Riding a bike is a pleasurable experience. It is like meditation. It would be best if you were concentrated, focused, and kept up the spirit to ride the way out extensively. We aren’t talking about tossing back to multiple more vital espresso shots or playing one of the mind-training games advertised on social media platforms. A recent study shows that those who regularly ride bikes have a much sharper memory, more robust reasoning, and effective planning to spin on a two-wheeler. Biking for 45 minutes and hitting the gym keeps your mind fresh. Daily bike commuting clears mental blocks and brings happiness. For a midday mental boost, a short ride for errands works wonders. Plus, here’s great news for vehicle owners and buyers!

The annual increase in insurance premiums that takes place in April every year is being postponed while India’s insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI), obtains updated actuarial estimates for third-party motor insurance. The rates were not changed in 2020 or 2021 as a result of the then-widespread COVID-19 pandemic. The third-party motor insurance was increased by 15% to 25% during the 2022 revision though. #

Customers who own two-wheeler and four-wheeler vehicles will be greatly relieved to learn that their online bike insurance premiums won’t increase starting in April 2023. The rates that are changed annually in April won’t be changed for the time being. The implementation of the new rates will be delayed while the regulator, IRDAI, receives new actuarial calculations for third-party motor insurance. #

For an upward division of motor insurance rates, the insurance industry has submitted proposals to the regulator IRDAI, and the regulator has started actuarial calculations to determine the new third-party insurance rates. Therefore, it is likely that the third-party insurance won’t be changed for the next three months, up until June, and that new rates will take effect in July. #

Customers who need to renew their two-wheeler insurance will be greatly relieved by this, especially new owners who must pay the required five-year third-party insurance premium for two-wheelers and three-year third-party insurance premium for four-wheelers when purchasing the vehicle.

All vehicles operating on public roads must have third-party insurance. Customers who purchase new two-wheeled vehicles must opt for two-wheeler insurance online for five years, while four-wheeler owners must pay an insurance premium for three years, after which they can renew their insurance policies. ^

Are you going to renew your two-wheeler insurance soon? Then, make sure you choose online two-wheeler insurance for third-party protection. And remember to check bike insurance prices online to get the optimum premiums for your use case. ^

The decision not to increase third-party insurance premiums from April 2023 comes as a significant relief to both two-wheeler and four-wheeler owners. These premiums are a crucial part of vehicle ownership costs and directly impact the affordability of owning and using vehicles. This move by the authorities acknowledges the economic challenges faced by vehicle owners and aims to ease their financial burden. It also underscores the importance of maintaining a balance between providing adequate insurance coverage and ensuring affordability for consumers. Overall, this decision is welcome news for vehicle owners across the board.

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^ Claims are subject to terms and conditions set forth under a comprehensive two-wheeler insurance policy.

# Visit the official website of IRDAI for further details

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.’

Doris Hamilton