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  • Two-Wheeler Insurance - Common Terms you should know

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    The world of insurance has its own set of jargons which need a good understanding for comprehending the policy document. Knowing the most important terms also means better equipment at the time of buying/renewal or claims. Let's go ahead and explore the most commonly used terms in the world of two wheeler insurance.

    Cover: A term used to denote the liability of the insurance company which contains details pertaining to maximum monetary liability the insurer will bear when a claim situation occurs.

    First Party: This term is used represent the insured member and the two-wheeler.

    Second Party: Refers to the insurance company providing the cover.

    Third Party: Used to represent the property/person involved in the accident caused by the first party.

    Premium: A fee paid by the insured member to the insurance company for providing the insurance cover for a fixed term. This amount is payable every year and is determined on multiple factors such as the cost of the vehicle, model, make and so on.

    Insured Declared Value (IDV): Used to represent the market value of the motorcycle. The IDV is the maximum sum payable by the insurance company to the insured member in case of total loss of motorcycle.

    Zero Depreciation Cover: An optional cover in the insurance policy which provides for no deduction on the value of parts replaced in the two wheeler on the basis of depreciation, providing room for a higher claim amount.

    No Claim Bonus (NCB): A discount the insured is eligible for at the time of renewal of the insurance policy if there were no claims made during the previous policy year. Represented as a percentage, it is applicable at the time of renewal and is offered as a deduction in the premium amount.

    Third party Cover: A cover which offers protection against legal and monetary liability arising out of an accident involving the insured motorcycle. This type of cover is mandatory by law and covers third party person and property.

    Comprehensive Cover: This type of cover option not only provides cover for third party liability, but also shields the insured bike and its occupants against damage/injury/death when a situation arises.

    Exclusion: A term used to denote those risks that do not find cover under the insurance policy. Such exclusions can be covered through an Add On option, depending on the availability.

    Personal Accident Cover: An Add On cover which protects the rider against bodily injury/death arising out of the accident. It also offers compensation for permanent or total disability.

    Two-Wheeler Insurance - Common Terms Reviews

  • Page 1 of 50 1 2 3 4 5
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler insurance is with Bajaj Allianz from last 9 months, i am happy with the coverage value of this insurance policy. A premium of Rs 3000 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 3
      , kolkata
      Reviewed on Jul 13, 2018
    • Reliance General Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured the Reliance General insurance. I have paid a premium of 4000 for three years, I do not have any claim experience and the policy covers the entire bike. So far it has been a hassle free experience with the policy and I'll have to wait and evaluate their services in future.
      Was this review helpful? 1
      , kochi
      Reviewed on Jul 13, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I was using the Bajaj Allianz bike insurance policy initially. The policy was very good, It was approaching maturity and I changed to a different provider. I do have a claim experience with the policy. The claim process was seamless and hassle free. It is a recommendable bike insurance provider.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 2018
    • Reliance General Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My bike is insured with the Reliance general Insurance. I am paying a premium of 1500 year, the policy covers only metal parts. I do not have any claim experience with the policy and so far it has been a smooth experience. I'll have to wait and see about their approach in case if I will have any claims in future.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 12, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with Bajaj Allianz from last 1.5 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I am not aware of the premium amount but i am satisfied with the plan benefits of this policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 11, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with ICICI lombard from last 8-9 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I pay a premium of Rs 1200 for this insurance policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 10, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the ICICI Lombard General Insurance. I pay a premium of 1600 annually. The the policy covers entire bike. I do not have any claim experience with this policy either. So far it has been a smooth experience with their services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 10, 2018
    • New India Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the New India Insurance company. I pay a premium of 1200 per year, I do not have any claim experience so far and The policy covers the entire bike. I make payments online. Overall it has been a good experience so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 10, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Average Policy"
      0.5 1.0/5 "Really Bad"
      I have taken two wheeler insurance from Icici Lombard general insurance . Am satisfied with the premium amount what am paying . I made the payment through on-line for one year. Its an average policy wont be recommending . Their customer service and response is not up to the mark.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jul 10, 2018
    • United India Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a two wheeler insurance with United India Insurance from last 7 years, i pay a premium of approx Rs 800 for this insurance policy and it has to be renewed every year. I have no claim experience so far from this insurance policy and i am happy with the coverage value.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jul 09, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "The Service needs Improvements"
      0.5 2.5/5 "Just OK"
      I've a bike insurance policy with the Bajaj Allianz for which I pay a premium of 1600 per year. I got accident, no service was provided. I am not at all happy with their services. Overall they need to be more customer oriented and provide proper assistance to their customers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with ICICI lombard from last 5 years and it is a good policy to use. I have no claim experience so far from this insurance policy. I pay a premium of Rs 850 which has to be paid every year and the coverage value is good in this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2018
    • Tata AIG Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with TATA AIG from last 2 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I paid a premium of Rs 3000 for 3 years at once for this insurance policy.
      Was this review helpful? 1
      , pune
      Reviewed on Jul 06, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance policy with Oriental Insurance from last 2-3 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1300 has to be paid every year for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 0
      , karad
      Reviewed on Jul 05, 2018
    • Reliance General Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I am having a two wheeler insurance policy with Reliance from last 12 years, i am happy with the coverage value of this insurance policy. I have claimed it once and my experience was good. A premium of Rs 900 has to be paid every year for this two wheeler insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 05, 2018
    • Reliance General Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the Reliance general Insurance. It Covers the metal parts. I do not have any claim experience with the policy. I sometimes makes payment online and sometimes visit the branches. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 04, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a two wheeler insurance policy with Oriental insurance from last 1 year, a premium of Rs 900 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 03, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with Bajaj Allianz from last 2 years and it is a good policy to use. I am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. A premium of Rs 1200 has to be paid for this insurance policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 03, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with ICICI lombard from last 2 years, i am happy with the coverage value of this insurance policy. A premium of Rs 2400 has to be paid every year for this insurance I have not claimed anything so far from this two wheeler insurance policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 03, 2018
    • New India Two Wheeler Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have taken two wheeler insurance policy from New India Assurance and no idea about claim ratio. Their customer service and response is good. Its the good policy for claim purpose . Annually i pay for two wheeler insurance through on-line payments. Still now not faced any issue.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 03, 2018
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