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As modern India progresses into the 21st century, the need to have a viable and dependable mode of transportation is paramount. This need has fuelled steady growth in the number of two wheelers plying on the road. It is one of the most cost effective mode of daily commute for lakhs of Indians. But to ensure the safety and protection of the vehicle as well as the driver, by law, it is mandatory to have a two wheeler insurance. While there are many options in the market, let us look at the main considerations to be kept in mind while making the decision to purchase two wheeler insurance.

benefit of car insuranceCOVER PROVIDED UNDER TWO WHEELER INSURANCE

1. Third Party Liability:

This cover offers protection against any liability that has arisen due to damage to third party and/or resulting in temporary or permanent disability to third party. This type of policy will not compensate for the cost of loss/damage of your two wheeler, neither will it provide you personal accident cover for driver and rider.

2. Comprehensive Cover:

This cover offers protection against theft, loss and damage. Some plans offered by insurance companies also offer personal accident cover for the owner or rider in event of accident. In addition it also covers the owner’s liability in event of death/disability of third-party or loss or damage to third party property.

best bike insurance companyTHIRD PARTY INSURANCE

Taking a third party insurance is a statutory requirement under Motor Vehicles Act, 1988. It covers your legal liability in event of death/disability of third-party or loss or damage to third party property

WHAT DOES THIRD PARTY INSURANCE COVER?

  • You should inform car insurance company as soon as possible, the sooner the better, car insurance companies follow strict timeliness and have toll free numbers where you can inform about the incident
  • You need to file an FIR, seems obvious but you just can’t leave it, the claim will not be processed until this is done
  • Once you have informed the car insurance company, the car insurer would arrange for inspection and your car would be towed to authorized assessment centre, Don’t drive the car yourself as it could impart further damage
  • After the survey and scrutiny of claim that you have raised, the car insurance company would send you an approval for repaired cost, then you can tell the garage to start the repairs

benefit of car insuranceBENEFITS AND FEATURES OF THIRD PARTY INSURANCE

1. Legal Cover and Monetary Help:

Third Party Insurance policy takes care of legal liability and financial burden of the policyholder, providing cover for expenses that relate to legal fees and procedures.

2. Ease of Process to Purchase Third Party Insurance:

The process to buy Third-Party Insurance policy is easy and can be bought from the comfort of your house. It can be accessed from anywhere.

3. Beneficial to the Policyholder in case of Unfortunate Event:

The coverage offered under Third Party Liability Insurance is evidently a cost effective protection to the policyholder in the unforeseen event of liability towards a third party due to their disability or demise.

ADVANTAGES OF THIRD-PARTY INSURANCE

  • It fulfills the statutory requirement of covering third party in event of disability or demise
  • Premium is affordable

DISADVANTAGES OF THIRD-PARTY INSURANCE

  • It does not provide cover for the vehicle or the passengers
  • In case of damage to the vehicle the policyholder would have shell out the entire damage amount himself

buying car insurance onlineCOMPREHENSIVE TWO WHEELER INSURANCE

Comprehensive or a package policy offers insurance cover to insured against own damage and also against third-party liability. It can also have additional and optional features which can be included if you want to avail additional coverages. Own Damage (OD) covers loss or damage to your two wheeler due to accidents, fire or theft etc. In case of an accident, an own damage cover facilitates repair or replacement of parts of your two wheeler damaged in the accident either through cashless claim process or by mode of reimbursement as per the inclusions of the insurance policy contracted.

WHAT DOES A COMPREHENSIVE TWO WHEELER INSURANCE COVER?

  • Damage because of fire
  • Natural calamity or occurrence
  • Acts of riots or violence
  • When in a carriage or lift
  • Accidental death of the insured vehicle owner / driver
  • Permanent Total Disability of the vehicle owner / driver

WHAT DOES THE COMPREHENSIVE TWO WHEELER INSURANCE NOT COVER?

