Two-Wheeler Insurance for A New Vehicle

For many, a two-wheeler is the first vehicle that they would purchase in life; so the sentiments associated with one are beyond comparison. When you zip across the road on your new two-wheeler, you would be invoking senses that are almost never engaged while you use other forms of transportation. For instance, when you gun the throttle, the feel of the wind in your hair is truly unparalleled.

The speed and power associated with a bike makes it inevitable to keep it protected with sufficient insurance coverage. The Indian Motor Vehicles Act makes it mandatory for all two-wheelers to be covered with at least a minimum level of insurance. But it is advisable to keep yourself and your vehicle covered by a comprehensive insurance policy to help you wade through unprecedented situations.

Types Of Bike Insurances

A two-wheeler insurance is the best solution to meet unexpected costs that arise due to damages incurred by your new bike. It offers protection for all models of two-wheelers in the market, i.e., motorcycles or mopeds. Bike insurance is also available for vehicles that are used for personal, commercial, or mixed purposes.

can be classified into two main categories:

Third party liability insurance

This policy provides coverage for damages incurred by a third-party in an accident that occurs due to the insured vehicle. This level of insurance is mandated by law; hence every vehicle plying on the roads should be equipped with this insurance.

Comprehensive insurance

This type of policy offers protection against all wear and tear of the two-wheeler and injuries to the rider. Damages to third-party is also included in the coverage. Additionally, it protects the vehicle against:

  • fire and natural calamities.
  • man-made situations like burglary, malicious acts, etc.

Advantages of Purchasing Two-Wheeler Insurance Online

Some of the key benefits of purchasing a two-wheeler insurance online are:

  • Choice of liability-only coverage or comprehensive coverage - The customer can determine if he requires only liability coverage or a comprehensive cover as well. Since a comprehensive cover provides protection against own damage and third-party liability, it is beneficial if every bike owner gets comprehensive insurance for complete protection.
  • Quick purchase - Earlier, a customer who purchased a two-wheeler insurance was not provided the policy documentation immediately. He/she was issued cover notes, and the policy would be mailed to him later. The advent in internet banking and technology has made purchasing a policy extremely convenient. A digitally signed policy document is issued to the customer as soon as the purchase is made.
  • Availability of add-ons - Multiple add-on covers, such as the zero depreciation cover, pillion rider accident cover, and coverage for accessories can be easily purchased online. You would have to pay an additional premium for the same.
  • Transfer of NCB made easy - NCB is a bonus that the insurer offers the rider for practising safe driving and refraining from raising claims in a policy year. Insurance companies allow you to transfer your accrued NCB from the previous insurer to the current one when you purchase a new policy online.
  • Numerous discounts - When you buy bike insurance policy online, you can also benefit from various discounts, such as reduction in premium for vehicles equipped with anti-theft devices, discounts for members of a recognised automobile association, etc.
  • Compare quotes from leading insurers - Various neutral third-party financial websites allow you to compare insurance plans and quotes from leading insurers. By comparing insurance coverage and costs, you will be able to zero in on a policy that best suits your needs.
  • Customer care - In case you have any queries on the coverage or policy wordings, you can avail the assistance of the call centre representatives from the insurance company.

Your policy document sets out the exhaustive list of terms and conditions of your insurance policy. It is important to read through this document and understand the inclusions and exclusions of your policy, so that you are well-prepared on the proceedings at the time of a claim.

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