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A to Z About Two-Wheeler Insurance

Author: Radha Lakshmi
by Radha Lakshmi
Posted: Nov 21, 2019
wheeler insurance

In India, motor insurance is mandatory according to the Motor Vehicles Act 1988.

Having two-wheeler insurance is a compulsion. It keeps you and your vehicle safe in case of any road mishaps. However, it all depends upon the policy you have opted for.

  • Importance of two-wheeler insurance

One of the crucial reasons to own two-wheeler insurance is to get protection against third-party liability. According to the Indian motor act (1988), it is compulsory to have third-party liability insurance. Two-wheeler insurance is important as it keeps you financially protected.

  • Coverage

Under the IRDA guidelines, the comprehensive two wheeler insurance policy covers the insured vehicle under the following situations.

  • If the insured vehicle has undergone any loss or damage due to man-made calamities like
  1. Theft
  2. Riots
  3. Strikes
  4. Burglary
  5. Terrorist activity
  • Damages caused due to natural disasters such as
  1. Fire/ explosion
  2. Earthquake
  3. Floods
  4. Landslide/ rock slide
  5. Cyclone/storm
  6. Hailstorm
  7. Hurricane
  • Damages caused because of an external accident.
  • Personal accidents cover the amount up to Rs.15 lakh for vehicles.
  • Liability of any damage, injury or death caused to a third party.
  • Damages caused in transit rail, road, air or inland waterway.

Claim Process

There are mainly two types of claims:

1. CASHLESS CLAIM SETTLEMENT

The entire process is cashless. You do not have to pay anything except the deductible you have agreed. However, one can avail the cashless benefits only if he/she opts for a network hospital.

2. REIMBURSEMENT OF CLAIM:

After informing the insurance company, have your vehicle repaired. You then pay for the expenses and then raise an insurance claim. Verification will then take place. The insurance company will disburse your claim amount minus the deductible.

Steps for filing a two-wheeler claim process are as follows:

  1. Contact your two-wheeler insurance company
  2. Damage evaluation
  3. Settling claim via Reimbursement

Renewal process

It is very easy to renew bike insurance online by following the steps below:

  1. The first step is to renew the insurance online by visiting the insurance company website.
  2. There will be a link to open the renewal page. Fill in all the requisite details in the renewal form.
  3. Get a premium quote online and make payment by selecting any payment option suitable for you.

Two-wheeler insurance can be renewed in two ways. Either the person can choose to do it online and renew the policy or he/she can directly contact the insurer and get the policy renewed. The process of renewal of bike insurance may be different for every company but the requirements for completing the process are the same. Hence, an individual can always check-up with the insurance company about the process of two wheeler insurance renewal.

Conclusion

The insurance market is vast. Many insurance providers offer bike insurance at competitive prices. Therefore, see to it that you compare multiple policies and select the final one based on your coverage needs. To understand which company offers better benefits, read reviews of customers online. Hence, before buying a bike insurance policy, it is important to consider the goodwill and reputation of the insurance company.

About the Author

A mother of 2 lovely kids. Digital Marketer by profession and a blogger by passion! Here to inspire and motivate people with my writing.

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Author: Radha Lakshmi
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Radha Lakshmi

Member since: Mar 03, 2019
Published articles: 27

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