Two Wheeler Insurance

Get the best of both worlds - superior two wheeler coverage and attractive premium.

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Two Wheeler Insurance is an insurance policy that protects the owner of the vehicle against any financial loss arising out of damage or theft of vehicle. Two Wheeler Insurance Policy also covers the damage caused to third party or property. Two Wheeler Insurance is mandatory in India and is the best way to financially secure yourself, your family and your vehicle. Two Wheeler Insurance helps cover against theft, financial loss caused by accidents, ( Bodily Injury, Medical Payments, Property Damage ) and any subsequent liabilities. It may cover the insured party, the insured vehicle (damage) and third parties (Two Wheeler and people) based on the type of insurance bought.

Types of two-wheeler insurance

Third Party Liability coverage Policy

A third-party Two Wheeler Insurance plan provides coverage against any legal liability arising out of injuries to a third-party when the policyholder is at fault. It covers damages and injuries caused by the insured vehicle, to a third-party person or property. As per the Motor Vehicles Act, 1988, it is mandatory for every motor vehicle owner to buy at least third-party insurance coverage in India.

Comprehensive Insurance Policy

A comprehensive Two Wheeler Insurance plan offers complete protection against the damages to the two wheeler due to an accident or a road-mishap. This plan is called a comprehensive plan because it provides coverage for the damages to the two wheeler, third-party legal liability, theft, along with the personal accident coverage.

A comprehensive Two Wheeler Insurance plan includes coverage for fire, theft, natural and man-made catastrophes, such as a tornado, hurricane, vandalism, damage caused to the two wheeler by animals, falling objects, civil disturbance etc.

TYPE OF TWO WHEELER INSURANCE PLAN:

One needs to decide whether a Comprehensive Two Wheeler Insurance is required or a standalone Third Party Liability Insurance is to be taken. Third Party Liability is mandatory by law in India. If one opts for only Third Party Liability policy, then only injuries caused to other people in an accident will be covered but not the damage to the Two Wheeler or property.

CASHLESS FACILITY:

Before buying a Two Wheeler Insurance policy, one should check up the list of garage which are providing the cashless facility for claim settlement. This will help in the easy settlement of the claims.

INSURED DECLARED VALUE (IDV):

Two Wheeler Insurance premium is linked to the Insured Declared Value (IDV) of the Two Wheeler. IDV is the maximum amount that one can claim under a motor insurance policy. Lower the IDV Lower Coverage as well as Lower Premium.

NO CLAIM BONUS (NCB):

If there is no claim during the entire year then about 5-10% discount is given on renewal Premium So, on renewal, NCB needs to be checked that it has been accurately calculated especially if there has been no claim in the previous year and NCB needs to be carried forward. NCB can accumulate upto a maximum of 50%.

CLAIM PROCEDURE:

The most important aspect of a “good” two wheeler insurance policy would be easy and efficient claim procedure and hence knowing the same and being aware is a very important factor while buying Two Wheeler Insurance policy.

  • Compare Insurance Premium
  • Evaluate Voluntary Deductions
  • Big No to claim small expenses
  • Ensure the Continuity of the Policy

COMPARE INSURANCE PREMIUM

Comparing the quotes of various insurance policies online can help in saving the premium. However, it is very important to note that the required coverage should be first identified before comparing the premium. Otherwise, one may miss out on important feature/cover.

EVALUATE VOLUNTARY DEDUCTIONS

The higher the voluntary deduction, the lower will be the Two Wheeler Insurance premium. Voluntary deduction is basically the amount one is required to pay in case there is a claim. If voluntary deduction is nil, then entire claim amount subject to the policy terms and conditions will be paid. However, in such case, premium will be higher.

BIG NO TO CLAIM SMALL EXPENSES

In case of small expense, it is advisable to not to submit the claim. This will help in retaining the bigger benefit of No Claim Bonus compared to claiming small expenses of minor repairs from your insurer. Always compare the amount of claim with the No Claim Bonus before submitting any claim.

ENSURE THE CONTINUITY OF THE POLICY

If the renewal premium is not paid in time, then policy will get lapsed and you will have to forgo your no claim bonus. Make sure you have reminder in place to take quick action before policy expires.