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Comprehensive Two-Wheeler Insurance

Nowadays, two-wheelers are the most likely mode of daily commute. It is considered as an ideal from the perspective of quick mobility and ease. As well as, the maintenance cost of vehicle usage is much higher.

Two-wheeler insurance is a kind of insurance plan that provides financial safety to you two-wheelers like bike, scooter, etc. If you may face any physical damage, accident, theft. You can get compensation from insurers. While buying two-wheeler insurance, you can choose either comprehensive or third-party bike insurance policy. A comprehensive insurance policy will cover against theft, loss or any physical damage. As well as, it offers personal accidental cover for you in the unfortunate events of an accident.

So, everyone chooses the comprehensive bike insurance policy to get the full coverage for you and your vehicle. Under the comprehensive insurance policy, it will cover any damages suffered by you and your vehicle. When your bike is stolen or damaged by any natural or man-made calamity, the comprehensive two-wheeler insurance policy compensates your repairs. As well as, it is also considered as the personal accident cover for owner or rider of the bike which gives a lot of financial benefits in case of any accidental death.

Benefits of Comprehensive Two-wheeler Insurance Policy

A comprehensive two-wheeler insurance policy gives lots of benefits as it provides the protection for third-party against physical damages to the vehicle.

Protection for Costs Incurred Due to Damages

A comprehensive bike insurance policy will help you to protect you from a financial crisis that meet costs incurred due to the wears and tears of your vehicle. Whether the damage is due to natural or man-made disaster, the insurance company will cover the repair costs and restore the vehicle to its original conditions.

Most of the insurers offer optional and additional features like zero depreciation cover. It will help to save your financial costs on consumables.

Personal Accident Cover

If you feel the risk of accidents on the road, it may result in temporary or serious damages or disabilities. If you pick a personal accident risk cover, you would be compensated for the loss.

A comprehensive bike insurance policy covers personal accident covers of up to 1 lakh. So you would be insured against injuries from total or partial permanent or temporary disability or even death may happen.

Natural Disasters

Sometime, you may face any natural calamities that involve fire, hurricanes, earthquake, cyclones, thunderstorms, floods, rain, etc.

Man-made Calamities

If any damage or harm is done to your vehicle by humans, it would be covered under the man-made calamities. Other incidences like accidents, bodily injuries, or damaged vehicles caused by external factors involving robbery, collision, strikes, terrorist activities, thefts, malicious acts, etc. It will secure your vehicle from physical damages which may happen on road, air, water, or railways.

Passenger Coverage

Under the comprehensive insurance policy, there is a personal accident cover for the owner or driver of the vehicle. You can choose this add-on when you want a cover for the pillion passenger. This would give a lot of benefit in case of accidental death or any disability faced by the rider.

What does it not cover?

  • Physical damage caused due to normal wear and tear and mechanical or electrical breakdown.
  • The damage caused when riding without a valid license, influence of drugs or alcohol and the policy is not active
  • Pillion Rider
  • Roadside Assistance

The motorcycle comprehensive insurance premium has two components. They are third-party premium and the own damage premium. The third party premium is fixed by IRDAI. When coverage is increased, the comprehensive bike insurance premium is high as compared to third-party insurance. As well as, this policy offers more extensive coverage.

Features of Comprehensive Two-wheeler Insurance Coverage

A comprehensive bike insurance policy is more effective than the liability-only policy. Here are the features of comprehensive insurance plan are listed below.

Add-Ons

The comprehensive bike insurance policies come with various additional optional coverage features and benefits which are called add-ons.

Zero Depreciation Cover

If your bike parts are replaced, the insurance company compensates the depreciated cost of the bike parts. This zero depreciation add-ons Is very useful as it nullifies the depreciation effect. If you select the cover, the insurance company will help you to pay the full cost of the repaired part or replaced of depreciation.

No Claim Bonus Protect

If you don’t apply a claim in your insurance policy, you can get a premium discount called the No claim Bonus which is applied to the renewal premium and gives as high as 50%. You can make a claim you lose the accumulated discount in any year. Do you have NCB protect add-on? This premium discount is not lost even in case of a claim.

IDV

IDV stands for Insured Declared Value which is the amount the insurance company agrees to pay as a claim and it is based on the manufacturer’s listed selling price of the vehicle. If the IDV is higher, the insurance premium is gradually increased.

It can influence the policyholder’s insurance claim and premium amount. The service provider will estimate your policy premium which is based on your vehicle’s insured declared value. It is only applicable on a comprehensive two-wheeler insurance policy while it is not valid on third party liability bike cover. This is because third party liability coverage is based on the vehicle category which is only involved in the accident.

Nowadays, most people choose the low cost insurance, but don’t cheat your insurer by claiming false IDV. While the claim processing, the insurer, your claim amount will rely on your vehicle’s depreciation value. If you replace the vehicle parts, them there will be deductibles. You can avoid financial deductions on your two-wheeler depreciating parts when zero depreciation is added to your policy.

The depreciation value will be deducted and additionally, the final amount will be processed to claim. In the comprehensive two-wheeler insurance, the depreciation value will be higher in the old vehicle. If your vehicle is 6 months old, the depreciation value would be 5%; if your bike is 12 months old, it would be 15%; it will be 20% if your vehicle age is up to 1 to 2 years old; 30% for 2 to 3 years old; 40% for 3 to 4 years old and 50% for 4 to 5 years old.

Coverage against death or injury

Under the comprehensive two-wheeler insurance policy, you can be offered the best coverage against bodily injuries to you and the pillion and also cover against any unfortunate events of the death of you.

Coverage against third-party liability

If you met with an accident or cause any damages to the third-party vehicle, a comprehensive two-wheeler insurance plan will cover the cost associated with it. The coverage loss will be covered for a certain limit which is specified at the time of buying the policy.

Opt for the comprehensive insurance policy for two-wheeler that will give you all the benefits and elucidates the inclusions and exclusions along with the calculated premium. If you pick the comprehensive bike insurance policy, it will cover all expenses of your damages caused by the insured vehicle, its rider and affected third party.

So, get the comprehensive insurance for two-wheeler that match all your needs

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