Home insurance What Is Two-Wheeler Insurance and How Does It Work?

What Is Two-Wheeler Insurance and How Does It Work?

by girishsolanki20
What Is Two-Wheeler Insurance and How Does It Work?

In India, two-wheeler insurance coverage is classified as general insurance. Two-wheeler insurance is required in the nation under the Motor Vehicles Act of 1988. Bike insurance coverage is intended to protect the owner of a vehicle from any unforeseeable or unexpected events, such as road accidents. A two-wheeler insurance policy purchased online protects the rider or owner of a motorbike against a variety of unforeseeable damages caused by unanticipated events such as theft, catastrophes, and so on. All sorts of two-wheelers, whether scooty, scooter, motorbike, or sports bike, are covered under an online bike insurance policy, whether they are used for personal or business purposes.

In India, two-wheeler insurance is a legal contract between the owner of a two-wheeler and a two-wheeler insurance provider that guarantees recovery in the event of damage or loss. The IDV (Insured Declared Value) of your bike determines the Sum Insured for two-wheeler insurance. To make use of the benefits of online two-wheeler insurance coverage in India, you will have to pay a premium. Bike insurance policies may be purchased online with useful add-ons. To acquire the greatest coverage for your bike, it’s a good idea to compare two-wheeler insurance online.

The Importance of Motorcycle and Scooter Insurance

Motorbike owners understand the worry and growing expenditures that come with a motorcycle accident better than anyone else. Accidents are something we have no control over, no matter how carefully you handle your vehicle or how cautiously you drive it. A traffic accident involving your motorcycle or scooter may cost you a lot of money.

A scooter insurance coverage can cover all of your expenditures in the event of an accident. Multiple perks, like as premium savings and NCB, are included in the best two-wheeler coverage. It’s important to have two-wheeler insurance since it protects you financially in the event of a bike accident, theft, loss, or damage. Liability coverage is included with online bike insurance in case you are responsible for another person’s injuries or property damage.

It’s also important to renew your bike insurance online to keep enjoying the benefits of two-wheeler coverage without interruption. However, before you buy or renew a policy, make sure you compare bike insurance online.

The Different Types of Two-Wheeler Insurance Policies

Insurance for two-wheelers

There are two forms of two-wheeler insurance to select from third-party insurance and comprehensive insurance. Depending on the sort of online two-wheeler insurance plan you select, you will be covered. Compare two-wheeler insurance online to get the most cost-effective plan for your two-wheeler.

• Third Party: Every two-wheeler on the road must have third-party liability-only coverage. The online policy for third-party bike insurance covers any loss or damage to a third party or their property. Third-party property damage is covered up to Rs. 7.5 lacs under the insurance. The sole disadvantage of third-party two-wheeler insurance is that it does not cover the insured vehicle or its occupants financially.

• Comprehensive: A comprehensive bike insurance policy covers your two-wheeler completely. The coverage also covers legal responsibility and personal property damage. The cove comes with a comprehensive two-wheeler insurance package that includes broad rider and flexible choices.

What Does a Two-Wheeler Insurance Policy Cover ?

Online motorcycle insurance provides comprehensive coverage for both the vehicle and the rider. Prior to renewing or purchasing two-wheeler insurance online, keep in mind that the cheapest bike insurance policies may not offer you the sort of coverage you want. So, rather than going for the cheapest two-wheeler insurance for your bike or scooter to save money on your premium, it’s always better to go for an economical yet the finest bike insurance online. The following is a list of what two-wheeler insurance policies cover.

Liability to a third party
Your motorbike insurance will cover the financial obligation if a third party is injured or killed, or their property is destroyed as a result of your vehicle.

Natural Disasters
Earthquakes, fire, lightning, floods, rockslides, landslides, typhoons or storms, hurricanes, cyclones, frost, explosions, rain, self-ignitions, inundations, and other natural disasters are covered by online two-wheeler insurance coverage.

Manmade Calamities
Protection against man-made disasters such as strikes, thefts, riots, vandalism, collisions, burglaries, and other hostile activities. Insurance policy for two-wheelers

What Are the Advantages of Two-Wheeler Coverage?

Your motorbike is protected to the fullest extent possible with online two-wheeler insurance coverage. Here are some of the finest advantages of renewing your two-wheeler insurance online.

• Two-wheeler insurance coverage covers losses caused by natural and man-made disasters, as well as compensation in the event of the rider-death. owner’s

• If you renew your bike insurance online in a timely manner, you won’t have to worry about legal ramifications in the event of an accident involving your two-wheeler.

• If your two-wheeler is damaged, you won’t have to pay for it out of pocket. All of this will be covered by your online two-wheeler insurance coverage.

• If you have two-wheeler insurance, you will be eligible for savings such as the No Claim Bonus (NCB). When you renew your bike insurance, you will be eligible for this NCB.

• The goal of a good two-wheeler insurance plan is to offer you comprehensive coverage and worry-free riding.

• Take use of the cashless garage feature as part of your two-wheeler insurance coverage. If your two-wheeler requires repairs, go to a cashless garage that is registered with your insurer so you don’t have to pay for the damages upfront.

