Two wheeler Archives - Blogs - Policyplayer https://www.policyplayer.com/blog/category/two-wheeler/ Tue, 02 May 2023 12:26:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://www.policyplayer.com/blog/wp-content/uploads/2022/09/cropped-apple-touch-icon-32x32.png Two wheeler Archives - Blogs - Policyplayer https://www.policyplayer.com/blog/category/two-wheeler/ 32 32 What is an Ideal Tenure for your Two-Wheeler Loan? https://www.policyplayer.com/blog/what-is-an-ideal-tenure-for-your-two-wheeler-loan/ https://www.policyplayer.com/blog/what-is-an-ideal-tenure-for-your-two-wheeler-loan/#respond Tue, 02 May 2023 12:26:26 +0000 https://www.policyplayer.com/blog/?p=7669 As a responsible borrower, it’s important to understand the ideal tenure for your two-wheeler loan.  The tenure of your loan determines the amount of money you’ll pay in interest throughout the loan, as well as your monthly payment amount. It’s essential to strike a balance between a manageable monthly payment and a reasonable interest rate. ... Read more

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As a responsible borrower, it’s important to understand the ideal tenure for your two-wheeler loan. 

The tenure of your loan determines the amount of money you’ll pay in interest throughout the loan, as well as your monthly payment amount. It’s essential to strike a balance between a manageable monthly payment and a reasonable interest rate.

In this article, we’ll discuss what is an ideal tenure for your two-wheeler loan, and some tips to help you choose the right tenure for your financial situation and learn more about Two-wheeler Insurance.

What Is A Two-Wheeler Loan?

A two-wheeler loan is a type of loan that you can use to purchase a motorcycle, scooter, or other two-wheeled vehicle

These loans are usually offered by banks and other financial institutions and are similar to other types of secured loans, such as car loans. 

The vehicle you purchase serves as collateral for the loan. This means that the lender can repossess the vehicle if you fail to make your payments.

Factors That Affect The Ideal Tenure For Your Two-Wheeler Loan

Several factors can affect the ideal tenure for your two-wheeler loan.

Loan Amount: The amount of your loan can affect the ideal tenure. Generally, shorter loan terms are better for smaller loan amounts, while longer ones are better for larger loan amounts.

Interest Rate: The interest rate you receive on your loan can also affect the ideal tenure. Lower interest rates generally mean that you can choose a shorter loan term without paying too much interest.

Monthly Payment Amount: The monthly payment amount you can afford is another important factor to consider. 

If you need a lower monthly payment, you may want to choose a longer loan term. But, keep in mind that this will result in paying more in interest throughout the loan.

Your Financial Situation: Your financial situation is unique to you and should be a significant factor in determining the ideal tenure for your two-wheeler loan. 

If you have a stable income and can afford a higher monthly payment, a shorter loan term may be a good choice. However, if you’re on a tight budget, a longer loan term may be more manageable.

Tips For Choosing The Right Tenure For Your Two-Wheeler Loan

Now that you understand the factors that affect the ideal tenure for your two-wheeler loan. Here are some tips to help you choose the right tenure for your financial situation:

Consider Your Monthly Budget: Your monthly budget is a crucial factor to consider when choosing the ideal tenure for your two-wheeler loan. Determine the amount you can afford to pay each month and then choose a loan term that fits within your budget.

Understand The Interest Rate: Understanding the interest rate on your loan is essential to determine the ideal tenure. A higher interest rate means you’ll pay more in interest throughout the loan, which can make longer loan terms less desirable.

Think About Your Long-Term Goals: Consider your long-term financial goals when choosing the ideal tenure for your two-wheeler loan. 

If you plan to pay off your loan quickly and save money on interest, a shorter loan term may be the best option. However, if you have other financial goals to prioritize, a longer loan term may be more manageable.

Shop Around For The Best Loan Terms: Don’t settle for the first loan offer you receive. Shop around and compare loan terms from different lenders to find the best option for your financial situation.

What Should Be Your Two-Wheeler Loan Tenure?

There is no such thing as an ‘ideal’ two-wheeler loan tenure since financial situations vary for everyone. However, some guidelines can help you make a better decision:

When it comes to choosing the ideal tenure for your two-wheeler loan, there are both advantages and disadvantages to opting for a shorter or longer term. Let’s explore them below:

Shorter Tenure

Pros

Pay Off The Loan Faster: Choosing a shorter tenure will allow you to pay off the loan faster, which means you will be debt-free sooner.

