A two-wheeler is a particular part of the rider's life. Given the often-poor road conditions in India, and the number of risky drivers, there is a high chance of any damage to the two-wheeler. One of the ways to protect the two-wheeler and to prolong its life is to cover it with two-wheeler insurance.
Two-wheeler insurance is insurance that covers the risk of damage to the vehicle, as well as the loss to the rider due to any unforeseen event. It usually includes the risk of injury in case of:
• Accidents
• Bike theft
• Natural or human-made disasters
Two-wheeler insurance also covers third party liability, which is the risk that the rider of the two-wheeler will cause any damage to a third party. In India, having a two-wheeler insurance policy is mandatory.
There are two types of two-wheeler insurance:
• A comprehensive policy that covers wear and tear to the vehicle and riders
• Third party liability insurance
Some insurers provide both risks of damage and third-party liability in one insurance policy. A two-wheeler insurance policy is a general insurance policy which means it lapses after one year and has to be renewed.
Benefits of buying a two-wheeler insurance policy:
1. Covers the cost of damage:
A two-wheeler insurance policy covers the cost of damage due to theft, natural disasters, accidents, human-made disasters. This reduces the financial hit to the insured.
2. Cashless claim service:
Like health insurance policies, two-wheeler insurance companies have tie-ups with garages. Getting your two-wheeler repaired in such garages will lead to a cashless claim service. The insurance company will directly pay the bill to the garage which reduces any hassles that the insured would face. However, the insured has to bear any expenses to get the damaged two-wheeler to the garage.
3. No claim bonus:
In case the insured does not raise any claim in the previous year, the insurer will reward him with a no claim bonus. This no claim bonus can be in the form of an increase in the sum assured any additional coverage or a discount in premium. However, this bonus is at the discretion of the insurance company. It is possible to transfer the existing no claim bonus from one insurance policy to the next insurance policy on renewal.
4. Convenient online renewal:
Two-Wheeler insurance can be conveniently renewed online either through an insurance aggregator or through the insurance company's website. Before buying two-wheeler insurance online, it is best to do research and find out the best plan that suits you. Since two-wheeler insurance is general insurance, the policy needs to be renewed every year which means switching from one insurer to the other is very easy.
5. Discounts to customers:
Insurers extend cuts to customers who have already purchased other types of insurance from them. They also provide other add ones and other benefits for good customers.
Two-wheeler insurance is insurance that covers the risk of damage to the vehicle, as well as the loss to the rider due to any unforeseen event. It usually includes the risk of injury in case of:
• Accidents
• Bike theft
• Natural or human-made disasters
Two-wheeler insurance also covers third party liability, which is the risk that the rider of the two-wheeler will cause any damage to a third party. In India, having a two-wheeler insurance policy is mandatory.
There are two types of two-wheeler insurance:
• A comprehensive policy that covers wear and tear to the vehicle and riders
• Third party liability insurance
Some insurers provide both risks of damage and third-party liability in one insurance policy. A two-wheeler insurance policy is a general insurance policy which means it lapses after one year and has to be renewed.
Benefits of buying a two-wheeler insurance policy:
1. Covers the cost of damage:
A two-wheeler insurance policy covers the cost of damage due to theft, natural disasters, accidents, human-made disasters. This reduces the financial hit to the insured.
2. Cashless claim service:
Like health insurance policies, two-wheeler insurance companies have tie-ups with garages. Getting your two-wheeler repaired in such garages will lead to a cashless claim service. The insurance company will directly pay the bill to the garage which reduces any hassles that the insured would face. However, the insured has to bear any expenses to get the damaged two-wheeler to the garage.
3. No claim bonus:
In case the insured does not raise any claim in the previous year, the insurer will reward him with a no claim bonus. This no claim bonus can be in the form of an increase in the sum assured any additional coverage or a discount in premium. However, this bonus is at the discretion of the insurance company. It is possible to transfer the existing no claim bonus from one insurance policy to the next insurance policy on renewal.
4. Convenient online renewal:
Two-Wheeler insurance can be conveniently renewed online either through an insurance aggregator or through the insurance company's website. Before buying two-wheeler insurance online, it is best to do research and find out the best plan that suits you. Since two-wheeler insurance is general insurance, the policy needs to be renewed every year which means switching from one insurer to the other is very easy.
5. Discounts to customers:
Insurers extend cuts to customers who have already purchased other types of insurance from them. They also provide other add ones and other benefits for good customers.
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