What is Two Wheeler insurance?

The Two Wheeler Insurance refers to an agreement that provides the policyholder a cover against any kind of damage that may occur during a mishap like an accident, natural disaster or act of any theft that occur to the bike. No matter if your vehicle is a mix of commercial and personal or personal or commercial, insurance will safeguard your vehicle against all odds. Unforeseen events not only cause harm to your bike, but they also result in the mental, emotional, financial, and legal breakdown the person. This is where the two-wheeler insurance plays the vital role. Any damage that is caused because of the third party is also covered under the same.

Here at Winance India you get an expert advice and support for buying best car policies available in different different companies in India. Our experts compare all the car policies based on certain parameters like value of the car, type of coverage, vehicle classification, voluntary excess, etc.

Why two wheeler insurance is important?

It is mandatory by law

As per section 146 of the motor vehicles act, 1988, insurance is compulsory. If you don't insure it, then official fine is Rs. 1000. Only third party liability is compulsory and you can keep own damage part to zero if you are mega-confident.

It pays for damages

Not only are cars expensive, paying for their repairs is costly, too. Sometimes, your car may be damaged due to someone else’s negligence. A car colliding with yours, or you swerving to avoid a jaywalker and crashing into a wall, or even a stray cricket ball cracking your windshield can set you back by a considerable amount of money. However, if you have car insurance, you need not pay for these repairs by yourself.

It reduces your liability

Taking Third Party Liability (TPL) car insurance coverage is mandatory in India. The TPL policy covers you against the legal ramifications of an accident caused by you. For example, if you happen to cause an accident that results in damages to another person’s property or injuries to another driver/pedestrian, the insurance will pay for their treatment and save you from the legal repercussions of the case.

It pays for your hospitalisation

Not every car owner who suffers an accident is fortunate to get away with a few cuts and bruises. Some accidents result in fractures and other serious injuries that require hospitalisation. Instead of shelling out the high hospital and treatment costs from your own pocket, you can get your motor insurance to pay these expenses.

It compensates your family after your demise.

The most unfortunate outcome of a road accident is the car owner’s demise. Once the bread-earning policy holder has passed away, it might become difficult for his or her family to sustain its daily life. However, a motor insurance policy can help pay the family’s expenses after the unfortunate event.

It is much cheaper than any other policy

Two Wheeler insurance is much cheaper than any other policy in terms of premium. However the extent of that insurance is dependent on you. There are several types of two wheeler insurance e.g. Third Party Liability Cover, Own Damage Cover, Personal Accident Cover, Add-ons.

Two-wheeler insurance premium calculation

Our executive will help you evaluate your requirements and provide you with options most suitable for your specific case. Our executive will discuss some basic details about your two-wheeler, like the IDV of the vehicle, Cubic capacity of the vehicle, Zone of registration and the Age of vehicle to calculate the premium amount. IDV is the amount you are assured to receive from the insurer in case of any damage, theft etc. It is calculated by reducing the depreciation from the manufacturer’s listed selling price. IDV does not include the registration and insurance cost.

Factors Affecting Two-Wheeler Insurance Premium

The premium to be paid on a two-wheeler insurance depends on several factors. i.e. Type of insurance policy, Two wheeler type and performance delivered, Additional insurance cover, No claim bonus, Discount offered by insurance company, etc.

Two-Wheeler Claims Settlement

Make sure you have the right documents in place to support your claim. In some cases an FIR filed with the police department might be essential. Apart from these necessary documents, one must also furnish truthful information in the claim form. Be it claim for TPL, Own damage, theft or personal accident, insurance companies follow a transparent claims procedure.

Your claim may not be honoured if it is not supported by the right documents or falls in the category that is not covered under your insurance policy. The general claims process followed in case of two wheeler insurance claim involves:

  • Noting down other vehicle number, details of the person involved in the accident, details of witnesses if any
  • Contacting your insurance provider, noting necessary documents required for a claim
  • Filing an FIR with the police