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What is Two Wheeler Insurance?

A two wheeler vehicle is a valuable asset and you must want to ensure its protection. When plying on roads, it brings higher risks to both for the vehicle and owner. To tackle this scenario, you need to buy two wheeler insurance. On the legal ground, it is mandatory to have atleast third party insurance which provides protection against financial liability that may arise due to damage caused to any third-party property or bodily injury or death to third party and comprehensive insurance also covers physical damage/theft caused to your bike or scooter due to an accident.

Why should I Buy Two Wheeler Insurance?

Here are some top reasons to buy Two Wheeler Insurance:

(a). Mandatory on Legal Ground

Buying two wheeler insurance is mandated by the law. On the legal ground, you need to buy insurance to get the cover against the third-party liability. It helps you get away from legal penalties that may impose due to loss/damage to any third-party.

(b). Ensures Financial Safety

By choosing right two wheeler insurance, you need not to worry about financial losses that may occur due to any third party liability or damage/theft to your vehicle. A comprehensive two wheeler insurance provides absolute financial protection.

(c). Peace of Mind

Having comprehensive two wheeler insurance ensures peace of mind, as it provides complete protection in case of an accident. The insurer compensates you against the financial losses that may occur due to third party liability and own-damage as well.

What kinds of Two Wheeler Insurance can I opt from?

Basically, there are two types of Two Wheeler Insurance.

1. Liability Only Policy/ Third Party Two Wheeler Policy

Third Party Two Wheeler Insurance is a statutory requirement as specified under the Motor Vehicles Act. Under this insurance policy, the insurer covers the insured against the bodily injury/death and property damage caused to a third party.

2. Comprehensive/ Package Two Wheeler Policy

This insurance policy provides an absolute comprehensive protection, as it covers both the third party and own damage cover.

  • Third Party Liability Cover:It provides cover due to an accident to the insured’s two wheeler against any damage/loss incurs to a third party bodily injury and property damage, arising on the part of your fault.
  • Own Damage Cover:It provides cover against loss/damage caused to your insured two wheeler due an accident or due to the natural Calamities like fire, explosion, lightning, etc. and shock damage due to earthquake and man-made calamities accounting to burglary, housebreaking, theft, riot or strike, accident by external means, malicious act, terrorist activity and damage during travel by road, rail, inland-waterway, or air.

What are the Benefits of Buying a Two Wheeler Insurance?

Buying a Two Wheeler Insurance is quite imperative to ensure that you can drive your vehicle without any worries. Here are the key benefits of buying a Two Wheeler Insurance.

(i).   Covers Third Party Liability

This insurance policy provides protection against liability that may arise due to bodily injury/property damage caused to the third party. You need not pay off towards the third party liabilities, the two wheeler insurance covers you against these expenses.

(ii).  Covers Vehicle Damages

You never know when you may have to face an accident that makes damages to your two wheeler. By having a two wheeler insurance, you need not to pay for damages to your vehicle. This policy covers repair costs for your two wheeler.

(iii) Cashless Claim Benefit

No more worries for getting the vehicle repaired. By choosing comprehensive two wheeler insurance policy, you have the option to get the cashless repairs for your vehicle at any of the network garages listed with the insurer.

Add-on Covers

Several add-on covers available with a two wheeler insurance that help enhance protection for you and your vehicle.

No Claim Bonus Benefit

With a claim-free policy year, you can get No Claim Bonus. It helps you avail discounts on your vehicle’s future premiums.

How is my Two Wheeler Insurance Premium Calculated?

Following are the key factors that help determine the premium amount for a Two Wheeler Insurance:

(1). Coverage

When choosing two wheeler insurance, you have the option to choose either from Third Party or Comprehensive Insurance. Comprehensive, two wheeler Insurance ensures complete protection, but you need to pay the higher premiums.

(2). Insured Declared Value (IDV)

It is the amount that your insurer agrees to pay in case of a claim, and it is determined on the basis of the manufacturer’s listed selling price of the vehicle. If your vehicle has higher IDV, you need to pay the premiums at a higher rate.

