Hero MotoCorp, the largest two-wheeler motorcycle is reported to increase their prices up to 900 starting from October 3rd. Presently, Hero MotoCorp having headquarters in Delhi has announced the price increase for their vehicles. Their product portfolio has 21 models inclusive of bikes and scooters.
In addition to the already existing motor insurance, the cost of the vehicle is going up. This news has been officially confirmed by the company. In their recent statement, the company expressed that the price hike will be up to 900 INR and this will come into effect from Oct 3, 2018. This announcement has come much later after the announcement from Bajaj auto about the revision of price. Earlier Bajaj auto has made an upward revision of three thousand to eight thousand on-road prices, which was implemented since Sep 1, 2018.One of the vital reason for the price hike is due to the mandatory coverage of third-party liability insurance for up to a period of five years.Two-wheeler accounts for 80 percent of Indian vehicle sales because it is the general view of the people that it is the better way to wade through notorious Indian traffic. Furthermore, bikes are much cheaper when compared to car or SUV offering better mileage.However, it is a well-known fact that two-wheeler is vulnerable to road accidents in comparison to other vehicles. No one exactly realizes the actual anxieties and the afterlife expenses following a motorcycle accident better than bike riders. Motorcycle insurance apparently becomes important fueling the vehicle for own safety and that of the others. Most bike insurance online provide comprehensive benefits for both the rider as well as the third party coverage.
Things to understand about online bike insurance
When it comes to buying a two-wheeler, there are plenty of aspects, you will consider before purchasing a new vehicle like the mileage, price range, and its different features. Apparently buying a two-wheeler involves buying online bike insurance as well.
A bike insuranceonline policy is an investment worth making to save unexpected expenses in the future. They are designed to shield the riders and the vehicle
• Medical Bills–During personal accidents, healthcare can be expensive, and hospital expenses seem to be a real nightmare. Bike insurance apparently takes care of medical bills incurred during hospitalization
• Property damage –Bike insurance onlinecovers loss or damage to the vehicle caused due to theft, fire, explosion, natural calamities, and a few others —the policy pay for the repairs or replacement of the vehicle.
• Personal injuries–Motor insurance policy covers death or bodily injuries to the third party in the instance of an accident instigated by an insured driver. Furthermore, additional coverage can be purchased for the pillion rider, but it is purely an optional basis. Since bike accidents are most common in all parts of the country, it is highly recommended to protect the pillion rider's safety.
• Collision coverage- Collision coverage and comprehensive coverage are two varied portions of motorcycle insurance. It protects the two-wheeler against theft, damage as well as the cover the owner or the rider in the case of an accident.
However, before buying the two-wheeler insurance, you should have a better understanding of their policies and their coverages. But what are the things you need to take care of?
• Type of Cover - Motor insurance law in India is very strict and claims that every rider should have a third party liability insurance to cover property loss, death, bodily injuries or damage to the third property up to a period of 5 years.However, liability insurance doesn't give protection to the rider/owner. To protect yourself, you should have collision or comprehensive coverage
• Premium factors of the vehicle like the model, city of registration, type of insurance and few others.
Premium motorcycles are subjected to high insurance cost when compared to normal bikes. It is generally advisable to go with the best bike insurance onlineto obtain the best coverage policies.
Bike Insurance Online – The Best Insurance Companies in India
People often think that policies obtained through insurance agents can bring in more benefits and offers to the customers. Although it is true in brick and mortar insurance companies, motor insurance companies since turned online, customers can directly get great deals from many of the insurance companies.
Let us see a few insurance companies that are performing well in the past two financial year
Bajaj Allianz–Bajaj Allianz, one of the trustworthy and topper of the bike insurance online company, aims to reduce manual efforts by providing high-quality trouble free services. Some of the key benefits of this company are
1. 24/7 customer service that handles the customer queries with utmost patience and provide immediate solutions
2. Hassle-free process for break-in insurance
3. Super quick with excellent digital options.
Bajaj Allianz has won many awards for their accomplishments and service. Perhaps highly rated insurance company based on customer reviews. This brand provides coverage against
1. Loss or damage incurred to the vehicle as a result of natural calamities like earthquake, flood, lightning, landslide, rockslide, etc.
2. Loss or damage incurred due to personal forces like riots, explosion, burglary, theft, etc.
3. Personal accident cover that occurs during travelling, mounting or dismounting the vehicle.
4. Mandatory by law, third party liability insurance. Since the implementation of this decision, two wheeler companies have taken advantage of the situation and increased their vehicle prices.HDFC Ergo- Buying a new vehicle brings in a lot of happiness, however, to make that happiness lasts forever, you should be insured. HDFC Ergo offers a cost-effective plan for two-wheeler owner/driver.The best insurance company is known for customer trust and respected by the industry. You can instantly buy bike insurance onlineto protect your vehicle for many more years to come.
Reasons why you need to invest in HDFC Ergo
1. More savings with an increase in the TP premium annual increase
2. Online policies for added convenience
3. A good saving for a safe future
4. The multitude of Insured Declared Value to choose from
TATA AIG–TATA is a renowned brand across India for its products and services. They won millions of customer appreciation since they came into the industry in 2001. Although many companies are in the insurance industry, TATA AIG offers comprehensive bike insurance online policies that provide all-around protection from the unfortunate accidents.
They have plan coverages for
• Loss of vehicle
• Damage to the vehicle
• Third party legal liability
• Replacement of parts after accident –predefined depreciation policy
• Claim free discounts
What makes them different from the other competitors?
Some of the benefits and features of TATA AIG
1. TATA AIG plan covers partial or complete coverage to the vehicle subjected to accident, fire and other related factors
2. TATA AIG bike insurance online plan covers third-party legal liability in case of an accident caused to the third party or in terms of bodily injuries.
3. The customer can enjoy a discount when they don't claim for insurance
4. They have a predefined depreciation of parts plan through which you can make a replacement to the vehicle parts that are subjected to wear and tear during an accident or natural calamities
5. Online renewal options with 24/7 customer service.
6. One of the unique features of this brand is, the individual (owner/rider of the vehicle) can claim for the loss or damage of their personal belongings during the accident. TATA AIG provides coverage also for the personal belongings.In addition to the existing brands, there are a plethora of new players in the market. Since their emergence, they come up with several new features and benefits plans to attract new customers.Having a clear understanding of the bike insurance online policies, you can go ahead with the purchase of your new bike. Apparently, the third price hike from Hero MotoCorp in the current year is not quite convincing among the public. However, the company claims that they have no choice because of the continuous increase in the price of the raw materials and the fall of the rupee value against the US dollar.Earlier when the company raised the price in June 2018, they claimed for the rising input costs. But still, the company sold 3,469,661 units of two-wheeler from April to August after the second price hike which is 328,110 higher than the last fiscal year. The increased prices apparently depend on the model and the specific market.The decision to make third-party liability mandatory inevitably caused demand for the bike seller to increase the prices.Their new launch is Xtreme 200R which is priced close to 90,000 INR. Earlier Hero MotoCorp announced the actual price to be 88,000 however after the recent price inflation, the new price is expected by 89,900. It might slightly vary depending on the region. Perhaps they are ex-showroom prices. The showroom can still be higher.Since the price hike is pretty marginal, the business analysts expressed their reviews that, this will not affect the company sales substantially.