Two Wheeler Insurance

A two-wheeler vehicle is a valuable asset and you must want to ensure its protection. When plying on roads, it brings higher risks to both the vehicle and the owner. To tackle this scenario, you need to buy two-wheeler insurance. On the legal ground, having two-wheeler insurance is compulsory. It provides protection against financial liability that may arise due to damage caused to any third-party property or bodily injury and physical damage/theft caused to your bike or scooter.

Buying two-wheeler insurance is mandated by the law. On the legal ground, you need to buy insurance to get the cover against third-party liability.

It helps you get away from legal penalties that may impose due to loss/damage to any third party. By choosing the right two-wheeler insurance, you need not worry about financial losses that may occur due to any third-party liability or damage/theft to your vehicle. Comprehensive two-wheeler insurance provides absolute financial protection. Having comprehensive two-wheeler insurance ensures peace of mind, as it provides complete protection in case of an accident. The insurer compensates you against the financial losses that may occur due to third-party liability and own damage as well.

What kinds of Two-Wheeler Insurance can I opt from?

Basically, there are two types of Two-Wheeler Insurance.

Liability Only Policy/ Third Party Two-Wheeler Policy: Third Party Two-Wheeler Insurance is a statutory requirement as specified under the Motor Vehicles Act. Under this insurance policy, the insurer covers the insured against bodily injury/death and property damage caused to a third party.

Comprehensive/ Package Two-Wheeler Policy: This insurance policy provides absolute comprehensive protection, as it covers both the third party and own damage cover.

Is there any Add-on Cover/Rider with Commercial Vehicle Insurance?

Add-on covers/Riders are additional benefits attached to your comprehensive insurance policy. Following are the add-on covers that are available with Two Wheeler Insurance.

  • Zero Depreciation Cover Typically, the insurer pays for claims after deducting the specific percent of depreciation for the damaged parts of the vehicle. By opting for this rider, your claim amount does not subject to any depreciation and you are entitled to receive the full claim amount.
  • Personal Accident cover for Rider & Pillion This rider provides cover to the two-wheeler driver and the co-passenger against accidental injury/death, Permanent Partial Disablement, Permanent Total Disablement, and Temporary Total Disablement.
  • NCB Retention Cover Usually, insurers offer NCB benefits, if you have not made any claims in the previous year. With this add-on cover, you can take benefit of the No Claim Bonus even if you have made claims up to pre-specified limits in the previous policy period.

Exclusions in Two-Wheeler Insurance

Following are the contingencies that are not covered under the Two-Wheeler Insurance.

  • Common wear and tear
  • Electrical & mechanical breakdown
  • Depreciation of vehicle
  • Claims due to scenarios that do come under the contractual liability
  • Loss/Damage due to war or nuclear risks
  • Loss/Damage occurred outside the permitted geographical region
  • The vehicle being used for a purpose not specified under the policy terms
  • Driving under the influence of alcohol
  • Driving with an invalid driving license
Motor insurance claim Process
  • A claim under a motor insurance policy could be for personal injury or property damage related to someone else.
  • This person is called a third party for the claim purpose as the premium is also charged accordingly.
  • For damage to your own insured vehicle called an own damage claim and you are eligible for this if you are holding a comprehensive policy.
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