Two Wheeler Insurance Plan

Two-wheeler insurance is a type of financial cover that saves you from making a hole in your pocket in case of an accident or any third-party liabilities.

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Two Wheeler Insurance Plans

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Trying to figure out why you need two wheeler insurance! Here are some of the benefits of two-wheeler insurance.

Mandatory by law: As per The Motor Vehicle Act 1988, it is compulsory for every two-wheeler owner to insure their two wheeler, failing which, a penalty has to be paid in form of cash or imprisonment of up to 3 months.

Financial protection: It covers all damages that are caused to the insured two-wheeler by man-made or natural calamities.

Covers expenses: It prevents the burden of repairs and other unforeseen damages.

Third-party liabilities: It pays for third-party compensation if someone gets injured in an accident with the insured vehicle.

Cashless Claim: No need to worry about liquid cash if you have two wheeler insurance.

Easy to buy online: One can easily buy two wheeler insurance online from any website just like Okbima.com

Additionally, there are so many benefits when you buy two-wheeler insurance online:

  • Easy comparisons among different plans provided by different insurance companies.
  • Can pay the premium easily from the comfort of your home
  • Buy the plan at your convenience as we are available 24*7*365 days at your service.
  • Easy notification on your registered number.
  • A quick way to get the policy.
  • No extra charges to be paid
  • No paper trail or any extra documentation is required.
  • Quick settlement claim with the team of Okbima.com
  • Easy renewal

As you know all the advantages that you will get if buy two wheeler insurance online, so you have to decide which is the best policy for you out of all the different types that are offered by various insurance companies.

Comprehensive policy: This policy protects you from theft or damage caused due to theft, riots or any other natural calamity. Additionally, it offers accidental cover also and handles the third-party expenses incurred due to the accident.

Third-party liability only covers: This two-wheeler insurance policy only covers damages to the third party in case of an accident. There is no security for your own vehicle.

Own damage two wheeler insurance policy: In this policy, your own vehicle is completely protected from any mishappening caused due to accident, theft or any other unfortunate event. No other cover is offered under this one.

You can choose what suits serve your best interests. Mostly, people opt for a comprehensive policy as it gives 360-degree coverage. There are certain factors that decide the premium of the policy that you should keep in mind while you decide to buy two-wheeler insurance.

Insured’s Declared Value(IDV): It is the maximum amount that the insurance company will pay when the claim is filled. In other words, it is the sum assured and is fixed at the beginning of the policy. It is calculated on the basis of

  • The selling price of the two-wheeler in the market.
  • The variant and model of the bike.
  • Standard depreciation rates of the two wheeler.

Vehicle Age: When you buy a two wheeler insurance policy, the age of the vehicle affects the premium. The older the vehicle, the higher the premium, the newer the vehicle, the lower the premium.

Type of vehicle: There are so many different types of two-wheelers riding on the road. The premium depends on which vehicle you buy. For example, a scooty will have a lower premium as compared to a scooter or a bike. The luxury bikes will have an even higher premium.

Geographical location: The location of the registration of the vehicle also influences the premium. According to the India Motor Tariff, the country is divided into Zone A and Zone B. Zone A includes cities like Banglore, Delhi, Mumbai, Kolkata, Hyderabad, Chennai, Ahmedabad and other areas are included in Zone B. If the vehicle falls under zone A the premium automatically increases and Zone B has a comparatively lower premium.

Go for a policy that caters to all your needs and gives you wholesome coverage. One should know that two-wheeler insurance is a contract between the insured and the insurance company which has to be renewed every year. Although some companies are giving the benefit of covering for three years under the same policy which saves you a lot of trouble. Still, the renewal of two-wheeler insurance is a simple process and you to follow a few steps which are:

  • If you are willing to buy the policy from the same company from where you had bought the previous one, either call their customer support or get it with just one click if you are comfortable filling for it online.
  • Fill in the details and pay online using a debit or credit card or net banking.
  • For all those who miss the deadline, the insurance companies give them a break-in policy where no documentation is required and the policy is done instantly. Boom, insurance done.

Just like the renewal policy, the claiming process in two-wheeler insurance is equally easy. Follow these simple steps

In the circumstance where an accident has taken place, the first thing the two-wheeler should do is inform the insurance company from where he has taken the policy. You can the customer support. They will make the necessary arrangements for it. There are two cases in which a claim can be considered:

  • Total loss(TL)/Constructive Total loss (CLT): The claim can be considered under a CTL when the aggregate cost of retrieval or the cost of repair exceeds more than the 75% cost of the IDV. Then the insurance company will give you the IDV after deducting the standard depreciation cost.
  • Theft/Stolen vehicle: In the case of a stolen vehicle, you should file the FIR as soon as the vehicle goes missing and submit a copy to the insurance company for the lost vehicle along with the title certificate transferring the ownership to the company. In case your vehicle is recovered, the claim will be rejected.

