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Two wheelers have a large share on the busy Indian roads. Be it a guy riding a motor bike to his college, a man going to his office on a scooter or a girl going to market on scooty, the need and place of two wheelers can never be replaced by any other mode of conveyance. Here comes the need of two wheeler insurance. Motor insurance promises the insured, the longevity and safety of his beloved ride.
Need for Two Wheeler Insurance
- It is a financial cover provided for any damage or loss against natural calamities like fire, flood etc.
- Cover for the damage or against man-made calamities like theft or accident by external means etc.
- The third party bike insurance provides protection against issues arising out of injury/death or property damage of third party by your vehicle.
Before applying for the two-wheeler insurance for your motorbike, scooter or scooter it is necessary to know the basic terminology of insurance.
Premium paid for bike insurance is dependent on various factors like the city of registration, model, age of the vehicle, year of make, etc. Premium is decided and regulated by IRDA hence there is not much variation across various companies.
Coverage is the financial protection provided to the insured against damage or loss due to natural or man-made calamity along with third party liability. Coverage differs widely from policy to policy.
Exclusion in 2 wheeler insurance informs us about the situations wherein the insured is not entitled to file a claim. Conditions which fall in the category of exclusions are worn and tear, damage due to drunken driving, an accident of/by a person driving without a license, damage caused by war or nuclear explosions, etc.
When covered under a two wheeler insurance plan, the insured is entitled to get the claim for the damage. In case of very small claims, it is advised not to claim as this cancels your chance to avail NCB (No Claim Bonus). NCB provides a good discount on premium and can be transferred from one insurer to the other.
There are a set of documents required for making claim like vehicle registration copy, photocopy of insurance and FIR.
It is advised to read all the terms and conditions in detail before buying an insurance policy. Choose your policy wisely making sure it suits your needs the best.
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