Having a vehicle is a necessity nowadays and most people prefer having a two-wheeler instead of a car because of nuclear families, its low maintenance, and easy handling. Buying a two-wheeler is one thing but it is also necessary that you keep it safe and secure. You can do it by insuring it.
Two-wheeler insurance can be defined as an insurance plan bought to cover any damages to the two-wheeler vehicle or the rider of the vehicle due to accidents, natural calamities or theft.
Why should you take a two-wheeler insurance
In India, it is mandatory to have a third party insurance if you have a two-wheeler vehicle. Moreover, having a two-wheeler vehicle leaves you free from worrying about the financial expenses in case of any mishappening. Here is what is covered in your two-wheeler insurance policy:
- Loss or damage to your vehicle due to natural calamities like fire, explosion, earthquake, flood, storm, landslides etc. or man made calamities like burglary, theft, strikes, accidents, terrorist activities etc.
- Personal Accidental Cover: Compensation for death, injury to the driver or the owner of the vehicle while driving or travelling and mounting or dismounting from the two-wheeler by violent or external visible means.
- Third party bodily injury liability: Compensation for bodily injuries or death of another person due to accidental damages will be taken care of by the two-wheeler insurance you buy.
- Third party property damage liability: Compensation for damage to the property of another person will also be covered in the insurance policy itself.
As you now know what is covered in your two-wheeler insurance, you must also be aware of things which are excluded from your two-wheeler or bike insurance so that there will be no confusion while claiming the insurance:
- Common wear and tear of the vehicle
- Loss or damage due to nuclear risks
- Loss or damage incurred outside the geographical area of India
- Loss or damage due to depreciation of vehicle
- Loss or damage caused when driving under intoxication
- Loss or damage caused by an unauthorized person without a valid driving license
- Vehicle being used otherwise than in accordance with restrictions as to use
- Electrical & mechanical breakdown
Types of two-wheeler Insurance
There are two types of two-wheeler policy depending on how much coverage they provide:
- Liability only: In this type of policy bodily injury, death or damage to the property of any third party is covered. Personal accidental cover is also included only for the rider of the vehicle. This type of policy has been declared as mandatory to have by the government of India.
- Comprehensive: Other than the above mentioned benefits, it also provides coverage against any damage to your own vehicle also.
Before buying a two-wheeler insurance, you should compare various plans of different policy providers to decide the best plan for you. To help you out in this, here is a comparison of the top most insurance providers:
|Insurer||Third party cover||Personal Accidental Cover||Incurred claim ratio||Policy Term||No claims bonus|
|Reliance Two Wheeler Insurance||Available||Upto Rs. 1 Lakh||83.76%||1 year||Available|
|Royal Sundaram Two Wheeler Insurance||Available||Upto Rs. 1 Lakh||91.26%||1 year||Available|
|IFFCO Tokio Two Wheeler Insurance||Available||Upto Rs. 1 Lakh||78.46%||1 year||Available|
|ICICI Lombard Two Wheeler Insurance||Available||Upto Rs. 1 Lakh||91.64%||1 year||Available|
|New India Assurance Two Wheeler Insurance||Available||Upto Rs. 1 Lakh||86.83%||1 year||Available|
|Bharti AXA Two Wheeler Insurance||Available||Upto Rs. 1 Lakh||75.61%||1 year||Available|
|HDFC Ergo Two Wheeler Insurance||Available||Upto Rs. 1 Lakh||78.60%||1 year||Available|
|Universal Sompo Two Wheeler Insurance||Available||Upto Rs. 1 Lakh||77.79%||1 year||Available|
|Bajaj Allianz Two Wheeler Insurance||Available||Upto Rs. 1 Lakh||78.60%||1 year||Available|
By comparing different plans you can decide which plan suits you the best. By choosing the best plan for you, you secure your vehicle from any kind of damage.