A Complete Guide To Know About Two Wheeler Insurance Policy

3 min read

Bike riders know the sheer thrill and joy of firing the engine up and taking it out for a spin. It is a feeling that stands next to none. And by taking adequate safety measures, you can keep the feeling intact. Before turning the ignition on, ensure that you wear your helmet, safety gear and have a valid two wheeler policy.

A two wheeler policy is an agreement between you and an insurance provider. According to this, the insurer will provide you with cover against repairs and expenses arising out of natural calamities, accidents, or man-made nuisances. In return, you must pay the premium policy on time to the insurance provider.

A. Types of Policies

  • Third-Party Liability: Third-party liability is a bare minimum policy that is mandated by the IRDA. The policy offers you coverage in the case of an accident that involves a vehicle or a third-party individual or property. It also offers coverage against any legal liabilities arising out of such instances.
  • Comprehensive Policy: A comprehensive two wheeler policy offers the benefits of third-party liability and adds its own damage coverage. In other words, the policy has your back if your vehicle incurs damage either during an accident, natural calamities, or man-made calamities such as riots, vandalism, strikes, etc. The policy also offers personal accident cover.

While there are other variants of bike insurance such as pay-as-you-drive plan, standalone own-damage bike insurance plan for bikes with a valid third-party-only plan as well as bundled plans for new vehicles. However, the most common types are third-party only and comprehensive bike insurance plans.

B. Add-Ons

Add-ons are additional features or benefits that you can plug into your comprehensive car insurance policy by paying a small premium. When you buy two wheeler insurance online, you can choose from various add-ons on offer. Here are some of the most commonly sought-after add-ons that you can have access to when you buy two wheeler insurance online.

Some of the most common add-ons are:

  • Zero Depreciation: In the event of repairs, the insurance companies consider the depreciated prices of parts. This would result in lower claim settlement. The zero-depreciation add-on would ensure that the insurance company does not deduct any amounts and pay the entire claim amount.
  • Roadside Assistance: When you buy two wheeler insurance online, you can opt for a roadside assistance add-on. If you have lost your keys, need a jump start, need minor on-site repairs, tyre change, etc. the add-on has your back.
  • NCB Protection: The NCB or No Claims Bonus is one of the largest discounts that you can avail of on a bike insurance policy. With the NCB protection add-on, you can continue with your NCB even after filing for claims on your policy.

C. Policy Tenure

Earlier one could buy a bike insurance policy for a tenure of one year only. However, recent changes introduced by the IRDAI ensure that you can now purchase a policy for multiple years. You can now buy the policy for up to three years at a stretch. Whether you buy the policy for one year or multiple years, you compare insurance brokers to make the most of the policy.

When you compare insurance brokers, you get a policy that offers all the features that you need without you having to shell out a lot in terms of premium. And most importantly, when you compare insurance brokers, you will most likely end up with the best insurer.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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