Hyosung Two Wheeler Insurance

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Hyosung two-wheelers are produced by KR Motors, which is a South Korean bike manufacturer. The company, which was founded in the year 1978, was initially a part of Hyosung Group of Industries. The firm was acquired by S&T Group in June 2007, after which the company’s name changed to S&T Motors. In 2014, S&T Motors was purchased by Koloa Holdings, thus again changing the name of the firm to KR Motors.

The company currently offers a number of two-wheelers including standard bikes, sports bikes, electric scooters, etc. The company sells its two-wheelers in a number of countries across the globe, including India.

In India, Hyosung two-wheelers are offered by the brand DSK Hyosung, which was formed in a partnership between KR Motors and DSK Motowheels. DSK Hyosung is the only official manufacturer of Hyosung two-wheelers in India. The company has established automobile dealerships across India. Given that Hyosung motorcycles usually range upward of Rs.3 lakh, you should make sure to insure your vehicle with a two wheeler insurance policy if you have recently purchased a Hyosung two-wheeler.

Motorcycles Manufactured by DSK Hyosung

Listed below are some of the popular bikes that are assembled and manufactured by DSK Hyosung:

• Hyosung GT250R
• Hyosung GT650R
• Hyosung Aquila 250
• Hyosung Aquila Pro

Insuring DSK Hyosung Two-Wheelers

There are a number of benefits that you can avail from purchasing a two wheeler insurance policy for your DSK Hyosung motorcycle. A two wheeler insurance policy will also provide you with coverage against a large number of untimely events such as accidents, loss of the vehicle, vehicle theft, etc., based on the type of insurance policy you purchase.

There are two types of insurance policies that you can choose from when purchasing insurance for your vehicle – a third-party liability-only insurance policy and a comprehensive two wheeler insurance policy. Based on your coverage needs and the premium that you are willing to pay for the policy, you can purchase a two wheeler insurance policy from any motor insurance company of your choice.

Further, when you purchase a two wheeler insurance policy, you can also customise the coverage that is offered by the policy by choosing add-ons like the Zero Depreciation Cover, 24x7 Spot Assistance Cover, and the Personal Accident Cover for Co-Occupants, among others.

Types of two wheeler insurance Policies Available for DSK Hyosung Motorcycles

If you are a prospective two wheeler insurance policy buyer, you can choose to purchase any one of the below-listed policies:

• Third-Party Liability-Only Insurance Policy:

  All vehicle owners are required to have a third-party liability-only insurance policy at all times, as per the Motor Vehicles Act, 1988. Third-party two wheeler insurance policies that are offered by motor insurance companies offer a cover against damages caused to a third party’s property/assets and against legal liability arising from a third party’s death or bodily injuries caused to them as a result of an accident that you were involved in. Also, third-party two wheeler insurance policies offer a personal accident cover to the policyholder. The personal accident cover, in most cases, offers coverage against death or permanent total disability of the owner/rider of the two-wheeler.

• Comprehensive two wheeler insurance Policy:

  The comprehensive two wheeler insurance policy, which is an annually renewable policy, offers coverage against damage caused to the vehicle due to natural calamities and man-made events. This policy also covers total loss of the vehicle, provides a third-party legal liability cover, and a personal accident cover. In addition, policyholders are given the option to purchase an optional personal accident cover for the co-rider. Individuals who have purchased a comprehensive two wheeler insurance policy can avail the No Claim Bonus if they don’t raise any claims during the policy year.

Long-Term two wheeler insurance Policy:

• The coverage offered by a long-term two wheeler insurance policy is the same as the coverage offered by an annual comprehensive two wheeler insurance policy. The key difference between these two types of policies is that the long-term two wheeler insurance policy offers coverage to policyholders for a period of 2 or 3 years. In comparison, comprehensive two wheeler insurance plans offer coverage for a duration of 1 year. Also, in the case of long-term two wheeler insurance plans, the third-party premium, which is fixed by the Insurance Regulatory and Development Authority of India (IRDAI), remains constant. Many motor insurance firms also offer additional discounts to individuals who purchase long-term two wheeler insurance plans. Thus, purchasing a long-term two wheeler insurance policy can also help you avail lower premium rates.

Exclusions under two wheeler insurance Policies for DSK Hyosung Two-Wheelers

While a two wheeler insurance policy provides you significant coverage against a number of untimely events, it also has a few limitations, which will vary based on the policy type.

• Third-Party Liability-Only two wheeler insurance Policy:

  Third-party liability-only insurance policies do not provide policyholders an own-damage cover. Thus, any damage caused to your own vehicle due to an accident or a man-made/natural calamity will not be covered. These policies also don’t provide coverage against theft or total loss of the two-wheeler. In addition to these exclusions, your insurance provider might also have specific exclusions, which you will find in the policy brochure.

• Comprehensive two wheeler insurance Policy:

  Some of the common exclusions that are applicable to long-term two wheeler insurance plans and comprehensive two wheeler insurance policies are as follows:

  • General ageing and wear and tear of the two-wheeler
  • The two-wheeler not being used in accordance with the terms and conditions of the policy and the limitations of use
  • Electrical and mechanical breakdown
  • Accidents caused by individuals riding without a driving license or when under the influence of drugs/alcohol
  • Vehicle damages/loss caused as a result of nuclear risk, war, etc.
  • Loss/damage to vehicle accessories due to theft/burglary unless the two-wheeler was also stolen

Why is it necessary to insure your DSK Hyosung Two-Wheeler?

Regardless of which motorcycle you have, it is necessary to have a valid two wheeler insurance policy for the vehicle at all times in order to comply with the guidelines of the Motor Vehicles Act, 1988. However, if you have a two-wheeler that costs a few lakhs like a DSK Hyosung motorcycle, it is all the more important that you purchase either a comprehensive two wheeler insurance policy or a long-term two wheeler insurance policy and enhance the policy with the required riders. Having a two wheeler insurance policy with a good level of coverage will ensure that you don’t have to undergo financial hassles in the event of an untimely incident such as vehicle theft, accident, or vehicle damages.

You can purchase a two wheeler insurance policy for your Hyosung motorbike through online or offline channels in a hassle-free manner. However, before you select a particular two wheeler insurance policy, ensure that you are making an informed choice by doing your research and comparing a few policies that offer similar coverage. Make sure to also use the premium calculator tool on the insurer’s website to get an estimate of the premium rate that you will have to pay for the policy. Thus, the two wheeler insurance policy that you purchase should give you sufficient coverage at a competitive premium rate.