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What is Two Wheeler Insurance?
As per The Motor Vehicles Act, 1988, buying two-wheeler insurance is mandatory because it protects you against third-party liability arising from injury to person or damage to property caused by you with your insured bike.
Basic Coverages
Basic coverages for two-wheeler insurance typically include:
- Third-Party Liability Coverage: Covers legal liabilities for injuries or damage you cause to others in an accident. This includes:
- Bodily Injury Liability: Pays for medical expenses and compensation for injuries to other people.
- Property Damage Liability: Covers repair or replacement costs for property damaged by your vehicle.
- Own Damage Coverage: Covers damage to your own two-wheeler due to accidents, fire, theft, or natural disasters.
- Personal Accident Cover: Provides compensation for injuries or death of the rider in the event of an accident.
These basic coverages ensure that you are protected against financial liabilities and damage related to your two-wheeler.
Add on coverages
Add-on coverages for two-wheeler insurance can enhance your policy and provide additional protection. Common add-ons include:
- Zero Depreciation Cover: Ensures that you receive the full cost of repairs or replacement without any deduction for depreciation.
- Roadside Assistance: Offers services like towing, flat tire repair, and fuel delivery if you face breakdowns or emergencies.
- Engine and Gearbox Protection: Covers repairs to the engine and gearbox in case of damage due to accidents or other issues.
- Accessories Coverage: Insures additional accessories and modifications installed on your two-wheeler.
- No Claim Bonus Protection: Allows you to retain your no-claim bonus even if you make a claim during the policy period.
- Personal Accident Cover for Passengers: Extends coverage to passengers in addition to the rider.
- Return to Invoice Cover: Provides compensation based on the invoice value of the vehicle, rather than its current market value, in case of total loss.
These add-ons can provide extra security and peace of mind, tailoring your coverage to specific needs.