This type of cover does not provide the policyholder any extended set of benefits as are facilitated by add-on covers such as Road-Side Assistance, Extended Type Coverage, Key protection and more. It does not cover loss / damage

  • Incurred outside the prescribed geographical limits as per the insurance policy terms and conditions
  • Any mechanical wear and tear due to ageing
  • Driving a two wheeler without a legal and valid license

ADVANTAGES OF COMPREHENSIVE TWO WHEELER INSURANCE

  • Insurance cover to the rider of the two wheeler if he/she suffers temporary or permanent disability in an accident
  • Insurance cover against damage to third party property and any injuries to the third party or even his/her death
  • Insurance cover for the repair of the two wheeler damaged in the accident and in case where the damage is beyond repair, you can claim the Insured Declared Value (IDV) of the two wheeler

DISADVANTAGES OF COMPREHENSIVE TWO WHEELER INSURANCE

  • The premium of this policy is higher in comparison to taking only third party liability insurance

Now let’s look at the comparison of third party liability and comprehensive insurance plans

THIRD PART LIABILITY VS. COMPREHENSIVE INSURANCE

Points of Difference Third Party Liability Comprehensive Insurance
Coverage Offered Covers liability towards third party induced claims only Covers the damage to vehicle or owner and also the third party
Exceptions Usual wear and Tear and Mechanical breakdown not covered Usual wear and Tear and Mechanical breakdown covered
(for parts impacted in the event of an accident only)
Add-On Covers Personal Accident Cover Zero Depreciation Cover, Engine Protector Cover, Return to Invoice,
Roadside Assistance Cover
Cost Premium is less; Limited Cover is offered Premium is higher, provides greater scope of protection
Which is better? Limited Coverage Extensive Coverage

WHICH ONE SHOULD YOU CHOOSE?

Comprehensive Two Wheeler Insurance cover is recommended as it provides insurance cover for any damage to the two wheeler and injuries to the driver. It also provides insurance cover against the legal liability and total/partial disability to the third party. Having said this, the best judge of choice is you. The only factor going against the comprehensive insurance is that its premium is high.

buying car insurance onlineFACTORS IN SELECTING A TWO WHEELER INSURANCE COMPANY

  • It should be IRDAI authorized
  • Have a good claim settlement record
  • Have a good customer support and assistance procedure
  • Check for the complaint ratio against the company, it would give you a reliable assessment on their customer service procedures and market reputation
  • Study the policies that are offered by the company, their benefits, features, inclusions and exclusions and do a comparison

buying car insurance onlineFACTORS AFFECTING TWO WHEELER INSURANCE PREMIUM

  • Insured Declare Value: This is the value, two wheeler insurance company pays you when you raise a claim, it is given after depreciation is deducted from the market value of the bike
  • Cubic Capacity: Higher the cubic capacity of two wheeler, higher would be the premium
  • Age of Two Wheeler: More the age of the Two Wheeler, more the premium
  • No Claim Bonus: When you do not raise any claim during a year, you become eligible for No Claim Bonus from the Two Wheeler Insurance Company which can offer you a discount on premium.

buying car insurance onlineRENEWAL OF TWO WHEELER INSURANCE

It is imperative that you renew the policy on time else the policy will fall into a lapsed state. You can avail of the No Claim Bonus (NCB) only if the two wheeler insurance policy is in force, also any claim raised in the period where two wheeler insurance policy is not in force is bound to be rejected.

ONLINE RENEWAL OF TWO WHEELER INSURANCE

Digitization is having an immense impact on the way we are fulfilling our needs, insurance companies have also taken up this digital revolution in a big way and are promoting fresh issuance and renewal of two wheeler insurance policies through online medium. We can also save our time by doing the renewal of the policies online

IMPORTANT POINTS FOR RENEWAL OF TWO WHEELER INSURANCE

  • Renew your two wheeler Insurance policy ahead of expiry date and keep a tab on the renewal date
  • Compare different bike insurance policies online to get the best deal for yourself
  • Make use of No Claim Bonus (NCB) if you have not raised any claim

buying car insurance onlineDOCUMENTS FOR TWO WHEELER INSURANCE POLICY RENEWAL

  • Details on the name, address, occupation and gender of policyholder
  • Copy of the driving license
  • Registration certificate and number
  • Address Proof
  • Policy Number of current policy

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