What is Two Wheeler Insurance?

Two Wheeler Insurance Overview

Two-wheeler insurance means protection against damages that may occur to a two-wheeler due to accident or natural disaster. Two-wheeler insurance is the best solution to full fill the repairing costs that may arise due to the damages caused by accident or natural disaster. These insurance plans provide protection to all types of two-wheeler vehicles including motorcycles, moped, scooters etc. A two-wheeler insurance policy is provided by any of the authorized insurance companies registered under the insurance regulatory development authority of India (IRDAI). The first one is third party insurance which is mandatory in India for all vehicles.

Types of two-wheeler insurance in India:

There are two types of two-wheeler insurance
Third party insurance and comprehensive insurance

Third Party Insurance – it means the type of policy that covers losses of the other person met with an accident with our vehicle. In the third party, the policyholder doesn’t get any benefit for his own vehicle but the losses of another person’s vehicle will be reimbursed by the insurance company. In the case of two-wheeler, the insurance settlement amount will be decided by special courts. The maximum claim amount is rs.1, 00,000. Third party insurance is mandatory in India. As it is mandatory in India so it is very cheap so that everyone can afford it.

Comprehensive Insurance – it means that type of policy offers complete protection against the damages due to an accident. The comprehensive policy provides coverage for the damages, third-party legal liability, theft, along with the personal accident coverage. The comprehensive insurance policy has some capping i.e. 40 % in rubber, 50% in
plastic and so on, but to avoid this capping, there is zero depreciation insurance. This insurance policy offers 100% coverage for all fiber, rubber and metal parts without capping.

Benefits of two-wheeler insurance:

  • Financial Protection
  • No Penalties or Challan
  • Peace of Mind.
  • Theft Cover
  • Personal Accident Coverage
  • Fire Cover
  • Damages Cover Caused by a Natural Disaster

Inclusions in Two Wheeler Insurance

  • Cover the cost of all damages that happen at the time of the accident.
  • The repairing costs that may arise due to the damages caused by a natural disaster.
  • Theft cover when your two-wheeler is stolen, the insurance company will pay the amount according to your IDV at the time of insurance you set.
  • The insurance company covers the damage of riots, strikes, fire, and terrorism are covered.
  • The insurance company gives additional benefits like personal accident cover of Rs.15 lakh at nominal addon premium.

Exclusions in Two Wheeler Insurance

  • Loss and damages that may be caused because of a war or a nuclear strike.
  • If your two-wheeler is involved in illegal activities you don’t get the claim.
  • In the influence of alcohol or drugs, the accident will happen you don’t get any claim.
  • Your two-wheeler while you were riding and any miss happening will be there without a valid license you don’t get the claim.
  • Your regular mechanical expenses due to consistent wear and tear like headlight damage, horn damage, tyre puncher, etc.

 

Tips to help you buy the right two-wheeler insurance policy

IRDAI-Approved Insurers:
IRDAI-approved insurer and check the insurer’s claim settlement ratio of the company. After sales services record of the company.

Insurance types:
Which type of insurance you choose comprehensive insurance policy or a third-party cover.

Sum insured (IDV):
The company offers the right sum insured that you are fully covered against all losses or damages as applicable under the policy.

Choice of Add-On Covers:
You should know about the benefits of each add-on covers and their additional premium.

Comparisons
Compare all company plans they offer and choose the one best suited to your specific requirements and budget.

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