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.
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:
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
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:
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:
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.
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.
Following are the benefits of the insurance policy-
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
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.
The Insured Declared Value (IDV) is the value for which the vehicle is covered and remains constant during the policy period.
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.
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).
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.
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.
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.