Clarify All Doubts Related To Two Wheeler Insurance
In India, the rules for vehicles running on the road are governed by the Motor Vehicles Act, 1988. The Act specifies that every car and two-wheeler should carry a valid third party insurance policy if it is to run on Indian roads. So, if you own a bike or a scooter, you need a two wheeler insurance plan on it to run your vehicle legally.
- In case of any accident involving your bike, if you injure or kill any individual or damage someone’s property, you would be financially liable for the injury or damage caused. In case of accidental death, the liability is quite high. This however gets covered by a your insurance policy.
- If your bike suffers heavy damage in an accident, the repair costs are quite high. Having a comprehensive Bike Insurance will cover such repair
- A Bike Insurance plan is a mandatory requirement. If you don’t have insurance, you face legal consequences which include heavy fines and might also lead to imprisonment. So, buying a Bike Insurance plan is necessary in this context too.
- Find the best plan -
There are a lot of insurance plans available in the market. Each plan has its own benefits. To know the difference between these plans, you need to compare bike insurance online and select the plan which best suits your requirement.
- Choose a higher IDV–
The IDV reflects the market price of your bike after being adjusted for depreciation. Different policies provide different rates for insurance based on the IDV fixed by them. So, you should compare 2 wheeler insurance online for the best IDV.
- Get the best premium rates –
Once you choose to compare bike insurance policy, you have the option to get the best quote among the premium rates offered by different insurance companies. Moreover, when you compare bike insurance plans on the discounts offered, you can reduce the premium and save the maximum on two-wheeler insurance cost.
- Get extensive coverages –
If you want your policy to have add-on covers, you should compare different plans and choose the one that has the required coverage features at the best rates of premiums.
- Get cashless garage service –
When you compare bike insurance plans, you can choose a policy that has tie-ups with a vast network of cashless garages. This would help you avail of easy cashless claims.
So, just like you do a bike compare online when buying it, compare the available options when you buy a two wheeler policy for choosing the best plan.
The depreciation rates on the different parts of the bike are as follows –
|Parts of the bike||Rate of depreciation|
|Fibre or glass parts||30%|
|Plastic, nylon, rubber parts||50%|
|Metallic parts||5% to 50% depending on the age of the bike|
However, if zero depreciation cover is opted for, the insurance company does not deduct the afore-mentioned depreciation from the car’s parts. The full cost of repairs is paid after considering deductibles and non-admissible expenses.
A claim request can get rejected due to many reasons. Some of them are as follows:
- If you provide incorrect information in the proposal form on the insurance
- If you were riding without a valid driving license during an accident
- If you were riding under influence of alcohol or drugs
- If the bike is second hand and the policy is in the name of the previous owner
- If the accident happens outside of policy tenure
- If you apply for your Own damage claim in TP only policy
- If the bike was used for carrying illegal activities during the incident.
- Always carry a valid driving license while riding
- Do not drive under influence of liquor or drugs
- Keep a policy of your insurance on your bike
- Know the list of inclusions and exclusions under your policy
- Always intimate your insurance company first in case of any unfortunate event involving your bike.
It is important to renew your bike insurance plan within the due date to enjoy uninterrupted coverage. If the policy is not renewed on time, it lapses and the coverage stops. Claims in a lapsed policy are not paid. Moreover, when you renew the policy after a lapse, an inspection of the bike is conducted by the insurance company after which the policy is allowed to be renewed
Lastly, if your policy stays in a lapsed state for 90 days or more, you would lose the accumulated no claim bonus.