Insurance is an arrangement by which a company or state undertakes to provide a guarantee of compensation for specific loss, damage, illness or death in return for payment of a specified premium. Insurance is a means to protect against financial loss. People take insurance policy for life, property, vehicles, health etc.
Bharti AXA Bike Insurance
Use of vehicles is a must in today’s life. In India there is a large market for two wheelers. Around 20 million units are sold in the country each year. It is legally binding to have a valid insurance in order to ride a two wheeler; penal action may be initiated otherwise. Bharti AXA provides insurance policies to protect the rider and the vehicle against accident or incident. Bharti AXA’s bike insurance department looks after the insurance needs for two wheelers.
Advantages of Bharti AXA Bike Insurance
Bharti AXA is a good insurance partner as it provides:
- Protection – A person can protect their vehicle against loss or damage by selecting a plan from Bharti AXA.
- Discount – The Company’s no claim bonus helps to decrease the amount of premium that needs to be paid.
- Purchase- The policy can be purchased or renewed online
- Help- Bharti AXA provides round the clock assistance.
- Network Garages – Approximately 2500 garages are associated with Bharti AXA.
- Coverage for all bikes- Bharti AXA offers policies for bikes of all engine capacities.
- Third party cover –Any damage or injury to third parties are covered by the policy.
- Outlets – The Company has around 75 offices located all over India.
- Customization- There is extra options to tailor-make the policy to suit the needs of the customer.
- Renewal reminders- Company sends reminders for renewal of policy before it lapses.
Two Wheeler Plans of Bharti AXA
The company has plans as per need and these have been divided on the basis of the policy term and the extent of cover provided.
- Third Party Liability Cover – This is a base plan and offers financial aid in case of third party incident. The company compensates if there is damage to property or life of a third party. The premium amount is less and the policy meets the basic motor vehicle insurance needs.
- Comprehensive Insurance Cover- This policy protects against third-party liabilities, damage or loss to the vehicle. It provides cover in case of any accident causing injury to the rider.
- Long-term two wheeler Insurance- This option is best for those who wish to insure the vehicle for a longer period. A two-three year policy term can be selected. If long term option is chosen, it decreases the amount of premium that needs to be paid and also has better NCB features.
Coverage given by Bharti AXA Bike Insurance
A two wheeler insurance offers protection under different circumstances which is based on the plan option selected.
- Road Accidents- The Company provides cover in case the insured vehicle is involved in a road accident. The extent of cover is decided by the policy. The comprehensive plan offers protection against all types of damage and the third party liability covers gives protection that concerns third party damage.
- Damage to vehicle - Damage to the vehicle caused by natural events like floods, earthquakes, cyclones etc. and harm due to manmade occurrences like strikes, riots, fire etc. is covered in the policy.
- Vehicle Loss - The comprehensive policy cover offers protection against vehicle loss.
- Personal accident cover-Financial compensation is provided if the rider or owner has an accident which might lead to injury or death.
- Third Party Protection- Any damage brought to property or life of a third party due to an accident involving the insured vehicle.
- Protection to occupants- The passengers of an insured vehicle is covered if the policy holder has selected the Accident Personal Cover for Occupants add-on. This ensures protection in case of partial or full disability to the pillion rider or the co- passenger.
- Zero depreciation cover- If this add-on is selected, the insurer has to bear the depreciation expenses.
The cover provided depends on the plan selected by the individual.
Some of the exclusions under this policy include - generic wear and tear, vehicles being used for commercial purposes, drunken driving and using the vehicle without documents.
Bike Insurance Calculator
When a huge amount of money is being invested to purchase a bike, it helps to know how to calculate bike insurance. The financial experts have developed an online premium calculator to estimate the premium that needs to be paid. Bike Insurance calculator is an online tool that makes the customer’s work a little easy.
Benefits of Online Bike Insurance Calculator
The benefits include
- This helps to gather all the information required before buying an insurance plan for the bike.
- The customer gets to compare the different insurance quotes online and can select the best deal.
- The customers can try and see how the changes in variables of coverage, determines the premium that needs to be paid.
- The customer need not take a decision in a hurry and there is no body to influence the customer to take up a specific insurance.
Filing Late Insurance Claims
Generally, insurers like to be notified about the claims as early as possible. This does not happen in most cases as the customers does not have an idea about the timeline that needs to be followed for filing the claim. This might be possible as the required information has not been provided clearly to the customer at the time of sale. Generally, the time span allotted is a week but it is better to check with the insurer.
Problems with Delayed Filings
If a claim is filed late, then there are some issues.
- It is difficult to assess the damage as it is difficult to contact the witness or third party as a lot of time has passed.
- If the deadline is not adhered to then the insurers cannot estimate the liabilities and make provisions for it.
In order to avoid disputes it is advised to stick to the window provided by the insurer.
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