As we all know the two wheelers are one of the most economical way to travelling in and around the city. People prefer two wheelers for fast travelling and avoid traffic jams. Over few years, two-wheeler owners has increased and today every third household in India is owning a two-wheeler. Comparing the data between May 2021 to May 2022, the growth in two-wheeler segment has increased of 246%. By the you can imagine, the popularity of two wheelers has increased. With the popularly of the two-wheeler, it has become mandatory for every two-wheeler owner has to insure his vehicle. Especially during monsoon season because of the bad road conditions and slippery tyres, water interring into the brake shoe which interrupts brake system of the two-wheeler can often lead to an accident. Two wheelers are also largely affected due to rains as the rainwater continuously falls over the vehicle and affects its performance while damaging the mechanism. Chances are there that the vehicle having a technical breakdown due to the high rains in the monsoon season which makes it necessary to get insured with a two-wheeler insurance cover.
Renewal of two-wheeler insurance is important in monsoon season and here are the reasons why you should do so immediately.
Protection towards natural disaster:
Heavy rains can cause a big damaging your two-wheeler. If you have already two-wheeler insurance cover then it will help as the policy offers feature protection against natural disasters like flood, fire, cyclone, earthquake and man-made disasters like theft, burglary and so on A two-wheeler insurance policy will be helpful for you in get coverage for the damages incurred.
Access no claim bonus:
No claim bonus will stay intact if insurance policy is timely Renewed for your two-wheeler. NCB is the discount given on premium you will be eligible for if in case of making no claims in one policy year. No claim bonus will expire if in case the policy is not renewed within the 90 days from the date of expiry.
No break in policy disadvantage:
In case you miss the renewal payment your two-wheeler policy before monsoon and if the policy date has expired then it will be considered as break-in policy. In that case, the two-wheeler will be required compulsory inspection and if the surveyor finds any damages in the two-wheels, in that case the premium will increase.
Continue staying insured:
Monsoon season is an uncertain season and can cause great inconvenience to the two-wheeler. Non-renewal of policy will increase your expenditure for the damages caused by monsoon and also lead to legal liability if in case you do not renew your insurance cover on time. It is compulsory to insure two-wheeler with a valid third party insurance coverage as it will protection you against damages caused by you to the third party person or property.
List of insurance companies doing two-wheeler insurance-
National Insurance Co. Ltd.
- Founded in 1906
- Head Quarter – Kolkata
Go Digit General Insurance Ltd.
- Founded in 2016
- Head Quarter – Bengaluru
Bajaj Allianz General Insurance Co. Ltd.
- Founded in 2001
- Head Quarter – Pune
Cholamandalam MS General Insurance Co. Ltd.
- Founded in 2001
- Head Quarter – Chennai
Bharti AXA General Insurance Co. Ltd.
- Founded in 2008
- Head Quarter – Mumbai
HDFC ERGO General Insurance Co. Ltd.
- Founded in 2002
- Head Quarter – Mumbai
Future Generali India Insurance Co. Ltd.
- Founded in 2007
- Head Quarter – Mumbai
The New India Assurance Co. Ltd.
- Founded in 1919
- Head Quarter – Mumbai
Iffco Tokio General Insurance Co. Ltd.
- Founded in 2000
- Head Quarter – Gurugram
Reliance General Insurance Co. Ltd.
- Founded in 2000
- Head Quarter – Mumbai
Royal Sundaram General Insurance Co. Ltd.
- Founded in 2001
- Head Quarter – Chennai
The Oriental Insurance Co. Ltd.
- Founded in 1947
- Head Quarter – New Delhi
Tata AIG General Insurance Co. Ltd.
- Founded in 2001
- Head Quarter – Mumbai
SBI General Insurance Co. Ltd.
- Founded in 2009
- Head Quarter – Mumbai
Acko General Insurance Ltd.
- Founded in 2016
- Head Quarter – Mumbai
Navi General Insurance Ltd.
- Founded in 2016
- Head Quarter – Mumbai
Edelweiss General Insurance Co. Ltd.
- Founded in 2016
- Head Quarter – Mumbai
ICICI Lombard General Insurance Co. Ltd.
- Founded in 2001
- Head Quarter – Mumbai
Kotak Mahindra General Insurance Co. Ltd.
- Founded in 2015
- Head Quarter – Mumbai
Liberty General Insurance Ltd.
- Founded in 2013
- Head Quarter – Mumbai
Magma HDI General Insurance Co. Ltd.
- Founded in 2009
- Head Quarter – Kolkata
Raheja QBE General Insurance Co. Ltd.
- Founded in 2007
- Head Quarter – Mumbai
Shriram General Insurance Co. Ltd.
- Founded in 2006
- Head Quarter – Jaipur
United India Insurance Co. Ltd.
- Founded in 1938
- Head Quarter – Chennai
Universal Sompo General Insurance Co. Ltd.
- Founded in 2007
- Head Quarter – Mumbai