Yamaha Two Wheeler Insurance

India Yamaha Motor Pvt. Ltd. is a joint venture enterprise that commenced its operations in 1985. The company became a complete subsidiary of Yamaha Motor Co. Ltd, Japan in August 2001. The firm has a large customer base due to their wide distribution network across the country and varied portfolio that includes superbikes, motorcycles, and scooters. If you own a Yamaha two-wheeler, make sure to purchase a two wheeler insurance policy to protect yourself against financial risks.

Two-Wheelers Manufactured by India Yamaha Motor

Super Bikes:

• YZF R1
• MT-09

Sports Bikes:

• YZF R15 V3 MOTO GP EDITION
• Saluto 125
• FAZER-25
• FZ-FI
• YZF R15 VER 3.0
• FAZER-FI
• FZ25
• YZF R3
• YZF R15S
• SZ-RR Ver 2.0
• FZS-FI
• Saluto RX

Scooters:

• RAYZR STREET RALLY
• FASCINO
• RAYZR
• ALPHA
• RAY-Z

Insurance for Yamaha Two-Wheelers

Purchasing a two wheeler insurance policy for your bike is mandatory as per the Motor Vehicles Act, 1988. Therefore, make sure to assess your coverage needs and opt for either a third-party liability insurance policy or a comprehensive two wheeler insurance policy.

If you have just purchased a Yamaha motorbike, you should keep in mind that the Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for all new two-wheeler buyers to purchase a 5-year third-party liability insurance cover. You could also choose to purchase the package two wheeler insurance policy that provides a 5-year third-party liability insurance cover and a 1-year own damage cover or a bundled comprehensive two wheeler insurance policy that will provide a 5-year own damage cover and third-party liability cover.

If you choose to purchase a two wheeler insurance policy with an own damage cover, you can enhance the policy with riders and add-ons such as the Personal Accident Cover for the Pillion Rider and Zero Depreciation Cover among others. These riders can be purchased for an additional premium from your insurance provider.

Types of two wheeler insurance Policies Available for Yamaha Two-Wheelers

• Third-Party Liability-Only two wheeler insurance Policy

All vehicle owners are mandatorily required to have a third-party liability insurance policy in order to be compliant with the norms of the Motor Vehicles Act, 1988. All motor insurance providers offer this policy as part of their product portfolio. The premium for third-party insurance policies remains standard across different insurance companies since it is fixed by the Insurance Regulatory and Development Authority of India (IRDAI) and not be individual insurance companies.

Inclusions under Third-Party Liability-Only Insurance Policy:

• Damages to a third party’s vehicle or assets
• Injuries suffered by a third party as a result of the accident
• Death of the third party
• Accidental death or permanent total disability of the rider of the vehicle

Exclusions under Third-Party Liability-Only Insurance Policy:

• Damages caused to the policyholder’s two-wheeler due to an accident
• Vehicular damages as a result of natural calamities or manmade events

• Comprehensive two wheeler insurance Policy and Long-Term two wheeler insurance Policy:

Comprehensive two wheeler insurance plans and long-term two wheeler insurance plans offer an own damage cover, in addition to providing a personal accident cover and third-party legal liability cover to the policyholder. Thus, these policies offer enhanced protection to the policyholder and hence, provide coverage against a number of financial risks that the concerned individual might have otherwise been exposed to. Individuals can either choose to purchase annual comprehensive two wheeler insurance policies or long-term two wheeler insurance plans. Long-term two wheeler insurance policies provide coverage for a duration of 2 or 3 policy years, unlike comprehensive two wheeler insurance policies, which are renewable on a yearly basis.

Inclusions under Comprehensive and Long-Term two wheeler insurance Policies:

• Damages or loss caused to your bike as a result of a natural calamity like a storm, flood, lightning, earthquake, etc.
• Damages caused as a result of unforeseen events such as strikes, burglary, etc.
• Theft of the two-wheeler
• Personal accident cover for the rider of the two-wheeler
• Third-party liability

Exclusions under Comprehensive and Long-Term two wheeler insurance Policies:

• Damages caused as a result of depreciation or general wear and tear
• Electrical and mechanical breakdowns
• Damages caused because the vehicle was not used in accordance with the limitations of use or the policy’s terms and conditions
• Accident or vehicular damages caused when the rider was riding without a driving licence
• Vehicular damages caused as a result of the rider being intoxicated
• Loss or damage caused to the two-wheeler due to nuclear risk, war, or mutiny

*Note: For the complete list of inclusions and exclusions, make sure to refer to the policy brochure.

**Note: From 1 September 2018, all new vehicle buyers are required to mandatorily purchase the 5-year standalone third-party liability insurance policy, bundled two wheeler insurance policy with a 5-year third-party liability cover and 1-year own damage cover, or the package comprehensive two wheeler insurance policy with a 5-year third-party liability and own damage cover.

Why is it Necessary to Insure Your Yamaha Two-Wheeler?

If you have a two-wheeler, it is a must to purchase insurance for the vehicle to protect yourself against expenses that you might have to incur in the event of an accident. For a higher level of coverage, it is advisable to opt for a two wheeler insurance policy that will also provide you an own damage cover.

You should also make sure to do your research about the features, inclusions, exclusions, and prices of various policies in order to be able to pick a policy that meets your needs and suits your premium payment ability.

You can compare two wheeler insurance policies side-by-side by using a trusted third-party insurance comparison website. Else, you can also choose to visit the official websites of motor insurance companies or visit the insurer’s office directly.

Both purchasing and renewing two wheeler insurance policies are extremely easy since most insurers give you the option of doing the same through online channels. You can also pay your premium digitally in a secure manner. Once you have purchased a two wheeler insurance cover, it is necessary to renew your policy within the specified due date to ensure that no gap in coverage occurs.

Frequently Asked Questions

1.What is the No Claim Bonus?

The No Claim Bonus is offered to policyholders by insurance companies to reward their safe driving. The No Claim Bonus is only offered on the own damage component of the two wheeler insurance policy. Once you receive the No Claim Bonus, you can avail a discount on the premium payable for the next policy year.

2.What factors determine your two wheeler insurance premium?

Some of the factors that determine the premium of your two wheeler insurance policy are as follows:

• Insured Declared Value (IDV) of the vehicle
• Vehicle’s model, type, and make
• Type of coverage opted for
• Condition of the two-wheeler
• Add-on covers purchased
• Voluntary excess
• Age of your vehicle
• Your vehicle’s area of registration
• Engine capacity of the vehicle

3.Will the pillion passenger be covered under the comprehensive two wheeler insurance policy?

The personal accident cover is only offered to the owner/rider of the two-wheeler. However, you can purchase a Personal Accident Cover as an add-on for the pillion passenger.

4.Do third-party liability insurance policies provide a personal accident cover also?

Yes, a personal accident cover is provided to the owner/rider of a two-wheeler under third-party liability insurance policies as well.

4.Can I switch my insurance provider at the time of renewing my two wheeler insurance policy?

Yes, you can switch your insurer at the time of renewing your two wheeler insurance plan. However, make sure that you don’t cancel your current policy before the coverage of the new policy begins. You can also choose to buy a different type of two wheeler insurance plan from your current insurer.