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Clarify All Doubts Related To Two Wheeler Insurance

In India, the rules for vehicles running on the road are governed by the Motor Vehicles Act, 1988. The Act specifies that every car and two-wheeler should carry a valid third party insurance policy if it is to run on Indian roads. So, if you own a bike or a scooter, you need a two wheeler insurance plan on it to run your vehicle legally.

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HR01BX8765 02/03/2015

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Maruti Alto K10 VXI (796cc)

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Benefits of Buying Bike Insurance Policy

A two wheeler policy is a mandatory cover that is needed when you drive your bike on the road. Besides being a mandatory cover, a two-wheeler insurance policy provides you with complete financial security when using your bike. There are other benefits of a two-wheeler insurance policy that makes the policy a useful addition to your portfolio. Let’s have a look at the various benefits that you can avail from a two wheeler insurance policy:

bike image
Coverage against unforeseen contingencies

A two wheeler insurance policy covers the unforeseen contingencies that you might suffer in an emergency. When using the bike, you might suffer emergencies when using the bike on the road. Moreover, theft is also a contingency that causes considerable financial loss. A bike insurance policy covers these contingencies and gives you security in the face of emergencies.

Financial Protection

The main benefit of a bike insurance policy is financial protection. By covering unforeseen contingencies the policy gives you financial protection. It ensures that the financial losses suffered in contingencies are compensated so that you don’t suffer the loss yourself.

Covers all types of Two Wheelers

Two wheeler insurance plans allow coverage for all types of two-wheelers. Whether you have a scooter, moped, bike, whether new or used, you can avail of coverage under the policy.

Fulfils the legal mandate

Since a third party coverage is mandatory, a two wheeler insurance plan becomes a must. You need the policy to cover the legal mandate specified under the Motor Vehicles Act, 1988. If you drive your bike without a valid cover, you face legal consequences. When you invest in a bike insurance plan you can avoid legal consequences and drive without violating any rules.

Types Of Two Wheeler Insurance Plans

There are various types of two-wheeler insurance plans. These include the following:

These plans, as necessitated by the Motor Vehicles Act, cover only third party financial liabilities. These liabilities arise if you cause injury or death to any third party in an accident involving your two-wheeler. Moreover, third party property damages are also covered under this plan
These plans provide a combination of two types of coverage benefits. The first part of the plan covers third party legal liabilities which arises when a third party is hurt or killed or his property is damaged because of your two-wheeler. The second part of the coverage is called the own damage cover. This covers damages suffered by the two-wheeler itself and pays for the applicable cost of repairs
IRDAI allows comprehensive two-wheeler insurance plans to be offered for a longer tenure of 2 or 3 years. This removes the hassle of annual renewals. Also, you are protected against an annual increase in third party rates by IRDAI
These plans are available only for new bikes. They offer long term coverage for 5 years against third party liabilities. If you are buying a new bike, you have to get coverage against third party liabilities for a continuous period of 5 years. This is where this policy becomes mandatory
It provides protection against damages to your bike in case of accidents, theft, fire or natural calamities. It can only be bought if you already have an existing third party insurance cover valid for at least a year
New Bikes need to have a mandatory third-party insurance coverage for at least 5 years and hence a Bundled Insurance Policy can be availed for the same. This plan offers 1-year own damage cover and 5 years third party cover

Features Of Two Wheeler Insurance Plans

Two wheeler insurance plans have some notable features that differentiate them from other insurance plans available in the market. These features are as follows:

If you have a two-wheeler, you have the option to choose a comprehensive or third-party insurance cover.

Two wheeler insurance plans are available as annual plans or as long term insurance plans. You can buy either of these policies and get covered. However, for new bikes, mandatory 5-year third party coverage is a must. You can opt for this mandatory cover and then an annual standalone policy or a bundled policy which offers 5 year third party coverage and 1 year own damage cover.

You can choose from a long list of optional covers in your two wheeler insurance policy. These optional coverage benefits are called add-ons and they are available at an additional premium under comprehensive two-wheeler insurance plans.

If you do not make claims in your policy in a year, you receive a no claim bonus which allows a premium discount on renewals. Your no claim bonus can be easily transferred to another insurer if you port your policy. Moreover, if you sell your bike and buy a new one, you can transfer the accumulated no claim bonus to the new bike insurance policy as well.

Two wheeler insurance plans are available online. If you buy bike insurance online, the policy would be issued instantly after you provide the information of your bike, finalize the coverage, and pay the premium.

The IRDAI has made it mandatory for you to have a personal accident cover that covers accidental deaths and disablements. You can buy a cover of Rs.15 lakhs at an affordable premium with your two wheeler insurance policy. However, if you already have a personal accident cover in your name, you don’t have to buy another one with your two wheeler insurance plan.

The IRDAI approves of several discounts on the purchase of a two wheeler insurance policy on selected grounds. For example, if you are a member of an automobile association, have an anti-theft device installed, etc., can get you some great discounts. If you have a previous NCB too, you can get a discount on the renewal premium. Compare bike insurance policy online to look for the maximum discounts.

Add-ons Under Two Wheeler Insurance Plans

In a comprehensive bike insurance policy, there are various add-on covers that help increase the scope of protection offered by the policy. Add-on covers are additional coverage options that come at an additional premium. The following are the various add-ons available for you:

If your two-wheeler breaks down in the middle of a remote place and you cannot take it to the nearest garage, this add-on proves handy. The add-on provides round-the-clock assistance for flat tyres, battery jump-start, fuel assistance, etc.

At the time of claims, the depreciation of the parts repaired or replaced is deducted from the claim amount. This reduces the admissible claim amount and increases your out-of-pocket expenses. However, through this add-on, the effect of depreciation becomes nil and you get full settlement of the claim

The no claim bonus that you earn becomes zero if you make any claim in a policy year. This add-on protects the no claim bonus and allows you to claim the relevant discount on renewal even when you suffer a claim

Under this add-on the insurance company pays the invoice value of the bike if it is damaged beyond repairs or if it is stolen

If you lose your two-wheeler keys, the add-on would cover the cost of replacing them

This add-on covers the possible damages to the engine due to water logging or water seepage

Under this add-on you can avail of an additional personal accident cover for the pillion rider

Coverage Inclusions & Exclusions In Two Wheeler Insurance Plans

  • Financial loss due to theft of your two-wheeler
  • Third party legal liability suffered in the following cases:
    1. If you cause bodily injury to any individual
    2. If an individual dies in an accident involving your two-wheeler
    3. If you damage any individual’s property
  • Damages to the two-wheeler due to natural disasters like flood, earthquake, landslide, hurricane, storm, cyclone tempest, typhoon, lightning, etc.
  • Damages to the two-wheeler due to man-made calamities like fire, explosion or implosion, riots, malicious acts, strikes, etc.
  • Damages suffered by your two-wheeler when in transit through air, land or water.
  • Personal accident coverage against death or disablement while riding your two-wheeler.
  • The expense of regular wear and tear of your two-wheeler
  • Loss from mechanical or electrical breakdowns
  • The depreciation caused by everyday use of the two-wheeler
  • Any damages or losses sustained by the usage of the bike outside of the scope of the policy
  • Any damages sustained by the two-wheeler while being ridden by a person without a valid driver’s license.
  • Any damages or losses sustained by the usage of the bike by a person under the influence of drugs or alcohol
  • Damages sustained when driving the bike outside the geographical boundaries of India.
  • Any damages due to war, mutiny or nuclear attacks.