Two wheeler Insurance glossary
Two wheeler Insurance Glossary :
Deductibles : In simple words, it is the amount that will be paid from your pocket, and will not be funded by the Insurance provider. for example, typically 5% of the metal parts in initial years, fall under insurance deductibles.
Comprehensive coverage : It covers a host of other loss scenarios, even outside of a collision of your vehicle. This is the most popular and recommended type of insurance. It will cover theft and damage due to weather also.
Insurance Premium : The amount that you pay every year for an annual coverage of your vehicle.
IDV : Insured Declared value , it is the value of the vehicle , in the eyes of the insurance provider. In case of total loss to the vehicle, this is the amount that you will be paid.
Policy: It is the set of documents provided by the insurance company which details the nature of the agreement with the insurance provider and you. It contains the valuation details of the vehicle and the coverage inclusions and exclusions.
Third Party Liability : It is the financial responsibility that you have in case your vehicle meets with an accident, or damages the life and property of a third party. The policy holder is the first party, the insurer is the second party, anyone else is the third party.
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