Ensuring a two-wheeler complies with legal requirements and safeguards against financial damages in an emergency is advisable. The Motor Vehicles Act requires all owners of motor vehicles to carry third-party insurance, which is the most fundamental type of coverage to obtain before putting a car on the road. ‘Own damages’ are insured by a standalone policy. A comprehensive approach combines solo and third-party ranges. It is essential to understand the difference between comprehensive and third-party two-wheeler insurance.
Although two-wheeler insurance add-ons may vary from insurance company to insurance company, the following are some typical ways to customise it:
• Zero Depreciation Coverage
The most frequent characteristic of an asset is that it is subject to deterioration or loses value over time. The policyholder is typically responsible for depreciation expenses, but with Zero depreciation/Nil depreciation cover, the insurance provider covers 100% of vehicle depreciation, except for batteries, tubes, and tires. It has the option of selecting between a standalone or comprehensive policy. *
• Return To Invoice
Your bike will be covered for damages if you have a basic two-wheeler insurance plan like a standalone damage coverage or comprehensive.The insurance provider provides Insured Declared Value (IDV), the maximum sum insured for theft or total vehicle loss, including 70% beyond repair or theft of a bike. IDV includes both registration fees and road tax. Thus, it is considerably less than the invoice value paid at the time of purchase.
• Towing Service
If your motorcycle has roadside assistance coverage, you can phone the number the insurance has supplied, and assistance will arrive within the allotted time. Everything is resolved with the aid of the insurance provider, whether you have a flat tire or your car needs to be towed. Along with this, arrangements will be made for vehicle critical lock-out assistance, emergency fuel supply, on-the-spot repairs, cab service, lodging, route direction, and teleassistance.
• Cover For Passenger Assistance
This insurance safeguards the life of the passenger, also known as the pillion rider, from fatal injuries in accidents involving the rider.
• NCB Protection
If the insured has yet to file any claims for damage over the whole term of the insurance policy, the insurer may award a reward or concession. The concession is between 20 and 50 per cent. If no claims have ever been filed or the insurance policy has expired, the insured may keep the money, transfer the policy to a different insurer, or pay a reduced rate. If not, the concession is worthless. It is essential to compare bike insurance before buying one.
A two-wheeler insurance premium calculator is a convenient tool to check the amount of coverage required based on your needs.
Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
