Importance of Two Wheeler Insurance

It is a known fact that two wheelers are way more vulnerable to road accidents than other vehicles. To ensure continued protection of your bike/scooter from accidents and other dangers, it is of utmost importance to buy a comprehensive two wheeler insurance policy. Hence, every two wheeler owner in India, for his own safety and as per law, must buy an insurance policy which protects him and his vehicle. It also provides security against a wide range of natural and man-made calamities. Apart from this your vehicle is protected against damages incurred due to unforeseen situations like theft, personal accident, third party liability and many more. Investing in an all-encompassing two wheeler insurance policy is definitely worth it.

The Decision of Buying

Buying the right insurance plan, which suits your needs the best, is a serious decision, as any blunder can result in future complications. Hence, you need to be careful about what to buy. It is always wise to take into account some crucial points before making a decision. Make use of any neutral third party financial website to study and compare the various available in the market, and choose the one that suits your needs and budget, equally.

Type of Your Vehicle

This is one of the most important points to be considered. You need to buy an insurance plan that is best suited for the type, make, and model of your two wheeler. As the specifications on each two wheeler might differ from another, it is wise to choose the insurance plan which will cover your two wheeler model from every possible threat. This is also important before you actually get an approval from insurance company. At times it influences the amount of premium charged, also because some companies might offer special discounts or packages for a certain type of two wheeler model.

Insurance Coverage

Any standard two wheeler insurance plan will cover you against loss/damages caused by the following natural and man-made calamities -

  • Fire
  • Explosion
  • Self-ignition
  • Lightning
  • Earthquake
  • Flood
  • Typhoon
  • Hurricane
  • Storm
  • Tempest
  • Inundation
  • Cyclone
  • Hailstorm
  • Frost
  • Landslide
  • Rockslide
  • Burglary
  • Theft
  • Riot/Strike/Malicious act
  • Accident by external means
  • Terrorist activity
  • Damage caused in transit rail, road, lift, inland waterway, elevator or air

Personal Accident Cover

This is one of the most important covers that every bike owner must consider. The bike insurance company will offer cover of up to a certain amount, under this plan. The individual owner/driver of the vehicle will be covered when driving against loss or damage (injury) while travelling, mounting or dismounting from the vehicle. For an additional premium, you can also get cover for co-passengers.

Two Wheeler Insurance Online

Third Party Facility

This is crucial and categorized as a mandatory cover by the Government of India. Coverage is offered against legal liability that occurs in the event of an accident resulting in the permanent injury or death of a third party. The plan will also cover damage caused to another/adjacent property.

Factors affecting premium for your two wheeler insurance plan:

  • The capacity of the engine
  • Vehicle age
  • Geographical zone
  • Type of Model
  • IDV (Insured declared Value)

Sum Insured for two wheelers are insured at a fixed value referred to as the Insured's Declared Value (IDV). The IDV for two wheeler insurance is calculated on the basis of the manufacturer's listed selling price of the vehicle (listed price of accessories is also added to it). The final IDV is calculated after deducting the depreciation, for each year, according to the schedule offered by the Indian Motor Tariff. In case, the price of an electrical item installed in the vehicle is not included in the listed selling price of manufacturer, then the actual value (after depreciation) of this item can be added to the sum insured over and above the IDV.

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