th January 2017
Kawasaki KX100 and KX250F To Be Launched In 2017
Indians will soon get their hands on Kawasaki KX100 and KX250F as it is scheduled to be launched in the 2017. However, these are motocross bikes which is not meant for roads. The ex-showroom price of Kawasaki KX100 is Rs. 4.69 lakhs and the ex-showroom price for KX250F is Rs.7.14 lakhs. As there is no road registration and other taxes to be paid, these bikes will not have a great difference between the ex-showroom price and on-road price. Many leading banks and financial institutions have come forward to extend loans for these bikes.
28th December 2016
Kawasaki to launch three more bikes in January 2017
With the Japanese manufacturer already launching the W800 this month, it looks to cement its place in the Indian market by launching three more bikes next month - the Ninja 650, the Z650, and the Z900. Looking to raise the bar after the launch of the ER-6N and Ninja 650, that saw a lot of takers in the Indian market, Japanese bike manufacturers look to lure even more bike enthusiasts with their latest four new models. That said, the price of these new machines looks to be a little more than the ER-6N and the Ninja 650.
16th December 2016
British Motorcycle Manufacturer Norton Unveils V4 SS & V4 RR
British motorcycle manufacturer, Norton Motorcycles, has recently launched two new models of the V4, its new superbike. The V4 RR and the V4 SS are the two new variants now available, which will sport a 1200cc engine, delivering max power of 200bhp and peak torque at 130Nm. While both the motorcycles have been launched as a part of a limited edition all units, 200 of them, of the V4 SS have already been sold. The V4 SS was priced around the range of Rs 38 lakh, while the V4 RR , which is also unveiled as a part of a limited edition, is expected t be priced around Rs 24 lakh.
1st December 2016
Mahindra officially starts with the designing of new BSA bikes
Mahindra & Mahindra has officially begun with the designing of new BSA bikes. Mahindra took over the legendary motorcycle firm, through its subsidiary Classic Legends, for Rs.28 crores. And has started off on a plan to re-introduce BSA into the market.
The new bikes are expected to have a displacement range between 500cc to 750cc and are likely to hit the market in 2019.
Mahindra, which has also taken over the licensing rights from another iconic brand, Jawa, will use both the names when marketing its new lineup of bikes.
Speaking on the issue, Rajesh Jejurikar, CEO of Mahindra Two Wheelers has said that the company, through Classic Legends, is looking to reacquaint the world with these classics. He also said that Mahindra Two Wheelers is looking to move into a premium and niche segment.
The company, which has production facilities both in India and France, has started with the designing by taking inputs from its Italy-based racing division. Also, the legendary design company Pininfarina is expected to work on bringing the vehicles into fruition.
As of now, though, no updates on the mechanical capabilities of these bikes have been revealed.
29th November 2016
Piaggio confirms the launch of new scooter from the SR lineup
After close to two months of the Aprilia SR 150 launch and its subsequent success, Piaggio, the parent company has said that the company is all set to launch a new bike.
This bike, as suggested by the company, will bear the same SR branding and will most likely have a more peppier feel.
Stefano Pelle, Managing Director of Piaggio India, spoke about the same and said that the company is working towards a new design for the upcoming SR scooter which will hit the market in 2017.
Mr. Pelle further said that the bike will be designed and engineered at Piaggio India’s plant in Baramati, Maharashtra. The new scooter that is expected to come will most likely be a lighter, 125 cc variant of the SR 150 and will be priced around Rs.65,000.
You can watch this space for more news about the same.
28th November 2016
Factors to Consider When Purchasing 2000cc Bikes in India
When purchasing a 2000cc bike in India, there are few things you must consider. They are as follow:
1. Brand: A brand of the company reveals just how well it is trusted in the market. Brands like Bajaj and Hero are likely to offer reliable vehicles while the smaller brands may not offer the same level of reliability.
2. Price: The price of a bike must also be taken into consideration. If the price is high, make sure that you avail comprehensive feature and value for money.
3. Mileage: Another crucial factor to consider is the mileage. Regardless of the initial investment cost, the mileage will determine how much money you will be spending over the course of the vehicle’s lifespan.
Giving enough consideration to these three factors will help you make an informed purchasing decision.
28th November 2016
Next Aprilia SR Scooter to be Released by Piaggio in India Come January 2017
When the 70th Anniversary edition of Vespa and the 946 Emporio Armani scooters were released in India, the CEO and managing director or Piaggio India, Stefano Pelle, revealed that the company will be launching the next Aprilia SR scooter in India come January 2017. The scooter is expected to be a peppier version of the model that already exists. The Aprilia SR 150 was launched in the country a few months ago at an introductory cost of Rs.65,000, and the new model is anticipated to be an upgrade on the previous bike.
24th November 2016
Bajaj Begins Production of The Dominar 400, Launch Expected In A Month
In a rather historic moment, Bajaj has recently announced the beginning of the production of the very first Bajaj Dominar 400 (CS 400) motor bike from a production assembly unit which is managed by an all-women team. The manufacturer has also shared a of the celebratory occasion which took place at Bajaj’s manufacturing plant at Chakan.
The President of Bajaj Auto’s motorcycle business, Mr. Eric Vas, spoke on the occasion, mentioning the historic moment which had taken place at the Chakan plan where an all-women assembly line team has rolled out the new motorbike. Which is all set to up the benchmarks in its segment. He also mentioned that there is plenty of excitement surrounding the launch of the Dominar 400, especially regarding its price and features.
Earlier to be named as the Kratos 400, Bajaj decided to go with the name ‘Dominar’ for this motorcycle which is believed to be the most powerful motorbike from the house of Bajaj and will not carry any company branding. The bike will be powered by a 373 cc single cylinder engine which comes with a six-speed transmission and will deliver max power up to 35 bhp. With rugged sporty looks, the bike sports disc brakes on the front and rear tyre, along with single-channel ABS as a standard feature and a dual channel ABS is reported to be offered as an option in the future. The Dominar 400 will also feature an fully digital instrument cluster. Pricing for the bike is believed to be in the range of Rs. 1.5 lakh.
23rd November 2016