A Mini Guide To Two Wheeler Insurance
A handy guide to the basics of two wheeler insurance that you need to know about before purchasing it for the first time.
You may be purchasing two wheeler insurance for the first time, or you may simply be curious and want to know more about the insurance for your bike or two wheeler. Here is a short and handy mini-guide for all your needs about the basics of two wheeler insurance, to answer any questions you may have or clear up any doubts or confusion about two wheeler insurance, the process of purchasing it, etc. These are important facts to know because not only is two wheeler insurance extremely beneficial, it is also mandatory by law. Let’s read about its basics so you don’t have to spend a lot of time and energy learning about the facts of two wheeler insurance.
Types of Two Wheeler Insurance In India
In India, there are three types of bike insurance policies available to you. Third Party insurance will cover the death, bodily injury, or property damage of a third party involved in an accident with your two wheeler. Own damage coverage offers coverage for damage to your own vehicle, such as in an accident or other damaging situation like a natural calamity. A comprehensive insurance policy is the combination of the two and offers coverage in a variety of situations such as theft, loss, or total damage.
How Is Insurance Premium Calculated?
There are a variety of factors that will influence the premium cost of your two wheeler insurance cover. These include the Cubic Capacity (CC) of your vehicle, the city where it has been purchased, the coverage that you have opted for, all will affect the premium of your two wheeler insurance cover. Add on covers offered by some insurance companies will also give you greater coverage than what would be offered in a standard comprehensive insurance policy, and will come at an additional premium.
All About IDV
IDV is nothing but the market value of your insured vehicle. It stands for Insurance Declared Value and denotes the value for which the vehicle is insured. In case of theft or total damage, this is the value for which you would be compensated. It depreciates over time to reflect the ordinary wear and tear of your vehicle.
How To File A Claim
In case of an unfortunate situation such as an accident or the theft of your vehicle, you would be covered by your insurance and have to raise a claim for the matter. This process will involve informing your insurance company that you wish to raise a claim and initiating the claims process. You will then be asked to submit the claims form with the required documents. This will include your policy document, drivers license, FIR (in case your two wheeler has been stolen), estimate of repairs (in case your vehicle has been in an accident), etc. In case you are in the vicinity of a cashless garage, that is, a garage that your insurance company has a tie up with, you can have your vehicle repaired and have your insurance company take care of the bills afterward. Your claim will be verified by an insurance surveyor and then you will be suitably compensated.
Takeaway
These are some basics about two wheeler insurance that you are now aware of. Make sure to thoroughly research your insurance policy and company before deciding which one is best for you.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
