The Motor Vehicles Act of 1988 makes it mandatory for all owners of two wheelers to have a basic two wheeler insurance. A two wheeler insurance provides cover to the owner of the vehicle from unforeseen circumstances such as vehicular damage or accidents. These policies are provided by a number of authorised companies that have registered themselves under the Insurance Regulatory Development Authority of India. By availing these policies, vehicle owners can avail protection against damage due to floods, earthquakes and other natural disasters. Additionally, coverage is also provided against damage that is caused by fire, accidents, explosion and riots.
There are two basic types of two wheeler insurance policies - comprehensive policies and act -only policies. Comprehensive policies provide coverage against damage due to external forces as well as third party issues. However, the latter type of policy provides cover against injuries, death or damage caused to a third party.
Insurance policies are also very easy to purchase as a number of companies provide the same. Today, a number of companies allow individuals to without having to go through the hassle of visiting an office and purchasing the same. Minimal documentation and hassle-free claims process are also advertised by most companies.
The twelfth most populated city in the country, Kanpur is the largest city in the state of Uttar Pradesh. Due to its sheer population, the number of vehicles in the city is quite high resulting in a lot of traffic and congestions. In addition to four wheelers, large number of individuals also use two wheelers. In order to prevent accidents, a number of stringent traffic rules are in place. However, owners of two wheelers are still bound by law to to protect themselves as well as others.
A large number of insurance providers have their presence in Kanpur including Bharti AXA Two Wheeler Insurance, HDFC ERGO Two Wheeler Insurance, and Reliance Two Wheeler Insurance.