Visakhapatnam, a port city located along the Bay of Bengal, is the largest city in Andhra Pradesh. Besides that, the city is also known as an industrial hub due to it having access to the port. With a population of over 5 million in the metro area alone, Visakhapatnam is no stranger to traffic related incidents and accidents.
To minimise the damage caused by accidents, the city follows the Motor Vehicle Act of 1988, which makes its mandatory for two wheeler owners to own an insurance policy. Currently, there are two main types of insurance policies available in the city, which cover a wide range of two wheeler related issues. Apart from the main policies, a policyholder can also choose various other riders to enhance the coverage of their main policy.
The two main types of policies: Comprehensive and Third Party Cover offer various benefits to the policyholder. On one hand, comprehensive policies offer financial help against any vehicular or physical damage a person sustains while riding their two wheeler. A third party cover, on the other hand, offers coverage against accidents that a two wheeler owner causes. For instance, if a person damages another person’s vehicle by crashing into him, the third party cover will cover the financial aspects of the same.
Currently, there are over a dozen two wheeler insurance providers in Visakhapatnam which range from United India Assurance, ICICI Lombard, Bajaj Allianz, Reliance General, among several others.