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In a country like India, the majority of the population uses a two wheeler for traveling. In India, it is a necessity for every two wheeler owner to own a bike insurance not only for the safety of the rider and his passengers but also for the sake of saving a ton of money in the event of an unfortunate accident.
In India, having a two-wheeler insurance has become a necessity for all those individuals who own a two wheeler. A-two wheeler insurance provides coverage for the medical expenses of an individual and their passenger as well as takes care of the repairs of a vehicle in the event of an accident.
Each and every two-wheeler has its own requirements depending on its age and the usage of the two-wheeler, these requirements need to be taken into account when an individual is opting for buying insurance. Two wheeler insurance for scooters and bikes gives insurance holders the feature to go to any network garage and repair their vehicles whenever necessary, free of charge.
At PolicyX.com, a comparison of all the two wheeler insurances that are available from different sites and companies are provided, along with their detailed descriptions. These comparisons are given so that customers can judge for themselves the insurance that suits them the most and opt for it.
Apart from providing the features, benefits and the disadvantages of several two wheeler insurances, an individual can also renew their two wheeler insurance through this website.
There are a ton of two wheeler insurances that are provided by a number of companies. But there are two types of coverages that are provided. The first type is the third party liability coverage while the second is the comprehensive coverage.
Third Part Liability
- This coverage does not only cover those individuals who are insured under a bike insurance, but it also takes care of all the expenses caused by the insured vehicle in terms of property damage and the medical expenses of other individuals who may be involved in an accident.
Depending on the insurance company, a separate amount of money from the insurance is set aside for third party liability. All medical charges for any third person who is injured in an accident from the insured vehicle are covered. Money for repairing damaged property is also provided from this cover.
- A comprehensive coverage takes care of all the repairs for damages that are caused on the insured vehicle due to natural calamities as well as man-made calamities. Some of the natural calamities that are included in this coverage include floods, earthquakes, landslides, etc. Man-made calamities include theft, burglary.
All two wheeler insurances that are offered by companies have the same type of features that are included. The features include:
The exclusions of a two wheeler insurance include those repairs or damages that are caused to one’s insured vehicle under certain conditions and situations. For example, the normal wear and tear of the vehicle due to the age of the vehicle is not covered.
If there is any damage that is caused to the vehicle by an individual who is driving without a license, then the repairs will not be taken care of under the insurance cover. Similarly, the damages that are caused to the vehicle by someone who is under the influence of alcohol, drugs or liquor is not included under the insurance.
Any loss that is caused by the depreciation of the vehicle. If there is any damage that is caused due to nuclear risks, war or mutiny are also not covered under the two wheeler insurance. The expenses that come with the replacement of damaged tires or fixing of tires is not included. Lastly, any loss or damage that is caused to the vehicle outside of India are not eligible for repairs.
For those who own a two wheeler and want to apply for their bike insurance. They have to choose from the many two wheeler insurances that are offered by a variety of companies. To make the process of choosing one’s best insurance shorter and more user-friendly, PolicyX.com compared all the two wheeler insurances that are available in the market.
A customer, sees the different types of insurance policies, their features, inclusions, exclusions and their benefits as well. Once an individual has set upon the insurance they want, they need to fill out the form for the insurance. The other documents that are required along with submitting the insurance form are:
A third party policy cover is a mandatory insurance cover for all vehicles. This is meant for covering the vehicle owners risks as per Section 146 of the Motor Vehicle Act of 1988. This coverage is meant for the medical expenses of a third person who is involved in an accident by the insured vehicle or any form of loss that has arisen due to the insured vehicle.
In general, a two wheeler insurance, once applied and paid for by an individual cannot be canceled. Under special cases, however, the two wheeler insurance for an individual can be canceled within a month of the date of issue of the insurance. One such exception for canceling a two wheeler insurance is when an individual has bought two insurances for the same two wheeler. No cancellation charges are applied.
In India, since two wheeler insurance is mandatory for all owners, a two wheeler insurance should be ideally renewed before the expiry date of the policy. If a two wheeler insurance happens to expire, an individual gets a grace period of 90 days in order to renew their insurance. If the insurance is not renewed within the 90 day grace period, then the policyholder will lose the No Claim bonus feature, which is a substantial loss along with this the two-wheeler will go through an inspection by the insurance company which is chargeable.
For claiming one’s two wheeler insurance, a policyholder first needs to notify the insurance company their wish to claim their insurance. Apart from these, the individual needs to follow a series of steps and submit documents that are relevant to the claims process. The documents that are required by an individual in order to make a bike insurance claim are:
- The completed claim form from the insurance company. Before submitting the original of the document, it is advisable to keep a xerox copy of it.
- A photocopy of the insured vehicles RC along with the original for verification purposes.
- An authentic approximation of loss. A copy of this should also be kept with the policyholder
- Payment receipts from hospitals and other relevant bills along with repair bills.
There are only two things that are necessary for any two wheeler insurance holder to get a new insurance. A copy of the previous insurance for the two wheeler and the registration certificate for the insured vehicle are the two primary documents that are required for this.