All You Need To Know About Your Two Wheeler Insurance Policy Coverage

Two wheelers are usually owned by the middle and lower middle-class population in India. Riding a bike or two-wheeler for commuting purpose is the most common practice among them. A motorcycle, scooter, or moped is the most common mode of transport for work or personal use. Any damage or destruction caused to their two-wheeler would wreak havoc on their entire monthly financial plan, as the cost of getting their precious vehicle repaired will mess up all calculations. Buying a two wheeler insurance policy would save them from burning a hole in their pocket, as it offers cover against unforeseen damages and risks.

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If you also own a two-wheeler and you have it insured, you will not have to worry about any destruction or any harm which has been caused to your bike, under any circumstances. You can ride without fear and stay safe by keeping yourself and your two-wheeler covered under insurance.

You may like to Read: Renew Your Two-Wheeler Break-in Insurance Policy

What is a Two Wheeler Insurance Policy?

Anyone who owns a two-wheeler has to motorcycle insurance policy as well. It secures you and your vehicle from any unforeseen circumstances, which may arise in case of an accident or damage due to man-made disasters like strikes, malicious activities or theft etc. and natural calamities like floods, earthquake, fire and landslide. It safeguards you and your vehicle against legal and financial liabilities arising out of injuries caused to the third party in case of an accident or collision. Bike insurance proves to be extremely beneficial when you have to pay off the hefty amount which goes into fixing the vehicle. You can claim the expense from your insurer and get a claim cover. The policy can be bought for both personal and commercial vehicles.

Insurance Regulatory and Development Authority makes it mandatory for bike owners to get the insurance done, and make it a priority. You can start by assessing various bike insurance policies from different insurers which are available in the market. Moreover, you should check which policy is offering maximum coverage. Every bike insurance policy has different features, thus try to find out what aspects are covered under your insurance plan.

Furthermore, you should know about all the inclusions and exclusions under your policy. If you have a fair idea about them, you can decide better which plan will resonate well with your needs and requirements.

But, which plan will give you maximum cover from financial risks arising out of accidents or catastrophes? You should also evaluate it on the basis of the premium which will be required to pay.  So, there are two types of two-wheeler insurance policies -

  • Comprehensive bike insurance policy will protect the rider from all types of physical injuries and the two-wheeler from damages.
  • Third Party Liability policy will protect you from legal, physical and financial damages due to the third-party mishap.

Third Party Two Wheeler Insurance Cover

As per the Motor Vehicle Act, 1961, third-party vehicle insurance cover is a legal mandate for any vehicle moving on the road. Nobody will run from pillar to post, to fix the damage which has been done to a third party due to accident or collision, resulting from your fault or vehicle. Your insurer would bear the burden of physical destruction and financial loss, saving your time, efforts and legal troubles if any.

In case of accidental death or serious injuries, or incidences of damage to third party property from your vehicle, you can claim it from your insurer, who will take responsibility to reimburse all the loss that has happened to the third party. It won’t cover damage to your vehicle in this process, but it ensures the insured person does not suffer any loss from the incidence.

You may like to Read: Two Wheeler Driving Tips

Two Wheeler Insurance with Personal Accident Cover

Along with the third-party cover, it is important that you also get a personal accident cover in your two-wheeler insurance policy. This would give you a cover of up to the sum of Rs. 15 lakh for any mishap that results in physical damage or even death. You can also get your co-riders covered under this policy. It is necessary as it will give you a cover in case of serious injuries or fatal incidences arising out of a road accident. You will get 100% compensation in case of death, mutilation of limbs, loss of eye-sight or any sort of permanent disability.

Get Fully Covered Under Comprehensive Insurance Policy

Make sure buying the two-wheeler insurance policy. There are so many clauses under insurance policies, so you must consider all the inclusions and exclusions in your policy. Before buying the policy make sure you are fully informed.

Have a quick glance at what should be covered under your comprehensive insurance policy-

Natural Catastrophes

Mishaps arising out of natural calamities involving earthquakes, hurricanes, fire, cyclones, floods, thunderstorm, landslides, rain, explosions, etc.

Man-Made Disasters

Any damage or harm that is done to your two-wheeler by humans, would be covered under man-made disasters. There are incidences of accidents, injuries or damaged vehicles arising out of external factors involving robbery, strikes, collision, terrorist activities, thefts, malicious acts etc. This would also secure your vehicle from damages which may happen on road, water, air or railways.

Personal Accident Risk Cover

Driving a two-wheeler, one is always running a risk of accidents on road, which may result in temporary or serious damages or disabilities. If you take personal accident risk cover, you would be reimbursed for the loss during the incident. You can also get your co-passengers insured under the same.

Insured Declared Value

IDV can certainly influence your two-wheeler insurance claim and premium amount. Your insurance service provider would calculate your policy premium based on your two wheeler insured declared value or IDV. It is valid on comprehensive insurance plans and not on third party liability cover for the bike (it is based on the category of the vehicle involved in the accident). Though a lot of people try to opt for low insurance premiums but do not cheat your insurer by claiming false IDV. Because during the claim processing, the insurer would calculate your two-wheelers’ age, and compensate accordingly. Note that, your claim amount will, ultimately, rely on your vehicle’s depreciation value. If your vehicle parts have been replaced, then also there will be deductibles. However, zero depreciation can be added to your policy, if you want to avoid financial deductions of your two-wheeler’s depreciating parts.

The depreciation value will also be deducted and the final amount will be processed to claim further. The depreciation value would be higher for older vehicles and vice versa. To explain further, the depreciation would be only 5% if your vehicle is 6 months old; it will be 15% if your vehicle age is up to 12 months, 20 % for vehicles which are 1-2 years old, 30% for 2-3 years old vehicle, 40% for 3-4 years and 50% for 4-5 years.

Conclusion

Whenever you are buying a two-wheeler insurance policy, make sure you analyze all the benefits and coverage which you will get from it. Every policy elucidates the inclusions and exclusions along with the calculated premium. If you look at the above-mentioned details, you will be able to decide better, which policy you should opt for.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis