• The WHY, WHAT And HOW About Two Wheeler

    Two Wheeler Insurance
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    Do you own vehicle? Then probably you should have two wheeler insurance as well. If not get a two wheeler insurance today. You can log on to any insurer’s website or you can also visit any neutral trusted third-party website to purchase a two wheeler insurance online. The government has also mandated that every vehicle must have at least third-party motor insurance under Motor Vehicles Act of 1988. But despite it being a mandatory document for many valid reasons, there are more than 60% of the vehicles which are uninsured.

    In western countries, motor insurances are given the top priority and every vehicle has been insured under proper policies. People consider it a necessity there rather it being a statutory requirement by the law. To tackle this issue of negligence towards buying a two wheeler insurance, the IRDAI has fixed the third-party premium amount which will be affordable to everyone.

    WHAT is two wheeler insurance?

    A two wheeler insurance is an agreement between the insurance company and the purchaser of the policy, where the purchaser agrees to pay certain premium amount towards the policy and in-turn the insurance company agrees to provide protection to the vehicle for various circumstances. A two wheeler insurance is mandatory document which every bike owner should have with him/her at all times. Riding without a two wheeler insurance is a punishable offence for which you can be penalized and imprisoned.

    There are two-types of two wheeler insurances:

    • Third-party liability insurance:

    This policy provides protection to the third-party person or property if he/she suffers any property damage, bodily injuries, permanent disability or death by the insured vehicle. Under no circumstance does this policy provide any coverage to the insured vehicle or the person. The premium for this policy is fixed by the IRDAI based on a standard calculation and inflation rates.

    • Comprehensive policy:

    This policy is also known as own damage policy which provides a 360 degree protection against accidents, third-party liabilities, own damage, theft, earthquakes, floods, storms, fire, riots, civil protests, terrorists attacks, etc. The premium for this policy depends on the cubic capacity of the vehicle and many other factors like manufacturer, make and model, age of the owner, depreciation, no-claim bonus, city of residence, IDV, registration city, etc. There are few optional cover available for this policy, which will enhance your basic cover:

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

    WHY is it important to buy two wheeler insurance?

    A two wheeler insurance saves you from spending money for repairs for own damages or medical expenses in distress times. If your vehicle has been stolen or robbed by a mischief, you can claim the insurance for reimbursement of the bike value without having to suffer any financial loss. You can also avail cashless claim facility and roadside assistance if the vehicle had a breakdown in the middle of your journey or has suffered an accident on your travel and can easily get medical assistance through their network of hospitals and network of garages in case of mechanical attention by contacting the insurance company.

    How can you purchase two wheeler insurance?

    You can purchase two wheeler insurance by traditional methods such as contacting the insurer’s office or agents or brokers. If it’s the modern way, then you can simply log-in to the insurer’s website enter the details of the vehicle and purchase the policy within few steps and minutes and the payment can be done via net banking or debit/credit cards. The policy will be emailed to you immediately which can be accessed anytime. You can also visit any neutral third-party website who offer this service and follow the same procedure.

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