Buy Two Wheeler Insurance, the smart way.

The main difference between third-party and comprehensive insurance is the kind of coverage it offers. While a Third-Party insurance only covers you against third-party damages and losses, a comprehensive car insurance will cover for your own damages as well.

When the policy is bought online, you get the following benefits.

• You can compare the available policies and choose a policy which is ideal for your bike
• You can get low premium rates
• The policy is bought instantly without hassles of visiting the insurance company offices
• Premiums can also be paid online through secure gateways

• Financial liability faced in case of injury or death of a third party
• Financial liability faced when a third party property is damaged
• Personal accident coverage for the owner or driver of the two-wheeler against accidental deaths and permanent disablements
• Loss or damage of the two-wheeler due to man-made calamities like fire, theft, burglary, collision, malicious acts, etc.
• Loss or damage of the two-wheeler due to natural calamities like earthquakes, floods, storms, etc.
• Loss suffered when the two-wheeler is in transit by road, rail, air or water.

• Normal wear and tear and general ageing of the insured vehicle
• Vehicle used otherwise than limitations as to use
• Mechanical or electrical breakdown
• Damage to vehicle by war, mutiny or nuclear attacks.
• Damage by a person driving the vehicle under the influence of drugs or liquor or with in invalid license
• Loss of the vehicle or damage that can be sufficiently proven to be deliberate or consequential
• Loss suffered in the course of criminal activities
• Loss suffered outside the geographical boundaries of the country

If you miss out on your renewals every year and find it difficult to keep a track, multi- year policy can solve this problem. Now you can buy insurance policy not just for one year, but for a period of two to three years. Not only you will get saved from missing the renewals unknowingly, but also you can save on premium. The premium amount of a multi- year policy is lower as compared to an individual policy because you get saved from the hike of third- party premium which happens every year as well service tax.

In-case your policy gets lapsed, the process is quite troublesome. A new IDV is declared, a new premium is fixed, and then two wheeler inspection is done which is time consuming. So, multi- year policy also removes the risk of lapsed policy.

The NCB rewarded to the policy holder is in the form of discount on the premium for a claim free year. Even a minor claim in a year can snatch away your benefits of NCB. The NCB discount given in a multi-year insurance policy is higher than the regular 1 year policy which allows you to have more discounts on your premium amount, thereby saving you money.

Once your claim is accepted, you will be paid the approved claim amount minus certain deductions which you will have to pay out from your pocket:

Standard or Voluntary Deductible: this is a fixed amount that you have to bear before the policy comes into force.

Depreciation: Standard insurance pays for the actual cash value of your damaged or destroyed vehicle part. However, since the part was already in use, its value will be less than or depreciated in comparison to a new replacement part. This will be 30% for fibre components and 50% for plastics and rubber. If you do not want to bear the depreciation cost, you can buy zero depreciation add-on which is available typically for bikes not older than 3 years.

Claims in a bike insurance policy can be made in three circumstances

• When the bike is stolen or lost
• When a third party is hurt or a third party property is damaged
• When the bike suffers a damage.

To make a successful claim you should submit your driving license, RC book of the bike, insurance document and claim form. In case of third party claim or if the bike is stolen, police FIR is also required.

IDV is short for Insured Declared Value. It represents the market value of the bike less depreciation based on the bike’s age. IDV is maximum sum insured offered by the policy which represents the maximum liability undertaken by the insurance company to compensate you in case of TCL or theft of the bike.

If the policy is not renewed before the current plan expires, coverage would lapse. In a lapsed policy, no claim is admissible. On renewing the plan after a lapse, inspection of the bike would be required which would be time-consuming. Premiums might also increase for renewals of a lapsed policy. Moreover, if the policy is not renewed within 90 days of lapse, the accumulated no claim bonus is lost.