Your first vehicle? Or are you a motorcycle connoisseur with a Harley-Davidson? Either way, keep it insured.
If you own a two-wheeler in India, you are required by law to keep it insured. It is therefore essential that you make it a point that the insurance policy of your vehicle doesn’t ever lapse.
A valid insurance policy for your two-wheeler is not just legally necessary but also essential to make sure that any financial setback you would have otherwise suffered because theft, damage, or any other mishap is covered.
But bookish advice and real-life are never quite in sync. It is not surprising therefore that a significant percentage of two-wheeler owners forget to renew their two-wheeler insurance every year.
Bringing a lapsed policy back to life used to be a Herculean task earlier. Tonnes of paperwork and physical inspection was just the start of the process.
But now you have break-in renewal. This, as we shall show, is a boon and many of the big players in insurance are now offering this option.
Today, break-in renewal can be done online without physical inspection of the vehicle and minimal hassle.
In June this year, general insurers introduced online renewal of break-in policies to help make this process easier for Indian consumers. This has been a roaring success.
And the fact that break-in, today the simplest option available to renew your lapsed policy, is growing in popularity is borne by a bird’s eye view of the numbers witnessed over the months of June, July, and August 2014:
The number of lapsed policies that were revived using break-in has shot up seven times within just three months of its launch (June — Aug 2014.)
In June, the percentage of consumers that had opted for break-in was 25 per cent of the total two-wheeler insurance segment.
This number rose to 55 per cent of the total segment by the end of August 2014. This is a significant trend for the online two-wheeler insurance market.
There is a rising trend amongst consumers from outside of the Top-8 metros. In the 3-month period (JuneAug 2014,) nearly 65 per cent of two-wheeler insurance sales came from outside of the Top-8 metros .
This, according to pundits, was counterintuitive and very different from what was seen in other insurance categories like Term, Health, etc., where the top 10 cities still contributed towards roughly 65 per cent of all policies sold.
To condense this article into one short takeaway: You shouldn’t forget to renew your two-wheeler insurance, but if you do, you havebreak-in renewal of your two-wheeler insurance policies now.
Don’t let a lapsed insurance policy keep your bike off the roads, not when renewal is just a few clicks away.
The eight top metros in India (insurance-wise) are: Delhi, Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, and Pune.
Curated from Keep That Ride Insured – Go for Brake-in Renewal