About Two Wheeler Insurance
Two Wheeler Insurance provides financial support against damages caused by an accident, theft, or natural calamities to the two wheeler or its rider(s). It also covers the financial bills in case you injure the third-party or damage his/her property. Overall, it helps to keep your mind at bay if an unfortunate incident strikes you down.
Why is there a need for Two Wheeler Insurance?
It was in 1988 when the Motor Vehicles Act highlighted the concept of two wheeler insurance. The idea behind it was quite simple- purchase at least a third-party insurance for your two wheeler to freely drive in India. If you are found driving without it, you have to pay hefty fines and face the heat from the Indian judicial system. As per the new amendments in the Motor Vehicles Act in 2019, there is a higher penalty for driving without insurance or with expired driving license. So, if you don't want to circle around the court(s) and pressure your wallet, investing in two wheeler insurance is the right call.
Types of Two Wheeler Insurance
Comprehensive Insurance
This type of insurance extends financial protection against damages to you/your two wheeler along with the third-party. You can also home in on optional add-ons to enhance your coverage.
Third-party Insurance
As the name suggests, it will only cover the financial liabilities arising out of the damages caused to the third-party or his/her property by the policyholder.
Which add-ons can you include with your two wheeler insurance?
Though comprehensive insurance gives you maximum financial protection, there are a few areas where it lacks to extend its coverage. That's why insurance providers offer a list of add-ons to cover their flaws. Some of the add-ons are stated below for your reference.
Accessories Cover:
If your two wheeler is equipped with expensive electrical and non-electrical accessories, you surely want to insure them. This add-on cover will provide the required coverage against damage caused to such valuable accessories.
Medical Cover:
This add-on cover assists you with the needful financial cover against medical treatment associated with the accident.
Passenger Cover:
In the case of a two wheeler, both rider and co-passengers carry an equal amount of risk in case of an accident. Normally, two wheeler insurance plans offer coverage to the rider only. To get the cover for the passenger, you have to invest in this add-on cover. The plan offers compensation in case of death or disability of the pillion.
Zero/Nil Depreciation Cover
Under this, the insurer will provide the complete value (including depreciation charges) of the two wheeler to the insured during a claim.
Two Wheeler Insurance Premium Calculation
Insurance companies take several factors into consideration while calculating the premium of a plan. Below is the list of the same.
Insured Declared Value (IDV):
If your two wheeler is stolen or gets totally destroyed in an accident, your insurance provider will hand you out the maximum sum assured called IDV. You can also treat that amount as the current market value of the two wheeler. So, for a low IDV, you have to pay a low premium and vice-versa.
Depreciation
It is the reduction in the value of an asset over time due to constant use, wear, and tear. New two wheelers have no depreciation amount. Older ones have a higher depreciation amount. So, premium increases as depreciation increases.
Age
The premium of old two wheelers is higher as compared to the new ones because they are at a greater risk of malfunction.
Cubic Capacity
It refers to power in the engine. A two wheeler with a larger cubic capacity has higher insurance premiums due to more fuel consumption.
Anti-theft devices
By installing anti-theft devices in the two wheeler or being an active member of the Automobile Association of India can fetch you discounts, which are deducted from the premium.
No Claim Bonus (NCB)
It is a type of discount that you can avail by living without making any claim for your two wheeler in a policy year. NCBs are deducted from the premium amount. Any deduction will lead to a lower premium.
Let's understand the role of the above factors by stating the premium details of a few two-wheelers.
Variant | Price of the two-wheeler | IDV* | Zero Depreciation (Add-on)* | Premium* |
KTM Duke 200 ABS (199 cc) | Rs.1,73,000 | Rs.1,28,942 | Rs.709 | Rs.6,424 |
Royal Enfield Thunderbird | 1,65,000 | Rs, 1,18, 560 | Rs.425 | Rs.6472 |
Yamaha R15 V3 (155cc) | 1,46,000 | Rs, 1,12,500 | Rs.731 | Rs.7433 |
Last updated on 02-09-2020
*The values are calculated on the basis of the city (Delhi) and the year of registration (2020).
If you want to calculate the premium of your two-wheeler, you can use the premium calculator designed by the experts of PolicyX.com.
Why buy two wheeler insurance online?
Below are a few facts that will help you to grab additional benefits, which you might not receive through an offline purchase. Let's find out more about them.
Quick issuance: You can buy a two-wheeler insurance plan online within a few minutes. That's how quick an online purchase can be.
No extra charges: Through online purchase, you don't have to pay extra charges. That's why online two-wheeler insurance plans are more affordable as compared to the offline ones.
No Inspection and less documentation: You can easily renew your policy without inspection. You just have to submit a few details of your two-wheeler and the existing policy (if available).
Easy claim settlement: You can easily register your claim through the website and connect with the team in case of any query.
Online support: The team of PolicyX.com ensures to provide much-needed assistance whenever you need it.
