What is Two Wheeler Insurance?

An insurance policy taken to protect against any damages caused to a two wheeler and/or its riders due to some unanticipated event such as road accidents, natural disaster or theft is referred as two wheeler insurance. It provides coverage against third-party liabilities wherein it arises from injuries to one or more individuals due to the accident. Bike Insurance helps the policyholder to meet costs that may arise due to the unseen damages caused to the motorcycle. The protection provided by the bike insurance covers all types of two-wheelers.

Third Party or Liability Cover

  • This insurance cover is compulsory under the Motor Vehicles Act making driving without this insurance illegal.
  • The insurance policy covers damages to the third party’s vehicle or property involved in an accident with your vehicle.
  • It provides provision for payment of medical bills sustained due to injuries by the third party, thereby reducing financial liability that come out of an accident. .

Comprehensive Insurance Policy

  • This insurance policy offers financial assistance under all kinds of unanticipated tragedies that involves your vehicle.
  • It covers the repair of damages caused to your vehicle/property as well as the third party’s vehicle/property. The legal expense, medical costs to treat injuries, covers losses caused due to theft, vandalism, providing of money for loss of limbs or death, and even natural disasters are taken care of.
  • Add-on features like No Claim Bonus (NCB), Accessories cover, Zero Depreciation Cover, etc. to provide a widespread insurance coverage for your vehicle are offered by the policy
  • It is expensive compared to a third-party insurance policy, but it is instrumental in providing adequate financial cover in long run.
  • This insurance policy is not compulsory under law but it is advisable to have it to protect your financial interests.

Key Benefits and Features of Two Wheeler Insurance

The emergence of new players in the market has dramatically changed the two-wheeler insurance market. The bike insurance companies have come up various offering so that the new bikes owners use their services and the existing policyholders are retained. Hassle-free and quick process in buying of new bike insurance adds to the benefit. Some of the main benefits of purchasing 2 wheeler policies online are:

  • Comprehensive and Liability Only Coverage
  • Quick Policy
  • Optional Coverage
  • Property damage and/or physical injury coverage in surroundings

My mom sent me money for a two-wheeler, but the cops impounded it because I had no insurance. -Martin Henderson

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Third party liability does not cover you or damages caused to your vehicle. It only provides coverage for the damage caused to the third party vehicle, damage to property and medical costs for the person affected.

The major exclusions of a comprehensive motor insurance are:

  • Accident taking place beyond geographical limits i.e. outside India
  • Driving under the influence of drugs and alcohol
  • Electrical / mechanical breakdowns
  • Vehicle used for unlawful purposes
  • Loss /Damage attributable to War /Mutiny / Nuclear risks

A comprehensive motor insurance policy can be enhanced by opting Add-ons. Some of the common Add-ons and their benefits are:

  • Zero Depreciation/ Depreciation Waiver Cover : Maintains the value of your vehicle thereby allowing you to maximize claim amount without worrying about depreciation.
  • No Claim Bonus Cover (NCB) : Allows NCB even after making a claim in the previous year.
  • Personal Accident Cover : Covers you or your driver in case of injury or death due to accident.
  • Engine and Electronic Circuit Cover : Expenses towards engine and the inner circuits are covered.
  • Daily Cash Allowance : Your insurer will pay you a certain allowance for the days while your vehicle is being repaired in a network garage, or provide a standby vehicle
  • Roadside Assistance : This cover comes in extremely handy if your vehicle breaks-down and you need assistance like reaching out to a mechanic, arranging a tow-truck, helping in case of lost keys or medical aid if an accident occurred.
  • Key Replacement : Covers the expenses towards replacing a lost key.
  • Return to Invoice : In case of total damage within the 1st year of your vehicle, it covers you for the entire value of the vehicle.
  • Loss of Personal Belongings : If due to theft or burglary your personal belongings and valuables in your locked car are lost, you can claim for their value.

Car insurance premium is calculated based on the following factors:

  • Vehicle Model and Manufacturer
  • State/ Region where the vehicle is registered
  • Age of the vehicle
  • Insureds Declared Value (IDV)
  • Availability of No Claim Bonus (NCB)
  • Add-on covers opted

Yes, installation of anti-theft or alarm locking systems are encouraged by insurance companies and makes you eligible for discounts. In case you install an anti-theft device mid-policy, you will be eligible for discount as per the remaining policy term, proportionately. You would be also eligible for the discount if you are a member of the Automobile Association of India.

Insured Declared Value (IDV) is the fixed maximum amount the insurer will reimburse in case of damages or loss of the vehicle. IDV is calculated as the current market value of the vehicle, as listed by the manufacturer and installed accessories, if any, less the depreciation value of the vehicle.

Several untoward incidents can lead to a motor insurance claim. In case you need to file one, follow these general instructions:

  • If your vehicle has been involved in an accident:
  • Note the number of the other vehicle/s
  • Note the contact details of the witnesses (if any)
  • Contact your insurance provider on their toll free number and inform them about the incident
  • Based on the case, the insurance advisor will swing into action and help you with the list of documents required and the next step
  • Based on the nature of the incident, you might be required to file an FIR at the nearest police station

Some of the common reasons for claim rejection are:

  • Lapsed policy
  • Inordinate delay in intimation of claim to the insurance company and police
  • Providing incorrect claim information due to oversight by customer
  • Any mis-selling of policies that may have taken place at the time of buying a policy
  • Deliberate damage
  • Use of private vehicle for commercial purposes
  • Driving under influence of drugs or alcohol
  • Unauthorised modifications to the vehicle
  • Also Read: What can Prevent Rejection of Motor Insurance Claims?

If the driver is a valid license holder, and the vehicle has comprehensive insurance, you can register a claim. However, to avail compensation for medical care of the driver, a personal accident rider must be availed.