GENERAL INSURANCE BLOG

'Big business starts small' – wise words by Richard Branson. If you plan to become your boss, a bike rental business can be a good venture. A rental bike allows people to ditch cars and public transport without owning a motorcycle or being bothered by BIKE INSURANCE, storage, and maintenance hassles.

In recent years, the opportunities and demands for a bike rental business have increased considerably due to the convenience of two-wheelers. With just a helmet and a 2-wheeler, a person can go around the city efficiently running their errands; or take in some fresh air on an empty highway.

Now that you are ready with your business idea let's proceed to the next step. We have brought together these seven easy steps to help you start your bike rental business.

Step 1
Plan – 'A target to accomplish without a plan is just a dream!'
• Estimation of setting up your business

• The business operation cost

• Potential customers (set up the target audience and promotion offer accordingly)

• Method of business (hourly or daily rates, whether or not you will sell bike-related merchandise, policies concerning damage caused, etc.)

• More profits (consider extra services, like bike sales and repairs; if in a tourist place, offer tour guides)

• Name of your business (what's there in the name? Your brand, logo, website, etc.)

Step 2
Tax – 'Pay for doing the right thing!'
Register for taxes; your small business will be taxed depending upon your business structure (e.g., LLC or Sole Proprietorship.)

Step 3
Bank accounts and credit cards – 'Start your financial journey!'
A business bank account separates your assets from your company's assets. Similarly, getting a business credit card will help you separate your business and personal expenses, and it builds your company's credit history, allowing you to acquire your investments later.

Step 4
Daily cash flow and expenses – 'Maintain a proper business account!'
Keeping track of various expenses and income is crucial to understand financial performance. It also simplifies the tax filing for you. Carefully manage the cash flow, make all entries and maintain a daily account sheet.

Step 5
Legal requirements – ‘Keep the books clean!’
Get your company’s name registered, obtain GST, PAN card, trademark certificate, and other prerequisite licenses and permits to avoid any fines or legal issues in the future.

Step 6
Insurance – 'Keep your umbrellas ready before it rains!'
Similarly, for your firm's financial security, it is necessary to get the right business insurance. There are several types of insurance policies designed to cover different risks. For the growth of a bike rental business, the security of bikes makes a huge difference. With the rising operation cost of the bike rental business, having robust bike insurance plans helps you overcome financial risks related to your bikes.

Step 7
Move online – 'Make the internet your new market!'
Maintaining a good website and the social media platforms like LinkedIn, Facebook and Instagram will help your business to grow with more user engagement. In addition, you can flash special offers, exclusive deals, trade merchandise as a part of your marketing strategy to draw more sales.

For running a bike rental business, you need to have mechanical skills or hire at least one full-time mechanic. Remember, a nonoperating bike won't earn you any money. Also, a significant amount of your customers can be tourists, so you should be well acquainted with the location to build a good customer relationship. Follow your passion and work in the direction of making your vision a reality with this quick guide.

Are you starting a new bike rental business? Click HERE to buy insurance that will ensure the safety of your bikes.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

The two-wheeler segment is considered the most convenient mode of commutation in our country. It is believed that 'life is better on two wheels.' With a couple of benefits like fuel efficiency, compact design, and budget-friendliness, two-wheelers are people's personal favourite to withstand the fast pace of life. From youths to retirees, you will find a large Indian population riding two-wheelers.

Despite many worthy features, two-wheelers elevate the risk involved in riding them. No matter how good your driving skills are, you can't deny the risks involved with two-wheelers. Unfortunately, people tend to overlook it while riding two-wheelers. Following traffic and safety rules is essential even if you have many years of experience under your belt. In addition, pursue another good habit of renewing your 2 WHEELER INSURANCE to ensure security in case of mishaps.

We bring these eleven good habits every rider should consider:

1. Start your two-wheeler only after wearing the helmet. It is unlawful and dangerous to ride a two-wheeler or a bike without wearing a proper helmet. The helmet should be ISI certified and of the best fit.

2. Always go for a bike that you can comfortably ride and control. Choose one that is appropriate for your physical capabilities, low maintenance, and compliments your budget.

3. Overtaking a vehicle from the left is always the wrong decision you'd ever make. Stay away from overtaking at intersections, schools and public zones, bridges. Honk before you take a turn.

4. The rider must be visible to other vehicles during the night and extreme weather conditions like fog. Stick reflective bands on the helmet, use dipper lights appropriately, especially when riding at night.

5. Riders must be cautious of their proximity to the vehicles ahead of them. Understand the distance required to go to a complete halt and brake correspondingly.

6. Maintain your motorcycle or scooter in excellent working condition and get regular servicing at an authorized workshop or service centre.

7. Always look out and be aware of potential dangers such as speed bumps, potholes, environmental disasters, and pedestrian crosswalks.

8. Obey all traffic rules religiously. Always signal first so that others can anticipate your next action. Make sure you don't slam on the brakes or make sharp bends suddenly.

9. Using your phone on the bike is a big threat for the rider and the pillion rider. If it is exceptionally urgent, pull over your bike at the side of the road to use your phone.

10. Only because you own a vehicle does not make you superior on the road. Be considerate of pedestrians and allow them to move before you in all situations.

11. In addition, an overall increase in service cost, maintenance fee, or a sudden accident may impact your financial plan. So, prepare for uncertainties in advance with 2 wheeler insurance. 

2 wheeler insurance will not just cover your finances at times of damage but will also provide you with compensation if your two-wheeler is stolen.

Keep the above-mentioned habits in mind and enjoy the pleasure of a bike ride to chase more smiles per hour.

Looking for 2 wheeler insurance, click HERE.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Bikes are the most commonly used vehicle when it comes to riding on India's busy roads. But did you know that your safety relies on one more thing than just your driving skills? Your choice of tyres and how you maintain them are two major factors contributing to a safe and smooth ride.

