What are the Similarities between Two Wheeler & Four Wheeler Insurance
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Buying a car is one of the most exciting and fulfilling things that you can do in your life. Once you have saved enough money, it’s time to buy that two-wheeler or four-wheeler that has been on your mind for years.
The next step is to protect this investment with auto insurance. Buying auto insurance for two-wheelers and four-wheelers may seem difficult at first glance but they are similar in more than one way. This blog will help you understand the similarities between two-wheeler bike insurance and four-wheeler car insurance plans.
Similarities between two-wheeler and four-wheeler auto insurance plans
1. Coverage
Both car insurance and two-wheeler bike insurance plan coverage are of two types – standalone own damage or third-party liability coverage. The former provides coverage against damages to your own vehicle while the latter covers you from the legal liability of paying compensation to a third party if the insured vehicle damages their property. In India, third-party liability automobile insurance is mandatory for all vehicles.
If you are looking for total coverage, you may choose comprehensive auto insurance which provides coverage of both third-party liability and own damage. Another option is bundled auto insurance. Bundled car insurance includes 3 years of third-party liability and 1 year of own damage. Bundled two-wheeler bike insurance includes 5 years of third-party liability and 1 year of own damage.
2. Exclusions
Both car and two-wheeler bike insurance plans have some general exceptions to the policy. Intoxicated driving and accidents outside country limits are some of them. You should keep these factors in mind before submitting any claim requests, since you may be unable to get compensation if your claims fall into one of these categories.
3. Riders
If you’re looking for a way to increase the coverage of your auto insurance plan, look no further than add-ons. Add-ons are a great way to increase coverage of a basic car insurance plan by paying a slightly increased premium. Riders are available for both two and four-wheelers and can be purchased separately or as part of an upgrade package if they meet your needs.
4. IDV
IDV stands for “Insured Declared Value,” and it is the market worth of your vehicle as well as the amount covered for insurance purposes. The IDV is determined at the start of a term of the policy and is dependent on many factors including the stated selling price, brand, series, and so on.
5. PA Cover
PA stands for Personal Accident and this type of insurance protects the owner/driver of the insured vehicle in case of injury-related expenses. It can be included as a part of your car or two-wheeler bike insurance plans and if you’re not sure whether or not your current policy has this option, we recommend contacting your insurer for clarification!
6. NCB
When you purchase a car or bike insurance plan, it is common for the provider to offer an NCB bonus. This is a great incentive that will give you more savings! The insurer provides an added discount every year you go without raising claims. The rate starts at around 20% in the first year and builds up to 50% after five consecutive years.
7. Claim Procedure
The auto insurance claim procedure is the same for both four and two-wheeler insurance plans. Both cashless and reimbursement methods of claim settlement are provided to the customers.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 21 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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