Bikes are one of the most preferred modes of transportation in India, and their revenue is projected to grow to US $32.11 billion by the end of 2024.
This growing demand, along with the current rise in awareness around sustainable and cost-effective transportation, are the two potential driving forces behind the current scope of transformation in bike insurance.
With the idea of efficient solutions with insurance at the forefront, here are some promising changes that bike riders can expect from bike insurance policies in the near future.
Potential Bike Insurance Trends for the Future
Comprehensive Coverage for the Win
The growing demand for bikes in India is encouraging the development and launch of new-age modern variants. These bikes might be produced using complex yet high-quality materials, increasing the riders’ repair and maintenance costs.
Considering this, one predictable trend in the future of bike insurance is the growing need for comprehensive policies that offer more extensive financial coverage for riders. While third-party bike insurance is a legal mandate in India, comprehensive bike insurance will become a need for bike owners looking for extensive coverage and peace of mind.
Take Over by Technological Advancements
The integration of digitisation with bike insurance has already introduced convenient paperless policy purchases and bike insurance renewals. However, in addition to that, new technologies are expected to take over the insurance industry in the coming years.
- Telematics for Discounted Premiums – Utilising data collected by telematics, such as GPS trackers, smart devices, app-connected bike locks, etc., can be a revolutionary step in preventing theft or vandalism and also encourage responsible riding to benefit from discounted premiums as a reward for safe driving habits.
- Blockchain Technology – Utilising blockchain technology in the claim process can improve the efficiency and transparency involved in the entire process from start to end. Moreover, it will ensure secure claim settlements with a significantly lower risk of fraud and errors.
- Dedicated Mobile Apps – Even though insurance providers like Reliance General Insurance offer a dedicated, user-friendly website for all bike insurance requirements, a potential transformation in the future is the launch of customisation-based, AI-powered mobile apps by different insurers to maximise convenience and offer real-time updates for all queries.
Personalised Insurance Policies
Another prediction for the future of bike insurance is increased demand and variations for personalisation based on the following aspects –
- Plans Based on Usage – A recent addition to the automotive industry that has gained significant popularity is pay-as-you-drive insurance plans based on vehicle usage. This can become more prevalent for bike insurance policies in the future, encouraging riders to practise safe driving to benefit from lower premiums.
- Increased Add-Ons – Customisation has been an integral part of insurance policies in India. However, given the requirement for unique coverage for different needs, bike insurance providers might increase the range of add-ons with their comprehensive plans to provide enhanced customisation to the riders for their specific needs.
- Bundled Policies – The insurance industry is familiar with the concept of offering combination coverage via bundled policies. However, the demand for them is expected to grow in the near future to simplify insurance accessibility and affordability for all riders.
Awareness and Sustainability-Driven Initiatives
The increasing adoption of environmentally friendly practices to promote sustainable living can impact the insurance industry in the near future. Along with the shift to digitisation, bike insurance providers might introduce new initiatives revolving around green practices.
This can include more competitive premium quotes for electric bikes, a discount feature for riders who shift from gasoline to electric bikes, better coverage for shared bikes, and so on.
Customisable Bike Insurance with Reliance General Insurance
Get comprehensive bike insurance policies with Reliance General Insurance and enjoy personalised coverage and attractive discounts. Get coverage for third-party liabilities, own-damage and personal accident under a single policy.
You can customise your coverage with a choice of add-ons. Finally, enjoy discounts from 20-80% on the policy premiums with No Claim Bonus, voluntary deductibles, etc. Buy bike insurance policies starting at just Rs 19/month.
Conclusion
The potential future of bike insurance can bring along a set of new-age initiatives deeply rooted in innovation and technological advancements.
As a rider, you must pay attention to your unique coverage needs and budget while embracing the future with necessary changes and initiatives to enhance your overall riding experience and additional peace of mind.
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