A Two Wheeler Insurance is very much beneficial to get insurance cover for the two wheelers. It is very much helpful in covering all the damage, which occurs due to third-party, accident, or theft. In other words, 2-wheeler insurance is beneficial in protecting motorbike.
A two wheeler insurance policy is one that helps to cover financial expenses against any unforeseen circumstances including accident, theft or natural disaster.
Third Party insurance is mandatory in India as per the Motor Vehicle Act 1988.
Riding the bike on road without third party insurance is a punishable offence as per Motor Vehicle Act.
Why Bike Insurance?
Under the Motor Vehicles Act, the Government of India has made it mandatory for every bike owner to have an insurance policy. The bad condition of roads coupled with rash driving increases the chances of accidents. ... Policies also cover damage to the bike by natural calamities like floods, earthquake, fire, etc.
Types of Bike Insurance Plans.
Comprehensive Bike Insurance:
The comprehensive policy is the one, which covers all the damage on the 2-wheeler and third party . It also cover all the damage, of the vehicle or third-partydamage property/death , or by the insured vehicle. It shields your bike from accident, incident of fire, natural calamities,theft,man-made disaster and related adversities. It also provides you with personal accident cover incase you sustain any accidental injuries while riding your bike. The policy also offers to Add on features like No Claim Bonus(NCB),Zero depreciation cover, Accessories cover etc. to provide a wholesome insurance coverage to your vehicle.
Third Party Bike Insurance:
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 you’ve landed upon yourself for causing accidental damages to someone else’s property or vehicle. It also covers your liabilities towards causing accidental injuries to a third party person, including death.
- It covers all the damage to the third-party property up to Rs7.5 lakh
- Money of Rs15 Lakh is provided to the person, if there will be death of total disability occurs for owner cum driver and all the things will be covered under owner-driver personal accident cover.
The following table illustrates the common difference between both comprehensive & third party bike insurance:
|Factors\Types of Bike Insurance Plan||Third Party Bike Insurance||Comprehensive Bike Insurance|
|Scope of Coverage||Narrow||Wider|
|Third Party Liabilities||Covered||Covered|
|Own Damage Cover||Not Covered||Covered|
|Personal Accident Cover||Not Covered||Covered|
|Mandatory of Law||Yes||No|
Benefits of Bike Insurance:
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.
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.
Peace of Mind:
Any damage to your vehicle can lead to huge repair charges. If you have two wheeler insurance, your insurer will take care of the unwanted expenses, giving you peace of mind so that you can ride without any cause for worry.
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
As 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.
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.
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.
Why Buy Two Wheeler Insurance Online?
Below are a few facts that will help you to grab additional benefits, which you might not receive through an offline purchase. Let's find out more about them.
You can buy a two-wheeler insurance plan online within a few minutes. That's how quick an online purchase can be.
No Extra Charges
Through online purchase, you don't have to pay extra charges. That's why online two-wheeler insurance plans are more affordable.
No Inspection And Less Documentation
You can easily renew your policy without inspection. You just have to submit a few details of your two-wheeler and the e (if available).
Easy Claim Settlement
You can easily register your claim through the website and connect with the team in case of any query.
The team of Policy Parivaar ensures to provide much-needed assistance whenever you need.
Bike Insurance Claims
There are two ways of filing a two wheeler insurance claim online with your two wheeler insurer online. You can either lodge a cashless claim or a reimbursement claim with your insurer. Let us discuss both types of claims in detail.
In case of cashless claims, the claim amount will be directly paid to the network garage where the repairs were done. Cashless claim facility can be availed only if you get your insured vehicle repaired at one of the network garages of your insurer.
Reimbursement claims can be registered if you get the repairs done at a garage which is not a part of your insurer’s list of approved garages. In this case, you will be required to pay the repair expenses and will later have to file for reimbursement with your insurer.
Cashless Claim Settlement Process:
- Inform your insurer about the accident or mishap
- Survey to estimate the damage will be conducted
- Fill in the claim form and submit it along with all other required documents
- Insurer will approve the repair
- Your vehicle will be repaired at the network garage
- Post repairs, your insurer will pay the repair charges directly to the garage
- You will be required to pay the deductibles or non-covered expenses (if any)
Reimbursement Claim Settlement Process:
- Register the claim with your insurer
- Fill up the claim form and submit it with your insurer along with other documents required
- A survey will be conducted to estimate the repair cost and you will be informed about the assessment
- Give your insured vehicle for repair at a non-approved garage
- After the repair is done, the insurer conducts another inspection
- Pay all the charges and clear the bill at the garage.