(3). Cubic Capacity (CC)

Cubic Capacity refers the engine capacity of the vehicle and also helps in determining the premium amount for vehicle insurance. The higher the CC of the vehicle, more will be the premium amount you need to pay

(4). Zone of Registration

When it comes to two wheeler insurance, the insurance premium amount varies depending on the insurance zone in which you have registered your vehicle. Registration zones are categorized as Zone A (Chennai, Mumbai, Hyderabad, Bangalore, Kolkata, New Delhi, Ahmedabad and Pune) or Zone B (Rest of India).

(5). Age of Vehicle

As your vehicle becomes older, the chances of breakdown and wear & tear become higher, making the vehicle at higher risk of damages. Thus, you are charged with the higher premiums.

(6). No Claim Bonus

When you don’t claim during the policy period, the insurer offers you the No Claim Bonus (NCB) benefit. It helps you avail discounts on the future premiums, and you can easily cut down the insurance cost

Following are Some Smart Buying Tips?

Choosing the right Two Wheeler Insurance is quite essential so, you can feel protected while riding. Following are some of the key buying tips you can follow to buy the right Two Wheeler Insurance Policy.

Type of Coverage: When seeking to buy insurance for your bike or scooter, it becomes important to choose the right cover. You have the option to choose a comprehensive or third party cover. It is advisable to buy a comprehensive two wheeler insurance, as it provides the complete protection for both the third party and Own Damage.

Choose the Right Sum Insured: Insured Declared Value (IDV) or Sum Insured is the amount that your insurer pays when the claim arises. It becomes thus quite important to pick the right Sum Insured so you are completely covered against any damage or loss, as applicable under the policy.

Assess Voluntary Deductible: It is the amount that the policyholder needs to pay in the event of rising claim towards their vehicle. It is a specific percentage of the total claim amount that you need to pay, so choose the deductibles wisely. It also helps reduce the premium amount. So, assess both the sides of the deductibles and then opt wisely.

Choose Add Ons Carefully: Prior buying an insurance policy, you may consider add-ons that ensure enhanced protection for you and your vehicle. You should assess the benefits of add-on cover and then choose it accordingly.

Pick the IRDAI Approved Insurer: It is imperative to choose the IRDAI approved insurer. You should assess the insurer’s customer service and claims paying capability. Choosing the right insurer will be the key point while picking the right two wheeler insurance.

Read the Fine Print Carefully: Don’t take a swift decision. It’s advisable to go through the policy terms & conditions, its benefits, and exclusions. It helps you make the right decision in fulfilling your two wheeler insurance needs.

Compare & Buy Online: Before buying, you should compare the insurance policies from different insurers and choose the right one. Buying the policy online also helps grab premium discounts that lower the insurance cost for your two wheeler.

Is there any Add-on Cover/Rider with Two Wheeler Insurance?

Add-on covers/Riders are additional benefits attached to your comprehensive insurance policy. Following are the add-on covers that are available with the Two Wheeler Insurance.

Zero Depreciation Cover

Typically, the insurer pays for claims after deducting the specific percent of depreciation for the damaged parts of the vehicle. By opting this rider, your claim amount does not subject to any depreciation and you are entitled to receive the full claim amount.

Accessories Cover

Usually, insurers do not cover vehicle accessories under the two wheeler insurance. If you have installed accessories to your bike, it is quite essential to buy an add-on to provide cover to the valuable accessories. Assess the value of the accessories and then buy the cover accordingly.

Personal Accident cover for Rider & Pillion

This rider provides cover to the two wheeler driver and the co passenger against accidental injury/death, Permanent Partial Disablement, Permanent Total Disablement, and Temporary Total Disablement.

NCB Retention Cover

Usually, insurers offer NCB benefits, if you have not made any claims in the previous year. With this add-on cover, you can take benefit of No Claim Bonus even if you have made claims up to pre-specified limits in the previous policy period.

(The add-on covers and its benefits may vary from insurer to insurer)

What is Not included in my Two Wheeler Insurance?

Following are the contingencies that are not covered under the Two Wheeler Insurance.

  • Common wear and tear
  • Electrical & mechanical breakdown
  • Depreciation of vehicle
  • Claims due to scenarios that does come under the contractual liability
  • Loss/Damage due to war or nuclear risks
  • Loss/Damage occurred outside the permitted geographical region
  • Vehicle being used for the purpose not specified under the policy terms
  • Driving under the influence of alcohol
  • Driving with an invalid driving license

(Exclusions may vary from insurer to insurer)