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The Nuts and Bolts of Two Wheeler Insurance

If you ask a true-blue biker what riding a bike means to them, their answer will be “You can’t buy happiness, but you can buy a bike and that’s close enough”. For most bike owners, love for their machine is real and the bond between them and their bike is special.

With most such possessions that we love, it would break our hearts (not to mention dent our wallet) if our bikes were to be exposed to any kind of damage. Sometimes accidents do happen resulting in damages to our bikes, either by us or by a third-party. This can cause not just emotional upset but also financial strain with unexpected costs of repair. So, how do you protect your bikes from all this liability while simultaneously getting the necessary monetary help you need to replace or repair your bikes. That’s where Two Wheeler Insurance zooms in.

Read further on the nuts and bolts of Two-Wheeler Insurance and gear up your knowledge quotient as a responsible Two-Wheeler owner.

What is Two Wheeler Insurance?

A Two Wheeler Insurance will be your bike’s companion just like a bike is yours. It protects your financial losses due to damages or unfortunate incidents that affect your bike. It can give you timely financial assistance for all the losses incurred by you or your vehicle, in case of any mishap.

There are two primary types of Two-Wheeler Insurance - Own Damage and Third-party Insurance. Do take a few moments to read further and understand both clearly.

What is Own Damage Insurance?

An Own Damage Insurance covers any and every liability that is caused by the owner of the vehicle. It covers damages caused by an accident, fire or theft of the said vehicle. In case of an accident, the insurance provides you with financial help to either replace or repair any damaged part of the vehicle in the accident. It could be natural disasters such as earthquakes, floods, landslides, and man-made occurrences like accidents, riots, protests, vandalism, etc.

However, the policy does not cover damages caused to third-party vehicles or property, normal wear and tear, injuries caused to other people in the accident, mechanical or electrical breakdown, loss or damages caused while under intoxication or driving without a valid license. 

Also, in order to avail an Own Damage Insurance, it is mandatory for you to possess third-party insurance that is valid at least for one year.

What is Third-party Damage?

Third-party insurance covers your vehicle against any legal liabilities involving the permanent disability or death of a person due to accident or damage caused to the property of a third-party. The Motor Vehicle Act of 1988 has made the third-party Two Wheeler Insurance mandatory for all two-wheelers on road.     

In case of an accident, if the third-party raises any claim for the damages, then the insurance company steps in to pay for the damages or losses incurred. The third-party insurance also provides a personal accident cover that offers you financial aid for your medical assistance.

How to apply or renew a Two Wheeler Insurance?

Contrary to popular belief, it is very easy to file for a Two Wheeler Insurance. You could either do it online or offline. When you apply for a Two Wheeler Insurance online, there is no paperwork or documentation involved and you can get instant insurance policy by making your payment via Net Banking or your Debit or Credit Cards. If you were to renew your insurance policy, you have to apply at least 60 days prior to the expiry of your current policy. But, if your insurance has already expired, the new policy will be issued after the vehicle is subjected to thorough inspection by the authorities.

As of 1st September 2019, the Insurance Regulatory and Development Authority of India (IRDAI) has made certain changes to the existing Two Wheeler Insurance policy which includes a Long-Term Two Wheeler Insurance (LTTW) which allows the owner of the two-wheeler to renew once in every three years making them immune to the revision of insurance tariff every year, saving a significant amount.

On a final note, your bike is not just your travel companion, but a reliable partner for you to ride through in life. It is your prime responsibility to protect your companion with everything you have. And, you can do that not only with your due diligence but also by opting for two-wheeler insurance. An insurance company cares for your bike just like you do and protects it from all kinds of liability. So, get a Two Wheeler Insurance before it’s too late.

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