Types of Two-Wheeler Insurance
Comprehensive Bike Insurance
A comprehensive motorcycle insurance policy offers thorough coverage, handling financial obligations towards third parties and compensating for expenses resulting from your two-wheeler's damages. It protects your bike from various incidents such as accidents, fire, theft, man-made disasters, natural calamities, self-ignition, and explosions. You can extend coverage by paying an extra premium for add-ons like zero depreciation cover, roadside assistance, engine protection, and more.
Third-Party Bike Insurance
In India, having a third-party bike insurance policy is mandatory for riding a two-wheeler. Also termed as a liability-only policy, it covers damages caused to a third party, excluding the insured and their bike. This plan includes coverage for third-party damages like property damage, bodily injuries, temporary or permanent disability, and death resulting from an accident involving the insured two-wheeler.
Own-Damage Bike Insurance
A standalone own-damage bike insurance policy protects the insured against damages to their own two-wheeler caused by accidents, theft, fire, natural disasters, and man-made calamities. This policy offers flexibility as policyholders can choose different insurers for third-party and own-damage plans. Additionally, one can enhance coverage by purchasing add-ons at an extra premium..
Inclusions: What is Covered
Under comprehensive bike insurance, the following is covered:
- Liability to a Third-party
- Damage Caused by Oneself
- Floods, earthquakes, and other natural disasters create damage.
- Theft, other nefarious deeds, and other man-made disasters are all examples of man-made disasters.
- Damage caused by riots, fires, and other non-third-party causes
Inclusions: What is Not Covered
Your car insurance policy provides coverage against financial losses resulting from accidents or theft. However, there are certain events that may not be covered by your policy.
- If the vehicle is being used for unlawful purposes
- Electrical/ mechanical breakdowns
- Normal wear and tear of the vehicle
- Not having a valid driving license during an accident
- Driving under the influence of intoxicating liquor/ drugs
- Accidents taking place beyond geographical limits
Add-on Covers
An add-on is an extra benefit incorporated into your car insurance policy, offering coverage against unforeseen expenses. These add-ons, also known as riders, can be included in your insurance by paying an additional premium.
- Zero Depreciation Claim
- Road Assistance Cover
- Accessories Coverage
- Accident Cover for Passenger
How to Compare Two-Wheeler Insurance Online
1. Type of policy
There are three main types of bike insurance: Third-party Liability, Comprehensive Bike insurance, and Own-Damage Bike Insurance. You choose based on your needs and can compare plans to understand the differences.
2. Value of your bike
The premium for your comprehensive bike insurance is calculated based on the current market value of your bike, known as the Insured Declared Value (IDV). When purchasing bike insurance, you set the IDV, and it's determined by the approximate current market value of your bike. Comparing two-wheeler insurance helps you assess the IDV amounts offered by different policies.
3. Coverage of the policy
Understanding the coverage of your bike insurance policy is crucial when making a purchase. Knowing the type of coverage makes the claiming process easier. Buying two-wheeler insurance online often provides better coverage options.
A comprehensive insurance policy generally provides extensive coverage. However, it's important to note that your claim may be rejected if the damage is not covered under your specific insurance plan. Familiarizing yourself with the terms and conditions of your policy ensures a better understanding of what is covered and helps prevent claim rejections.
4. Zero Depreciation Add On
In a standard comprehensive two-wheeler policy, regular wear and tear of the vehicle is typically not covered. However, if you opt for a zero depreciation add-on, it ensures that depreciation is not deducted from your claim payout, providing coverage for such damages.
5. Exclusions
Understanding the exclusions of your two-wheeler insurance policy is just as crucial as knowing the coverage. It's important to be aware of situations in which you cannot raise a claim. The policy document always outlines the list of exclusions.
Factors that Determine Two-Wheeler Insurance Premium Online
The following are key factors that determine the premium of a two-wheeler insurance policy:
- Registration Zone
- No Claim Bonus (NCB)
- Additional Covers
- Bike Model and Variant
- Year of Manufacture/ IDV (Insured Declared Value)
- Fuel type (Petrol / Diesel / CNG / LPG)
- CC (Cubic Capacity of Engine)
Claims Process
In the event of a loss, the following are key points on how to claim your car insurance:
Keep the copies of your insurance paperwork up to date and intact. They are critical documents that can get you your claim.
- Extend full cooperation to the insurer and the surveyor appointed for completion of the survey work and for proper assessment of the loss.
- Provide a "proof of damage" form as well as records relating to your claim (such as medical bills, car repair bills, and a copy of the FIR).
- Present accurate and validated information to the representative which is the right thing to do for claiming the insurance.
- Assess and record the damage done to the car
- File an FIR in case of an accident or theft. It is mandatory in a third-party liability claim to file an FIR
- Intimate the insurance company at the earliest