• Is It Important To Insure Your Two Wheeler In India

    Traveling by two wheeler is far more dangerous than traveling by any other means given today’s road conditions and other factors. But at the same time it is easy to ride with our own set of wheels on the congested Indian roads. Driving a two wheeler is fun and ecstatic, but the amount of damage it can cause in case of any mishap or accident is a fortune. So it is better to be protected always with an insurance that covers all these damages. It provides security against a wide range of natural and manmade calamities.

    It is mandatory to own a motor insurance under the law of Motor Vehicle Act, 1988. The insurances come with a wide range of options with affordable premiums which give you cover against theft, personal accident, third party liability and more. With few regulatory changes in IRDAI, you can now choose for long term to combat non- renewal of two wheeler insurance to encourage vehicle owners to buy mandatory third party insurance cover.

    There are two types of insurances you can choose from;

    Comprehensive Policy:

    This gives you a 360 degree cover against damages to self, personal accidents, legal liabilities arising from third-party damage/injury/death/permanent disability, damages caused by civil protests, natural calamities, etc. This policy is very popular due to its extensive coverage on almost every possible situation. The premium amount payable is also very reasonable. You can enhance the cover of the policy with few add-on covers like zero-depreciation, engine protect, theft or burglary protection, roadside assistance, pillion rider cover, etc. for extra premium amount

    Third-party cover:

    This is a standalone policy that covers damages or injuries and legal liabilities caused to a third-party property or person. This policy does not cover the owner or the driver of the vehicle. As per IRDA norms, damages caused to the third party’s properties are claimable up to Rs.1lakh.

    As per recent IRDA norms, the premium rates has been standardized with effect from April 1st, 2017.

    Premiums Payable Engine Capacity
    Rs.569 Up to 75 cc
    Rs.720 75-150 cc
    Rs.970 150-350 cc
    Rs.1,114 350 cc and above

    Purchasing the best cover:

    You should pick an insurer that not only provides you with the best deal, but are also efficient in dealing with claims, payments, and non-claim processes. Online research helps you to find the best by providing ratings so you can make an informed decision. Ensure that when you compare policies online, it computes the premium fixed according to the Insured Declared Value. Take your time in choosing the right insurer, because any blunder can result in future complications. Make use of third party financial websites to study about two wheeler insurance plans to have a clear idea.

    It’s fast and instant:

    Gone are the days where you would just get an acknowledgment for the purchase of the two wheeler insurance and you would wait for few days or even weeks for your policy to be mailed to your address. Buying online means you will get all relevant documents and policy at the same time. Online purchase documents are instantly generated with digital signatures and mailed to your email address immediately with cashless transaction. This saves a lot of time for you as this can be done from home or office or even on mobile while you are on the go.

    Paperless transactions:

    Paper usage is one way of destructing our environment. Paperwork and signing documents is tedious and time consuming job. If you miss one signature you have to go back or your insurance will be put on hold. Buying insurance policy online is easy because it requires only few steps to be followed and you have to attach your documents. Even if you miss any step there is always an indications so you can ensure that you have filled in all details. Note that you are also keeping the process environment friendly and help in saving our planet.

    Plus, all your documents will be saved in the system when you buy it for the first time. So when you want renew the policy all you have to do is pay the amount by choosing the coverage amount, all that re-entering details can be avoided. This also means that you do not have to call the insurer to know your renewal date. It will automatically pop up or remind you when the date s due. It is good to renew your policy a week before it expires. Never drive your vehicle without an insurance.


    If you have not claimed the insurance during a policy year and you have a good driving record, you will be eligible for concessions in no claim bonus. Insurance providers who are approved by IRDAI provide discounts for certain factors like a recognized member of an automotive association, discount for anti-theft devices that are approved, etc.

    You can compare and choose:

    Many financial websites provide you the platform to compare various insurers and choose the best for you. You can look for policy reviews by previous customers, their experience with the company and so on. You can get quotes from different insurers and compare features and benefits to buy the best product.

    Ensure that when you compare policies online, it computes the premium fixed according to the Insured Declared Value.

    (IDV=Manufacturers listing price – Depreciation)

    Factors affecting premium amount:

    • Vehicle age
    • Model or variant
    • Insured Declared value
    • The premium you pay depends on the geographical zone.
    • Cubic capacity of the engine

    What does the insurance cover?

    If you choose any comprehensive two wheeler insurance plan, it will cover these following:

    • Self-ignition
    • Fire
    • Explosion
    • FLOOD
    • Landslide
    • Rockslide
    • Cyclone
    • Inundation
    • Storm
    • Tempest
    • Typhoon
    • Earthquake
    • Accidents
    • Loss or damage due to man-made calamities like wild protests war, bomb blast etc.
    • Burglary or theft
    • Riots
    • Personal accident

    Accidental coverage for the owner:

    The most important aspect to buy a two wheeler insurance is for your safety. When you purchase the plan, the insurance company will provide you the coverage up to a certain amount, but by paying an additional premium you can also get a cover for the passenger. This plan give you coverage against damage in transit, mounting and dismounting from the vehicle.

    Third party facility:

    A mandatory and categorized as crucial by the government of India. Coverage if offered against legal liability that occurs in the event of accident resulting in permanent damage to the individual or death of a third party.

    Buying Insurance is mandatory in every country. India being one of the most populated country and high usage of bikes and scooters, the government has made it compulsory to own a bike insurance for safety and obvious reasons. In India, every 9th second accidents happen. Such is the condition of the roads and traffic. It will not only give your vehicle a complete cover against all odds, it covers the owner and damages caused to him/her in case of an accident. Always buy insurance online it will not only save you money on premiums, it will also save the nature and help the government move to reduce paperwork. It is time for you to join the digital era and embrace the technology. Begin buying your two wheeler insurance online now!

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