• The importance of Two wheeler Insurance Policy for a safe drive

    Two Wheeler Insurance
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    All of us have dreamt of buying a bike or scooter that we desired and saved money from our salaries to buy that one dream bike. The joy of riding a bike or scooter that you purchased with your own money, is an expression which is hard to put in words. While it is the primary mode of transport for daily work, commuting to office, and other personal needs, bikers also look forward to the weekend to take the bike/scooter for a spin on the highways or on long rides. Amidst the joy and thrill of riding a bike, we often forget the risk involved in the same.

    Accidents, damages and repairs to the vehicle are always unfortunate and they cannot be avoided, even though we take precautions. Accidents may not happen just because it is your fault, they can happen because of the third-party’s fault or his/her negligence towards driving and not following traffic rules. In troubled times like these, a two wheeler insurance is just what you need for a peaceful and safe ride. A two wheeler insurance saves you from spending money for replacing those broken parts, or repairs or even medical expenses at times from your own pocket. The medical treatments especially can cost you a lot if you are paying from your own pocket. On the other hand, if you have a two wheeler insurance, all of these expenses will be covered and paid for by the insurance company, saving you the trouble of bearing the expenses personally.

    The Importance Of Two Wheeler Insurance:

    Buying a two wheeler insurance is mandatory according to The Motor Vehicles Act of 1988. Every motor vehicle that is running on the roads must have third-party liability policy according the law. The premium for the third-party or liability-only policy is decided by the IRDA and it is the standard rate which cannot be altered by any insurer. A third-party cover provides protection only for the bodily injuries, damages, permanent disability, loss of eyesight, and damage of properties occurred to the third-party person or property. It does not provide any cover to the insured vehicle or the owner. Third-party liability-only policy premium has been set by the IRDAI after considering the number of claims, and number of non-insured vehicles in the country. To encourage every bike owner to have the minimum cover, the premium has been made affordable to all by the IRDAI.

    If a bike/scooter owner does not own a two wheeler insurance policy, then he/she can be penalized and imprisoned for upto 3 months. Having said this, one should never buy a two wheeler insurance just to avoid the fine by the police on a random checking. Every bike owner should buy a bike insurance policy for peace of mind while riding the bike or scooter and to avoid suffering any financial losses and expenses in unfortunate times.

    What Does A Two Wheeler Insurance Cover?

    There are basically two types of two wheeler insurance covers – third-party liability-only policy and comprehensive policy. As mentioned above, a third-party policy provides protection only to the damages occurred to the third-party person or property and provides no protection to the insured vehicle or owner.

    A comprehensive two wheeler insurance policy protects the bike and the owner against a number of situations like accidents, theft, third-party liabilities, own damage, burglary, natural calamities like landslides, volcano eruptions, floods, storms, etc. and man-made calamities like riots, terrorists attacks, protests, fire, etc. The premium for this policy is higher because of the extent of its coverage.

    Exclusions of two wheeler insurance policy:

    • Normal wear and tear
    • Depreciation
    • Damages caused while riding under the influence of drugs or alcohol
    • Damages occurred to fiber and rubber parts
    • Damages occurred due to nuclear war
    • Staged damages
    • Riding without a valid license and registration
    • Damages caused outside the specific geographical location
    • Electrical and mechanical breakdown
    • Riding without safety gears and precautionary measures

    To enhance the coverage capacity of the policy there are a few add-on options which a bike owner can opt from for extra premium:

    • No-claim bonus protection cover
    • Zero depreciation cover
    • Anti-theft device cover
    • Cashless facility cover
    • Key-replacement cover
    • Roadside assistance cover
    • Personal accident cover
    • Pillion rider cover
    • Return to invoice cover

    The premium for the above mentioned add-on cover varies for each option and the premium amount may vary with each insurance provider. The basic premium amount depends on the cubic capacity of the vehicle and the base premium is set by the IRDAI. But there are few other parameters which influences the final premium amount such as follows:

    • Manufacturing year
    • Age of the vehicle
    • Make and model
    • Insure Declared Value
    • Depreciation
    • City of residence
    • City of registration
    • Cubic capacity of the vehicle
    • Age of the driver
    • Previous claims
    • Consistency in renewing the policy
    • No-claim bonus

    A two wheeler insurance can be easily purchased online either on the insurer’s website or on any neutral third-party website instantly. All the documents are digitally processed instantly and the policy document will be emailed to you within few minutes. The bike insurance premium can also be calculated using an online tool which is accessible and available for free online to everyone. It only needs a few values like, policy details, vehicle registration number, age of the owner, etc. to calculate the premium. This will help you in negotiating with the insurer for discounts or can be compared with other insurance policies to buy the best cover.

    Every bike owner must take few precautions while driving and most of us do drive the bike or scooter with utmost care and safety. But despite following the norms, accidents and damages do occur and it cannot be controlled. However, you can be prepared for those damages or accidents by purchasing a proper two wheeler insurance that provides protection against all these incidents.

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