Online Bike Insurance Renewal

Two-wheeler insurance renewal must be treated with the same seriousness as two-wheeler insurance purchases made online. Renewing your two-wheeler insurance policy on time provides a number of advantages, including tempting savings and other rewards. The procedure of renewing your bike insurance online is simple and straightforward. When renewing your two-wheeler insurance policy online, you may choose long-term bike insurance to gain exclusive coverage at cheaper premium prices. When renewing your two-wheeler insurance online, it’s a good idea to compare different coverage. To complete an online bike insurance renewal, there are a few things to do.

For fast two-wheeler insurance policy renewal, log onto your insurer’s official website 

• To renew your bike insurance online, provide your prior policy number, personal information, and vehicle information.

• After that, you’ll be prompted to make an online payment for your two-wheeler policy premium amount to complete the two-wheeler insurance policy renewal process.

• Pay the payment online using net banking, credit or debit card, and your two-wheeler insurance coverage will be renewed.

• Finally, keep the bike insurance renewal paperwork for future reference. A copy of your bike insurance policy will be sent to you.

Add-on Covers for Two Wheeler Insurance Policy in India

Two-wheeler add-on covers are essentially additional coverage alternatives that you acquire for enhanced financial protection in the event of an accident or other misfortune. Varying two-wheeler add-ons have different pricing and benefits, and they might add a few thousand rupees to the cost of your standard bike insurance subscription. As a result, add-ons have a significant influence on the premium you pay. A two-wheeler insurance provider may provide you with a variety of add-on policies to safeguard your two-wheeler. Here are some of the greatest extra coverage options for your two-wheeler policy.

There is no depreciation.
• After the insurance provider has subtracted the depreciation price of your bike’s damaged parts, your online comprehensive two-wheeler insurance coverage will reimburse for the repair expenses. However, if your depreciation add-on is zero, you can claim the depreciated amount as well. As a result, regardless of the amount of depreciation, you will receive the full value.
Add-on Cover for Pillion Riders

• This add-on covers the pillion rider, the person who sits behind you on your two-wheeler. This supplementary personal accident policy for the pillion rider will compensate the pillion rider if the co-passenger is harmed. This add-on is not to be confused with a personal ad.

Back to the Invoice Cover

• If your bike sustains irreparable damage, our add-on cover will come to the rescue. If you have this add-on, and you submit a claim, the bike insurance provider will pay the full market value of your bike. Depreciation will have no bearing on the amount you will be paid.

Coverage for Roadside Assistance

• If your two-wheeler breaks down or is damaged on the road, just contact your two-wheeler insurance carrier for assistance. If you have this add-on, your insurance company will send a mechanic to your location to repair your car. If the damage to your two-wheeler can be repaired, your insurance will send a towing car to transport it to the mechanic.

Under the following circumstances, your two-wheeler insurance policy will not provide coverage:

You will not be charged any additional fees.

• If not covered by an add-on, depreciation, or any consequential loss from ordinary use.

• Any loss or damage as a result of electrical or mechanical failure

• Any loss or damage caused by the vehicle’s regular wear and tear

• Any tire/tube damage that occurs during the regular operation of the vehicle

• Any damage or loss occurring outside the area of coverage while the vehicle is being utilized

• There was a loss or damage when the motorist was under the influence of drugs or alcohol.

• Does not cover any vehicle damage or loss.

Notify your insurance provider and file a claim.

• In the event of property damage, unintentional injury, or theft, file an FIR with the police station.

• Go to the garage with the motorcycle.

• Submitting all required documentation, as well as a properly completed claim form.

• According to the policy’s terms and conditions, the insurance company is responsible for all covered expenditures, while you, the policyholder, are responsible for the expenses that are not covered. The policy keeps track of the costs that aren’t covered.

• You may also fill out the motor insurance claim form and gather the necessary papers, such as a copy of your driver’s license, original bills (if applicable), and so on.

Some of the Unique Benefits of Comparing Bike Insurance Online

• Best Plan: Easily compare several plans on offer to choose the best plan for your two-wheeler vehicle.

• Save Money: Compare two-wheeler insurance quotes from India’s leading insurance companies to save money.

• Add-on Covers: Compare the add-on coverage options available from a variety of insurers.

• Insured Declared Value (IDV): You may compare the Insured Declared Value (IDV) supplied by various insurance firms in India on the internet.

credits section.

Two Wheeler Third-Party Insurance Rates

The third-party premium rates for two-wheeler insurance policies have been changed by the Insurance Regulatory and Development Authority of India (IRDA). Check out the higher premium prices for third-party 2-wheeler insurance in India in the table below:

Vehicle TypesThird-Party Two Wheeler Insurance Rates2018-192019-20Percentage Increased (%)
Vehicle not exceeding 75ccRs. 427/-Rs. 482/-12.88%
Exceeding 75cc to 150 ccRs. 720/-Rs. 752/-4.44%
Exceeding 150cc to 350 ccRs. 985/-Rs. 1193/-21.11%
Exceeding 350 ccRs. 2323/-Rs. 2323/-No change

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