Top 10 facts on Two wheeler Insurance

Top 10 facts on Two wheeler Insurance

  1. Third Party liability insurance is compulsory in India for driving your 2 wheeler, and is asked almost everywhere by the government/police. It covers the cost of loss to the third party, in case of an accident by your vehicle.
  2. You can opt for third party insurance, or comprehensive insurance. There are several add ons also, that you can inbuild in your insurance policy, please refer our other sections for these details.
  3. In comprehensive policy you can reduce the premium by agreeing to pay a certain % of the losses during claims.
  4. 2 wheeler insurance can easily be taken online, through your bank, or through agents. Taking it online is easy and gives you informed and cheap premium offer.
  5. 2 wheeler insurance is valid for only a year, and has to be renewed before expiry. If you renew even after 1 day, it can cause the company to reject your renewal, or demand inspection of the vehicle, along with fresh set of documents.
  6. Premium is decided by factors like make, model, year of manufacture of the 2 wheeler, current condition, IDV (Insured Declared Value), petrol or diesel and other factors.
  7. In the event of an accident, 2 wheeler owner should immediately inform the insurer. In case of severe damage to the 2 wheeler by third party, a FIR should also be registered immediately.
  8. Claims post accident can be settled either through cashless or through reimbursement mode, depending upon your insurer, and its tie ups in your city/service centre.
  9. No Claim bonus is awarded to those, who have not presented any claim for the policy year. This results in discount in your new policy premium. You can also ask for No claim bonus, if you are switching insurers, by presenting the insurer policy offer letter to the new company (insurer).
  10. Insurance company has the right to reject the claim, if the accident falls under the exclusion category, refer other article on whats included and whats not.

If you need any assistance in selecting the best insurance for your two wheeler, please fill in the form above and get the best insurance quote.