Lower Interest Charges: A shorter tenure means you will pay less interest over the life of the loan, which can result in significant savings.

Builds Credit Score: By paying off the loan faster, you will demonstrate good credit behavior, which can help improve your credit score.

Cons

Higher Monthly Payments: Opting for a shorter tenure means you will have to make higher monthly payments, which could put a strain on your monthly budget.

Limited Flexibility: With higher monthly payments, there is less flexibility in your budget for unexpected expenses or emergencies.

Longer Tenure

Pros

Lower Monthly Payments: Choosing a longer tenure means you will have lower monthly payments so it is easier to manage your budget.

More Flexibility: With lower monthly payments, you will have more flexibility in your budget for unexpected expenses or emergencies.

Allows you to purchase a better bike: With lower monthly payments, you may be able to afford a better bike than you would with a shorter tenure.

Cons

Higher Interest Charges: A longer tenure means you will pay more interest over the life of the loan, which can result in significant additional costs.

Debt For Longer: Opting for a longer tenure means you will be in debt for a longer period, which can be stressful and impact your financial goals.

Ultimately, the ideal tenure for your two-wheeler loan will depend on your individual financial situation and goals.

Read More- 5 Simple Steps To Claim Bike Insurance Twice A Year

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How To Buy/Renew Two Wheeler Insurance At Low Prices Online In India? https://www.policyplayer.com/blog/renew-two-wheeler-insurance/ https://www.policyplayer.com/blog/renew-two-wheeler-insurance/#respond Thu, 14 Jul 2022 07:13:19 +0000 https://www.policyplayer.com/blog/?p=1396 Two-wheeler insurance is a type of policy that is designed to protect and provide coverage for two-wheelers. This policy covers all the repair costs if your bike is damaged in an accident.  Furthermore, it provides financial protection against incidents such as thefts, natural disasters, vandalism, etc. Read on to know more about how to renew ... Read more

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Two-wheeler insurance is a type of policy that is designed to protect and provide coverage for two-wheelers. This policy covers all the repair costs if your bike is damaged in an accident. 

Furthermore, it provides financial protection against incidents such as thefts, natural disasters, vandalism, etc. Read on to know more about how to renew two wheeler insurance at low prices online in India.

Why Do You Need A Two-Wheeler Insurance Policy?

Mandatory as per law

In India, it is illegal to ride a two-wheeler without valid two-wheeler insurance. If you do so, you may be penalized or even imprisoned. 

According to the Motor Vehicles Act, every motor vehicle owner must have at least third-party bike insurance. This policy covers only third-party liability, not damages/losses to your two-wheeler.

Provides financial coverage

Today, it is common to see chaotic roads with vehicles moving in all directions. So, there is a high risk of accidents resulting in vehicle damage and deaths.

You may suffer financial losses as a result of such incidents. If you have purchased two-wheeler insurance, then the insurance company will take care of the majority of repairs (if you have purchased the PA coverage) and also provide medical treatment.

Third-party liability cover

Third-party liability coverage protects you from financial and legal liabilities associated with accidents involving third parties, their vehicles/property, injuries, or deaths. 

Protection against natural disasters

There are some things that we can control easily, like how we drive our vehicles on the road, but natural disasters are beyond our control. So, there is a possibility that they will cause significant damage to your two-wheeler. 

For instance, flooding can cause irreparable damage to your bike’s components. In such situations, a Comprehensive Bike Insurance Plan covers damage to the vehicle.

Theft (or) loss coverage

Two-wheeler theft is one of the worst nightmares for you, right? In such situations, you are unsure whether you can track the missing vehicle or not. 

If the authorities are not able to find your vehicle, you are at risk of significant financial loss. 

When you purchase insurance for bikes/scooters (Comprehensive Two-Wheeler Insurance Policy), even if your stolen bike/scooter is not found, you will be compensated. 

Personal Accident Cover

The chances of being injured in an accident are very high, so only having insurance coverage for your two-wheeler is not sufficient. This is the reason why the PA cover is mandatory in India. 

This policy covers you against permanent disability or death caused while riding a motorcycle or scooter. 

However, it should be noted that this PA cover is not included in the motorcycle policy. You will have to buy it separately while purchasing bike insurance.

Factors to buy/renew two wheeler insurance at low prices online in India

When it comes to buying two wheeler insurance, it is important to do thorough research. 

Also, it is crucial to evaluate your requirements and compare several two-wheeler insurance plans online to find the most suitable two-wheeler insurance policy. 

