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
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
Piaggio launches its Rs.12 lakh worth scooter in India
After much ado, Italian auto manufacturer Piaggio has come around to officially launched the Vespa 946 in India. With this much-awaited launch, the company has improved its two-wheeler portfolio in India.
Known officially as the Vespa 946 Emporio Armani, this scooter is priced at a whopping Rs. 12,06,970 ex-showroom making it the most expensive scooter in India.
This vehicle will be made available only as a Completely Built Unit (CBU), meaning a fully-finished product will be imported from Italy for sale in the Indian market. The release brings the partnership between two of the most revered Italian brands—Giorgio Armani and Piaggio—together to the Indian shore.
Speaking about the same, Stefano Pelle, Managing Director and CEO, Piaggio Vehicles, said that his company is very pleased with the introduction and that they feel happy to bring a truly luxury scooter for the Indian motorcycle enthusiasts.
21st November 2016
70th Anniversary Edition of Piaggio Vespa 946 Emporio Armani Released in India
Piaggio, the world-famous automaker from Italy has released two bikes in India. The Vespa 946 Emporio Armani edition is the first of the two, which is a collector’s item for those who love two wheelers. The price of the vehicle is estimated to be around Rs.7 lacs. The second scooter is the 70th anniversary edition of one of Piaggio’s famous bikes. The Vespa 946 Emporio Armani runs on a 125cc engine and comes with a host of elements that make it a collector’s item. It has an anti-lock braking system in addition to ASR traction control system to ensure that the rider is safe on the road. The side panels, mirror support, rims and handle bar are all made of aluminium, making it a truly stunnig model.
18th November 2016
Honda reveals 2017 Vision 110
Honda has unveiled the 2017 Vision 110 scooter at the EICMA 2016. The new model has a series of updates in styling and performance. The scooter was designed in Italy with a vision to provide an affordable and competitive product for daily use.
Honda has stated that the makeover in the appearance of the vehicle is accompanied by an improvement in seating comfort as well. The width of the scooter is now 380mm, and the height of the seat is 770mm; both have reduced from the earlier measurements. The new front fork is 35mm in diameter, and the footpegs are positioned more towards the front now.
The vehicle has a fuel-injected 108cc eSP engine that fulfills the Euro-IV emission standards. It generates a power of 8.8PS at 7500 rpm and a torque of 8.7-9 Nm at 5500 rpm. The engine also has an idling stop function that is useful when the motor is idling for a duration greater than 3 seconds. The engine is mated to a CVT transmission as well.
17th November 2016
EICMA 2016 update: Piaggio Vespa Electric unveiled
Piaggio, manufacturer of the world’s most popular scooter Vespa, has unveiled the vehicle’s latest iteration at EICMA.
Dubbed the Vespa Elettrica, this new scooter will follow the same retro styling of the Vespa but will com with a full metal body along with a few other modern touches.
After making the concept public in Milan, the company said that it has experience dealing with electric vehicle and that this is their first attempt at designing a production-ready electric scooter.
Although, the crucial details on the bike’s capabilities aren’t available yet, it is being reported that the bike will hit the markets during the second half of 2017.
16th November 2016
TVS to roll out new 125cc scooter model
According to latest reports circling around the auto industry, it is being said that TVS Motors is ready to unveil a new 125cc scooter model.
The Hosur-based company, also the third largest two wheeler manufacturer in the country, is expected to roll the vehicle out in CY 2017.
With this scooter, TVS will foray into the 125cc market that has numerous other players like Honda Activa, Suzuki Access, Piaggio Vespa among others.
While the branding of the vehicle isn’t clear, speculations from various sources suggest that the new scooter will most likely be marketed as Jupiter 125.
Although the 125cc scooter segment is just 7.5% of the overall two wheeler market, TVS is expected to leverage the new model to increase the size of its non-geared vehicle portfolio.
It is also being said that TVS is looking to tap into the market before other players like Yamaha and Hero Motocorp begin taking advantage of the ever-growing demand.
15th November 2016