TWO WHEELER INSURANCE
Two wheeler insurance/Bike Insurance refers to an insurance policy, taken to cover against any damages that may occur to your motorcycle / scooter due to an accident, theft, or natural disaster. 2 wheeler insurance provides protection against third party liabilities arising from injuries to one or more individuals. Bike insurance is an ideal solution to meet financial costs & losses that may arise due to the damages caused to the motorcycle. The bike insurance cover provides protection to all types of two wheelers like motorcycle, moped, scooty, scooter.
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What Is Bike Insurance ?
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Types Of Bike Insurance In India
Broadly, there are generally two types of two wheeler insurance policies offered by insurance companies in India. You can buy Third Party bike insurance and Comprehensive bike insurance. See below for more information:
Third Party Bike Insurance
As the name suggests, third party bike insurance that safeguards the rider against all the legal obligations that arise out of causing damage to the third party. The third party, here, can be property or person. Third-party bike insurance covers you against any liabilities that youve landed upon yourself for causing accidental damages to someone elses property or vehicle. It also covers your liabilities towards causing accidental injuries to a third party person, including his death. Indian Motor Vehicle Act, 1988 mandates anyone who owns a two wheeler, be it motorcycle or scooter, to have valid third party bike insurance if plying on public roads in the country. Those who do not comply with the rule will be liable to pay huge penalties.
Comprehensive Bike Insurance
Comprehensive bike insurance that protects the rider against any own damage to his vehicle in addition to the third party legal liabilities. It shields your bike from incidents of fire, natural calamities, theft, accidents, man-made disasters and related adversities. It also provides you with personal accident cover in case you sustain any accidental injuries while riding your bike.
Add On Covers for Two Wheeler Insurance Policy
Two wheeler insurance add-on covers refer to the additional covers that enhance the coverage of your two wheeler policy on the payment of an extra amount of premium. Following are the various add-on covers that you can opt for your motorcycle or scooter:
Zero Depreciation Cover
An insurer pays the claim amount after deducting the depreciation value of your bike. Zero depreciation cover eliminates any deduction on the account of depreciation at the time of claim settlement and the full amount will be paid to you.
No Claim Bonus
No claim bonus (NCB) is applicable only if no claims are made within a policy term. NCB Protect allows you to retain your NCB and get a discount during renewals even if you make any claim during your policy tenure.
Emergency Assistance Cover
This cover enables you to avail emergency roadside assistance from your insurer. Most insurers offer a range of services under this cover including tyre changes, minor repairs on-site, battery jump-start, towing charges, lost key assistance, replacement key and fuel arrangement amongst others.
Daily Allowance Benefit
Under this benefit, your insurer will provide you with a daily allowance for your travel when your insured vehicle is under repairs at one of its network garages.
Return to Invoice
At the time of total loss, your insurer will pay the Insured Declared Value (IDV) of your bike. Return to invoice cover bridges the gap between the IDV and the invoice/ on-road price of your vehicle, including registration and taxes, allowing to get the purchase value as the claim amount.
Helmet Cover
This cover enables you to receive an allowance from your insurer to get your helmet repaired or replaced in case it was partially or totally damaged in an accident. In case of replacement, the new helmet should be of the same model and type.
EMI Protection
As part of the EMI protection cover, your insurer will pay the EMIS of your insured vehicle if it is getting repaired at an approved garage following an accident.
Benefits of Two Wheeler Insurance
Anything can happen while riding a two wheeler / motorcycle, scooter, or moped. The lack of good roads, the morning and evening rush hours and unregulated traffic problems are a part of life today. Moreover, instances of rainfall or heat waves may cause many problems on the road, such as slippery surfaces, mushy or muddy areas, or sticky tar. These situations may cause damages to the two wheeler vehicle and even injure the riders. To stay protected from all such incidents, it is important to have a valid two wheeler insurance. The motor protection laws in India protect millions of bike owners from expenses that may arise due to third-party damages by making third party bike insurance cover mandatory. Lets take a detailed look at the various benefits of buying two wheeler insurance:
Financial Protection
Two wheeler insurance provides financial cover that helps save a lot of money in case of an accident, theft or third-party liabilities. Even small damage can cost thousands of rupees. This bike insurance policy helps you get the damages repaired without creating a hole in your pocket.
Accidental Injuries
Not only does the policy cover damages sustained by of your vehicle in an accident but also covers any accidental injuries that you may have suffered.
All Types of Two Wheelers
It protects against the damages caused to the scooter, motorcycle, or moped. Even the vehicles have been improvised and are available with features like better mileage, power, and style.
Cost of Spare Parts
The rising demand for motorcycles in India has led to the rise in its cost along with the increased cost of their spare parts. This two wheeler policy covers the cost of spare parts, including simple nuts and bolts or parts such as the gears or the brake pads, which have become costlier than before.
What is Not Covered Under Two Wheeler Insurance Policy?
Damage caused by normal wear and tear of the vehicle
Loss from mechanical/electrical breakdowns
Depreciation or any consequential loss from regular use
Any damage to tyres and tubes in the normal course of running
Any loss incurred while the bike was being used beyond the scope of coverage
Damage/ loss incurred when the bike was being driven by a person without a valid driving license
Any loss/ damage caused due to the driver being driving under the influence of alcohol or drugs
Any damage/ loss incurred due to war or mutiny or nuclear risk
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