Listed below are some tips that will help you choose the right two-wheeler insurance policy for your needs and budget:

Understand Your Coverage Requirements

First, identify your needs and budget so that you can choose the best insurance policy. For that, a variety of factors must be taken into account when assessing your requirements, such as how you use your two-wheeler, how much you spend, and how much liability you have.

Select Add-on Wisely

The addition of an add-on to your two-wheeler insurance policy enhances its coverage. However, adding an add-on cover to your insurance policy will cost you an additional premium. 

The most common add-ons in two-wheeler insurance are zero depreciation cover, personal accident cover for pillion riders, and towing coverage.

Select a Reliable Insurance Provider

When choosing an online two-wheeler insurance company, it is crucial to check the claim settlement ratio. This makes the claim settlement process hassle-free.

Compare two-wheeler Insurance Plans Online

To make the best decision, it is important to compare different two-wheeler insurance policies online. There are many ways to compare different plans, including exclusions, inclusions, premiums, and more.

Read Online Reviews

Online reviews from verified customers who have bought two-wheeler insurance policies can help you choose the best insurance policy for you. 

However, read both positive and negative comments online to make the right decision.

Benefits of buy/renew two wheeler insurance at a low price online in India

Compare and buy

Comparison is one of the most significant advantages of shopping for two-wheeler insurance online. 

When comparing bike insurance policies, you can make an informed decision based on each policy’s merits and demerits. And, the process of buying two-wheeler insurance includes researching, comparing, evaluating, and buying.

Pay less, get more

Online purchase of a two-wheeler policy eliminates the middleman. Besides, a low operational cost also reduces the price of bike insurance. That’s why the digital-first insurer can offer low-cost two-wheeler insurance.

No paperwork

You don’t have to deal with tedious paperwork when you purchase bike insurance online. 

You can easily purchase two-wheeler insurance by entering a few details about the vehicle and previous policy, selecting a plan, paying the premium online, and receiving the policy instantly.

Saves time

When you purchase two-wheeler insurance online, you will save time and money. 

It is simple and convenient to purchase insurance for bikes/scooters online without traveling to the insurer’s office. 

Also, you can access insurance-related information, get assistance, and buy two wheeler insurance at your convenience with just a few clicks.

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Things to consider while Buying Third Party Bike Insurance Online https://www.policyplayer.com/blog/things-to-consider-while-buying-third-party-bike-insurance-online/ https://www.policyplayer.com/blog/things-to-consider-while-buying-third-party-bike-insurance-online/#respond Tue, 11 May 2021 08:52:46 +0000 https://www.policyplayer.com/blog/?p=124 The sale of two-wheelers in India has seen massive growth in the past decade. The convenience offered by the bike makes travelling easy, and hence there has been a steep increase in the sale of two-wheelers. If you too have purchased a bike or are planning to buy one, then you must know that bike ... Read more

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The sale of two-wheelers in India has seen massive growth in the past decade. The convenience offered by the bike makes travelling easy, and hence there has been a steep increase in the sale of two-wheelers. If you too have purchased a bike or are planning to buy one, then you must know that bike insurance is mandatory. This insurance will cover the cost of repair and maintenance of the bike.

Road accidents are common in India, and damage to your bike in an accident can leave you burdened with the high cost of repair and its maintenance. But with bike insurance, you can easily cover all these costs. In this blog, we are going to discuss the key steps that you should consider while buying a third party bike insurance online.

Types of Bike Insurance

If you have purchased a bike or are planning to buy one, you must know about the type of bike insurance available in the market. There are two types of bike insurance:

Third-party Bike Insurance: A bike owner must have this licence. It is the basic plan that covers the cost of damage caused by the bike to the third-party.  

Comprehensive Insurance: This insurance offered wider coverage. It takes into account both the third-party damage and own vehicle damage cost.

Things you should consider when Buying Third Party Bike Insurance Online

With the advent of technology, purchasing a third party bike insurance online has become very easy. Most of the insurance providers offer this facility. Let’s understand the steps to buy third party bike insurance online:

1. Do the basic research– While the insurance products may remain the same, you can still find the difference in the way the company does the claim settlement. As a bike owner, when your third party bike insurance is online, then you are also looking for ease of claim settlement. Discuss with your peer or do the internet search to find the best insurance providers in the market. 

2. Compare online– Once you have got all the details about the various companies and their third-party insurance poly. You need to make a comparison to identify which is the best company for your needs. You must assess whether you want basic coverage or a comprehensive one? Knowing what you want will help you buy the right insurance policy. You must also compare the companies based on ease of claim settlement.

