Two Wheeler Insurance


Presentation Description

A two-wheeler or bike insurance is a contract between you and your insurance company, by which you get compensation or payment in case of any loss or physical damage to your two-wheeler. Such a loss or damage can be due to collisions, thefts, natural calamities, sabotage or even fire. The two-wheeler insurance also covers third-party liabilities arising due to injuries/damages as a result of a bike accident.


Presentation Transcript

Two Wheeler Insurance:

Two Wheeler Insurance


Introduction Getting your two wheeler insured from an insurance provider is mandatory if you want to take your it out for a ride. This is to ensure that if you bang your bike into something or hurt someone, that person is compensated for the loss.

What is Two Wheeler Insurance Policy?:

What is Two Wheeler Insurance Policy? In technical terms, a two wheeler insurance policy is a contract between you and your chosen insurance company. According to this contract, the insurer will compensate you in case of damages in exchange of premiums. Look at bike insurance as a promise made by your insurer to pay for the repair bills of your bike/third party liabilities. In turn you promise to pay the premium.

Types of Two Wheeler Insurance:

Types of Two Wheeler Insurance Two wheeler insurance can mainly be of two types. Third Party Liability (Compulsory by Law) 2 ) Comprehensive Insurance Policy. (Advised by Insurance Experts)

Third Party Liability:

Third Party Liability This type of bike insurance policy is mandatory as per The Motor Vehicles Act, 1988. It offers the most basic type of coverage and is the least expensive type of motor insurance policy. With a this policy, your insurer will compensate the third party for damages and injuries caused to another person’s property/person due to your bike.

Comprehensive Two Wheeler Insurance:

Comprehensive Two Wheeler Insurance This type of policy offers a comprehensive coverage, consisting of coverage for third party liabilities as well as 'Own Damage.' Own damage is damage or injuries caused to your vehicle or you in case of an accident or an unfortunate event like, natural calamities, fire, theft etc.

What are Add-ons of Two Wheeler Insurance Policy?:

What are Add-ons of Two Wheeler Insurance Policy? Add-ons of a two wheeler insurance policy are additional coverage options. These are optional. Each add-on adds to the cost of your bike insurance policy. But in-turn they provide extended coverage. Some of the popular add-ons are: Zero Depreciation Cover Return to Invoice NCB Protect Pillion Rider Roadside Assistance Consumable Cover

Modes of buying a Two Wheeler Insurance Policy:

Modes of buying a Two Wheeler Insurance Policy You can buy an insurance policy from various options depending on your convenience i.e. either online or offline. You can buy the policy from the following options. Agent : An insurance agent represents one insurance company. Dealer : He is a bike seller with tie-ups of various insurance companies Broker : Is an authorised party who can sell policies from various insurance companies Insurance company : You can buy specific policies offered directly by the insurance company.

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