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Modified 15 November 2016
If your two-wheeler is your walk-stick which drives you to all possible places, then just don’t forget to get it insured. As per law, it is mandatory to keep your vehicle insured all the time in order to stay protected from any unforeseen mishappening. The dealer provides you with a new two-wheeler insurance on purchase of your vehicle, but it is necessary to understand the different types of insurance i.e. – comprehensive and third party liability.
For people who consider insurance burdensome, third party liability is what they can go for that comes into act when a third party property or person is being affected. It is quite inexpensive as it does not take care of the damage caused to your vehicle and only concerns with the loss occurred to the third party.
Comprehensive policy offers protection against loss caused to the vehicle, accident cover provided to the owner along with third party liability cover offered to the other party during accident occurring with him or his vehicle. Dealers generally offer comprehensive insurance on purchase of new vehicle. The possible situations where insurance can be claimed are- loss of vehicle, theft of vehicle, damage caused because of fires or riots, accident or loss because of “act of god”.
When claiming for insurance, there are a few documents required for submission like photocopy of registration certificate of vehicle, driving license, filled claim form, police report and repair invoices. Starting with the process- an inspector is assigned to work on the claim to evaluate the loss incurred. As soon as the inspector reports the approval, the insurance company pays back for the losses. For the customer to receive money, it may take around 2-3 weeks.
The amount decided for refund depends on various bases. During an accident issue, the surveyor analysis the kind of damage or loss and subsequently the payments are dispatched to the mechanic for the losses included in the policy which generally exclude fiber and rubber parts.
During claim settlement, there are chances of rejection if the driver/rider turns out to be under the influence of alcohol or drugs or in case of breaking any law or even missing documents.
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