Best two-wheeler insurance companies
With the availability of multiple insurance companies that deal with two-wheeler insurance, it has become quite difficult to choose the most suitable plan which can go well with your needs. To assist you better, we have created a list of best two-wheeler insurance companies on the basis of incurred claims ratio. Let's have a look at the list.
Last updated on 02-09-2020
Documents required to buy a two-wheeler insurance
In order to invest in an adequate two-wheeler insurance plan, you have to submit a few documents. Below is a list of such documents for your reference.
Identity proof: You have to submit an identity proof such as driving licence, Aadhaar card, PAN card, etc.
Address proof: An address proof is required for verification. For the same, you can submit the rental agreement, passport or utility bills.
Nationality poof: In a few cases, you might have to submit a nationality proof. You can submit a passport, Voter's ID, etc. for the same.
How to buy two-wheeler insurance from PolicyX.com?
It doesn't matter if your two-wheeler is used for personal or commercial means, insurance will safeguard your two-wheeler against all the odds.
At PolicyX.com, you will get free insurance quotes that will assist you in comparing different two-wheeler policies from top brands. Follow the below-mentioned steps to insure your two-wheeler today-
- STEP 1: Click on the 'Compare Two-wheeler Insurance Quotes Online' section present at the top-right corner of this page.
- STEP 2: Fill in your two-wheeler details and click on 'Continue'.
- STEP 3: Fill the required details and click on 'Proceed'.
- STEP 4: Compare quotes based on various features, coverage, benefits, facilities, premium, etc. Select the desired plan that can fulfil your requirements.
- STEP 5: Click on the 'Buy' tab and make the payment.
- STEP 6: Done! You are insured now.
Why choose PolicyX.com for your two-wheeler insurance purchase?
Many insurance companies provide two-wheeler insurance to customers. If one tries to compare every two-wheeler plan provided in the market, (s)he will run in circles and fail to buy the best policy.
Here at PolicyX.com, you can compare the various plans according to your needs without spending a rupee. Below are a few factors that make PolicyX.com one of the finest web aggregators for your next two-wheeler insurance purchase.
Free comparison: In India, there are multiple insurance companies that offer two-wheeler plans. To choose the best, you need a detailed comparison. That's where PolicyX.com comes into the picture. The platform assists you with a hassle-free comparison process through which you can easily compare the plans and choose the best one for yourself.
User-friendly platform: PolicyX.com is a user-friendly platform that makes it easier for customers to navigate around the website, with no lags and jitters.
Accessibility: You will get complete access to our website from any location. You just need a stable internet connection and a device to log onto the website.
Inclusions & exclusions
Like other insurance plans, two-wheeler insurance plans do carry inclusions and exclusions as well. The list is long, however, we have mentioned the most common things that generally all companies follow. Let's check them below.
What is covered?
- It covers all the losses or damages to the two-wheeler by accident, theft or any other man-made issues such as riots, strikes, fire, and terrorism.
- Losses or damages to the two-wheeler by fire, earthquake or any other natural calamities.
- Third-party liability insurance protects you (policyholder) against claims made by a third-party.
- Personal Accident Cover is applicable in the event of death or permanent disability.
What is not covered?
- Damages occurred to the two-wheeler while riding under the influence of alcohol or without carrying a legal driving license.
- Damages caused due to war or any nuclear risks.
- Any type of accidental damage caused while performing illegal activities..
- Mechanical service costs due to continuous wear and tear are not covered under this plan.
How to renew your two-wheeler insurance plan?
PolicyX.com allows you to renew your two-wheeler insurance easily from the comfort of your home. Let's dig into the process.
- Visit the 'Compare Two Wheeler Quotes' section present at the top of this page.
- Submit the details of your Two-Wheeler and click on 'Continue'. Ensure to click on the tab renewal and provide the details related to the expiration of the existing plan.
- Fill the required details and click on 'Proceed '.
- Choose the plan that you want to renew.
- Make the payment.
- You will receive your policy document(s) over mail.
- In case of any confusion, connect with our team of experts.
How to file a Two-wheeler Insurance claim?
- Call your insurer at the toll-free number and submit required details such as your policy number, date and time of the mishap. In case of collisions, note down the colliding vehicle's number.
- Accidents and thefts need to be reported to the police. Go to the nearest police station and register an FIR and keep a copy of the FIR.
- You may be assigned an inspection officer at the mishap site. If an inspection officer is not assigned, proceed with two-wheeler repair.
- You can go to a network garage or any other repair shop.
- In the case of the network garage, you can raise a cashless claim for repair of the two-wheeler. The amount is settled directly between the garage supervisor and your insurer.
- In case of repair from a non-network garage, you can file for the reimbursement by submitting the required documents along with the claim form to your insurer. In such a case, the company will inspect the details. After approval, the company will share the reimbursement amount directly in your bank account through NEFT.
I have paid insurance fee by net banking. \nBut not recieved any msg or mail after that. \nWhat should i do?