Vijayawada is one of the popular cities in the state of Andhra Pradesh. Also known as the commercial city that forms a part of Andhra Pradesh Capital Region, the city has a population of over 10,34,358 people. The city is recognized as the Global City of the Future by McKinsey Quarterly for the rapidly increasing GDP. The city's primary public transport service include city buses and auto rickshaws apart from the two-wheelers and cars. The city's bus services - Andhra Pradesh State Road Transport Corporation (APSRTC) is the fourth largest and busiest bus terminals in the nation with an average of 300,000 daily commuters. Vijayawada has sixteen bridges across the main three canals of Bandar, Ryves, and Eluru supporting smooth travel across the city. From heavy vehicles, lorries, auto rickshaws, two-wheelers, cars, to all other vehicles aid to the city's commute, transport, and logistic requirements. The increasing number of vehicles has increased the total number of road accidents each year. Though motorist takes precautionary methods and uses safety gears, accidents are unavoidable.
Two-wheelers such as motorcycles, gearless motorbikes, and scooters are more vulnerable to road accidents due to lack of safety features and ignorance of other motorists and pedestrians as well. Most middle and lower-middle class household prefer two-wheelers for various benefits apart from the cost factors. Though two-wheeler insurance is compulsory for two-wheelers, many people prefer to go without, however, when there is an accident or damage to the vehicle, the owner is left with an empty pocket. Insurance is essential to make sure that you have protection against the uncertain situations such as accident, theft, fire, flood etc. to cover the cost of restoring the two-wheeler or replacing it. The insurance plans are easy to buy at a lesser premium compared to the insurance plan for other vehicles. Moreover, there is no inspection, extensive documentation, or tedious official follow-up required to obtain a two-wheeler insurance. Anyone can go online, find insurance, compare plans, choose, and buy the plan that suits his/her requirements.
Two-wheeler insurance premium
The premium amount for a two-wheeler insurance plan depends on various factors ranging from the make, type, and model of the vehicle. As per law, an individual is required to have at least the Third Party Life Insurance Policy in order to be road legal. The Third Party Insurance Policies are cheaper than the Comprehensive Two-Wheeler Insurance Plans but it only provides basic coverage against damage to your vehicle. The Comprehensive Two-Wheeler Insurance Plan, as the name suggests, provides coverage for and protection against various types of natural and manmade calamities. Whether the damage to your two-wheeler is caused by fire, explosion, earthquake, self-ignition, flood, lightning, typhoon, storm, tempest, hurricane, landslide, rockslide, man-made calamities or any other reason, the cost to fix the damage will be covered by the insurer to an extent.
In order to buy either of the Third Party or Comprehensive Two-wheeler Insurance Policy, the owner of the vehicle is required to pay a fee which is typically lesser than the premium cost for other vehicles such as cars, buses, etc. With a small premium payment, the one-year policy coverage can take care of various types of vehicle expenses arising from wear and tear, accidents, etc that can burn a hole in the individual's pocket, apart from the legal liability coverage that enables the rider to be eligible for a claim in the court of law.