Buy a policy which satisfies all your needs. But as it is said Prevention is better than cure. Follow all the safety guidelines and traffic rules because nothing is more precious than your life. Always wear a helmet and if someone else is also riding along with you, he/she should also wear a helmet. Try to follow the speeding limit and safeguard your vehicle also from all losses and in case you have not bought the two-wheeler insurance till now, quickly buy it.

FAQ

What are the various types of two wheeler insurance?

Two wheeler insurances are of the following types :-

Third-Party Liability-Only Cover: This mandatory policy promises to pay for the damages caused to the third party only, in case of an accident.

Collision coverage: It reimburses the damage to the insured two wheeler and provides personal accident coverage to the owner-driver of the two-wheeler.

Comprehensive coverage: It is a comprehensive policy and covers damages inflicted upon the insured vehicle, the third party or the third-party’s vehicle as per the requirement.

What are the benefits of two wheeler insurance?

Following are the benefits of the insurance policy-
Legal protection

Personal accident cover

Coverage against the damage caused to the third party or property due to accident

Coverage against the repairs and other unforeseen expenses of your two-wheeler

Protection against damages caused due to natural calamities

Optional benefits that you can avail by having riders, i.e., Engine Protect Cover, Roadside Assistance Cover etc

How is the Insurance Premium calculated?

When it comes to calculating your premium, the features of your two wheeler are crucial. The vehicle's Cubic Capacity (CC), the city of purchase, the coverage chosen, and the coverage chosen for accessories are all factors that influence the premium. Add-on covers are also available, but they come at an additional cost.

What is IDV?

The Insured Declared Value (IDV) is the value for which the vehicle is covered and remains constant during the policy period.

What happens if the two wheeler is sold?

You will be able to transfer your two wheeler insurance when you sell your vehicle. To transfer the insurance, the new owner must tell us within fourteen days of purchase and provide all required information about the vehicle.

When should I renew my two wheeler insurance policy?

Bike insurance renewal must be completed prior to the expiration of your current policy to ensure continuous coverage. Customers are usually reminded by us before their policies expire. If you miss the deadline, you can still renew it after it has expired. If you wait more than 90 days, you will lose your No Claim Bonus and be required to pay higher insurance premiums. A delayed renewal would also require a new examination of the vehicle, which could lower the Insured Declared Value (IDV).

How to get Personal Accident coverage within two wheeler insurance?

A personal accident (PA) policy is required for two wheeler owners/drivers, according to a new Supreme Court decree. The policy, which can be purchased separately or in conjunction with your two wheeler insurance, compensates the owner in the event of death, physical injury, or permanent disability caused by an accident. It is not mandatory for the pillion rider.

What is Zero Depreciation cover or bumper to bumper coverage under two wheeler insurance?

With the passage of time, the value of your vehicle depreciates or decreases. The company deducts this depreciation value when settling a claim, and you must pay a bigger portion of the claim amount. If you have zero depreciation coverage, however, we will pay the full value of your claim without deducting the depreciation cost. To purchase the zero-depreciation add-on, you must pay an extra charge.

Can I replace my new vehicle in my current two wheeler insurance policy?

Yes, your current insurance can be transferred to your new vehicle. You must notify us of the change in vehicle and pay any premium differences that may arise.

  • Engine Protect Cover: A two-wheeler's engine is one of its most important components, and the comprehensive policy does not cover engine damage. If one chooses to opt for this addition, Okbima will pay for the costs of repairing or replacing engine parts. This add-on covers damage to the engine caused by engine oil/coolant leaks as well as hydrostatic lock.
  • Consumables Cover: This add-on will cover the costs of consumable supplies like engine oil, coolant, nuts and bolts and others that are used during the insured two-wheeler's repair or servicing.
  • Zero Depreciation Cover: Wear and tear decreases the value of a two wheeler or scooter over time. The depreciated value is generally subtracted from the claim amount during settlement. However, if one chooses the Zero Depreciation Cover, Okbima will cover the cost of component repair/replacement without deducting the depreciation value.
  • Zero Depreciation Cover: Wear and tear decreases the value of a two wheeler or scooter over time. The depreciated value is generally subtracted from the claim amount during settlement. However, if one chooses the Zero Depreciation Cover, Okbima will cover the cost of component repair/replacement without deducting the depreciation value.
  • Roadside Assistance Cover: If your two heeler develops a flat tyre, runs out of gas, or suffers any other form of damage while riding, we at Okbima, provide hands-on towing assistance if the vehicle needs to be transported to a local service center.
  • Key Protect Cover: Imagine losing your keys while you wish to be somewhere you must be? We totally understand the hustle of getting your keys made all over again, however, if one buys the Key Protect add-on, Okbima will pay the cost of replacing the insured vehicle’s key if it is lost, damaged or stolen. In the event that the lockset is stolen/damaged the add-on also covers the costs of repair or replacement.
  • Outstation Emergency Cover: If the insured two wheeler breaks down or is involved in an accident outside of a 100 kilometer radius of the place of residence, we are ready for your rescue with this add-on. Okbima is obliged to pay the sum mentioned in the add-on cover if this add-on is purchased. If you are a frequent traveler who goes on long bike/scooter journeys, the Outstation Emergency Cover add-on is made for you.