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.
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.
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.
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.
*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.
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.
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.
Some of the factors that determine the premium of your two wheeler insurance policy are as follows:
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.
Yes, a personal accident cover is provided to the owner/rider of a two-wheeler under third-party liability insurance policies as well.
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.
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