3. Does it provide IDV– Your next move should be to check whether the insurance provider offers IDV or Insured Declared Value. IDV is useful in case of theft or complete loss of the vehicle. The insurance companies pay the complete amount to the policyholder in case of bike damage.

4. Claim Settlement Ratio– When choosing the best insurance provider for third-party bike insurance online, you must not miss checking the claim settlement ratio. Choose a plan that fulfils all the criteria mentioned above.

5. Add-ons-This feature is only available if you choose a comprehensive bike insurance plan. You may have to pay an extra premium for this. Hence, it’s always advisable that you check your requirements and then choose the right type of policy.

6. Read the Policy– When you are all set for third party bike insurance online, you must carefully read the policy. Make sure that you don’t fill the form in a hurry.

7. Make the Payment– Finally, you can make the payment for the policy. After filling the form and completing all the formalities, you will get the policy document via email. You can download it and print it.

All you Need to Know about Two-wheeler Vehicle Insurance Online
How to claim Third-Party Bike Insurance easily

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All you Need to Know about Two-wheeler Vehicle Insurance Online https://www.policyplayer.com/blog/all-you-need-to-know-about-two-wheeler-vehicle-insurance-online/ https://www.policyplayer.com/blog/all-you-need-to-know-about-two-wheeler-vehicle-insurance-online/#respond Tue, 13 Apr 2021 12:31:33 +0000 https://www.policyplayer.com/blog/?p=91 2-wheelers have become a necessity today. As much as it’s important to buy a two-wheeler for your convenience, it is also important to choose the best two-wheeler vehicle insurance online. This insurance policy is not only mandatory for the bike owner, but it is also important that one should also choose the best two-wheeler vehicle ... Read more

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2-wheelers have become a necessity today. As much as it’s important to buy a two-wheeler for your convenience, it is also important to choose the best two-wheeler vehicle insurance online. This insurance policy is not only mandatory for the bike owner, but it is also important that one should also choose the best two-wheeler vehicle insurance online to ensure complete coverage of the bike in case of any damage.

You can find various insurance providers, but selecting one can be a daunting task. To ease your online search, we have got together certain key pointers that will help you make a final call.

How to find the Best 2-wheeler Vehicle Insurance Plan

Assess your Requirement

Before you go ahead to choose an insurance plan, you must check your requirements. There are two types of insurance plans for two-wheelers: comprehensive plan and third-party insurance. Based on the usage, you can choose the right plan.

The Premium

Another factor that impacts your investment decision is the premium. The cubic capacity of your bike impacts the insurance premium. The higher the cubic capacity of your 2-wheelers, the higher will be the premium. 

Check the IDV Value

When you are buying two wheeler vehicle insurance online, then an important parameter that you need to check is the Insured Declared Value or IDV. It is the maximum insured amount at the time of purchase of the vehicle. As the vehicle becomes old, the depreciation will increase, and the IDV will start decreasing, and so the premium will get lower year-on-year. Hence, you must check the IDV when choosing a two-wheeler vehicle insurance online.

Choose a Credible and Reputed Insurer

One of the key factors that you need to take into account is to find a credible and reputed insurance provider. Since there are so many of them, choosing one can be difficult. But you must assess them based on the parameters mentioned above and then take a final call. You can easily get all this information online.  In case you are not satisfied with the online search, then you can also seek reference from those who have already invested in this plan.  

Benefits of 2 wheeler Vehicle Insurance Online

Now that you know about the right way to find the best insurance plan, you must also know about the various benefits that it offers. The following pointers highlight the same:

Protects the Bike

The primary benefit of buying an insurance plan is that it provides complete protection to your bike. Bike malfunctioning or damage due to uncertainties are unsolicited; with the right kind of insurance plan, you can keep your bike protected, and the policy will cover up the cost of repair, thus leaving you worry-free. 

Cashless Coverage

The best part about the bike insurance plan is that they are cashless, so you can easily avail the services without worrying about arranging the cash.

Coverage from Natural Calamity

Yes, another benefit of 2 wheeler insurance is that this policy also covers the damage to your vehicle from a natural calamity. Suppose there is an earthquake or storm or flood, which leaves your bike damaged, then your bike insurance policy will cover it under the comprehensive insurance plan. With all these set of benefits, buying a 2-wheeler insurance is a must. So, if you have still not invested in one, and are looking for the best two-wheeler insurance online, then the tips that we have shared in this blog are going to be helpful. Remember, insurance is not just about cost-coverage; it is also a legal mandate. 

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