Still, most of us don't take the health of our bike's tyres very seriously. Tyres suffer a lot while making your riding experience pleasant. Besides this, bike tyres face significant external damage and develop cracks due to constant wear and tear. You cannot afford to leave the tyres unattended because a faulty tyre can be a threat to your life and others around you. Below are the five best tips to increase the life expectancy of your bike's tyres.

1. Wash them regularly:
Cleaning the tyres of your bike is an essential routine that you shouldn't miss. Leaving dirt will expose them to damages, thereby affecting their quality. The dirt racks up on the tyre's surface and affects its grip, which tends the bike to skid on the road. So, next time you go to the washing centre, get the tyres clean and dirt-free thoroughly.

2. Schedule regular repair checks:
Your bike runs over any sharp object like a nail or edgy stones on the road. With time, tyres also meet with alignment and wheel balancing issues. This happens due to extensive riding and wear and tear of treads or grooves. Get these issues fixed at the earliest, as otherwise, such things can damage the tyres inside out.

3. Get the best fit:
Sometimes we opt for fancy or trendy tyres and don't pay heed to the actual requirement. Always look out for the best fitting and necessity of your bike and its model. Mismatching tyres is never a good option – neither for your bike nor for you.

4. Timely replacement of tyres:
Tyres don't come with a lifelong guarantee. Ideally, they need to be changed every 4-5 years, or the kilometres you cover, depending on your bike's specifications. Due to resisting the friction continuously, tyres tend to lose their grip. Taking out your motorcycle with such tyres on the road is dangerous, especially on uneven roads or during the rainy season. So, timely replacing of tyres is required before the situation gets uncontrollable.

5. Check for ideal pressure:
Refer to the user manual of your bike to know the perfect pressure of the tyre and maintain it consistently. Don't forget the essential maintenance of air filling and oiling the engine. Riding under less pressured tyres is risky as there are chances of bursting or unexpected puncturing.

Your bike is your responsibility, and keeping it in good shape will give it an extended life. Moreover, regular maintenance to your bike and tyres promises comfortable and safe rides to you. Along with good care, buying suitable BIKE INSURANCE also counts as a wise step. Bike insurance comes with plenty of benefits that can help you as an owner during unfortunate incidents like accidents, theft, or damages due to calamities.

Click HERE to buy or renew your bike insurance online.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Health insurance is a policy that provides financial cover for your medical expenses. It includes both pre-emptive medical care such as routine medical checkups and tests and costs incurred after someone gets sick or in case of some medical emergency. Your health insurance provider reimburses these medical bills.

With the development of the internet, the entire buying, renewal, and maintenance of your insurance policy has shifted online and has become more streamlined and convenient. Further, the advent of technological development has also favored cashless modes of premium payment.

In this article, we will walk you through all the basics that you need to know about health insurance. This way, you can easily navigate through different policies and come across the best Health Insurance in India, to match your needs. Let’s get started…

Major Factors to Consider Before Buying a Health Insurance:

● The policy holder’s requirements (size of the family, members of the family, specific allergies, ailments, and diseases)

● Policy limits (possible advantages, disadvantages)

● Type of plan (Bronze, Silver, Gold, Platinum)

● Market credentials of the insurance provider

● Whether or not the insurance has a cashless network

Basics of Health Insurance

A health insurance doesn't cover all the costs, it only covers what it calls the ‘out-of-pocket’ expenses. These policies are formulated in such a way that it shares costs. After reaching the out-of-pocket limit, the insurance pays the entire cost.

Ways of Cost Sharing Between the Policy Holder and the Health Insurance

There are several ways in which an insurance company shares costs. Each way constitutes a different type of insurance policy. Here are some features of your policy that you should know about:

● The out of pocket limit

● The deductible

● The co-insurance

● The co-payment

Did you know that a cashless claim settlement brings in more money, when compared to other modes of payment? It is useful to keep these little tips in mind before buying and selecting a health insurance policy.

Other Things to Keep in Mind:

● Crucial benefits that are offered to each policyholder

● Should be affordable as per your income

● Certain government-mandated federal standards

● Consumer protection laws

Who Should Purchase Medical Insurance and Why?

Everyone should have health insurance. Medical emergencies and problems are often unforeseen and it is highly unlikely that an average person has a substantial amount of money saved up at all times. Moreover, medical costs are too high, and one usually cannot cover it by themselves. These bills are also directly linked to several financial problems.

Various groups that should invest in health insurance:

● Students: Students can avail their parents’ health insurance till the age of 26. Universities often offer the right health insurance plans. Students who go away to college in a different state should avail of this insurance since their parents’ insurance might not work in another state.

● People with families: Family plans usually have individual as well as family deductibles for each member. The insurance comes into force only after the deductibles have been met.

● People who fall in the lower income slab: Health insurance policies are the best way to cover your costs, without burning a hole in your pocket. People who fall in the lower income slab should consider using this tool to prevent financial losses.

● People who are pregnant: All health insurance policies cover pregnancy and certain prenatal as well as postnatal procedures. Childbirth and maternity care count as essential benefits, and everyone who is pregnant should get a chance to avail of it.

● Senior citizens: All senior citizens, i.e. people of the age 60 and above qualify for the government-mandated health insurance plans.

● People in the military: All active military officers get their health care and their family’s health care subsidized by the government.

● Married people without children: These couples could purchase individual insurance plans instead of a complete family plan. One could also depend on their spouse’s employer’s insurance plan if such a situation exists.

Conclusion

Having health insurance offers loads of benefits. From the above guide, we hope that your doubts about health insurance are solved. Secure yourself today by getting health insurance. Moreover, as you age, health insurance becomes even more important.