Types of Two Wheeler Insurance Plans
Third Party /Liability only Policy It covers the cost that arises due to property damage, bodily injury and/or death of any third party. As per legal requirements, policyholders need to carry this insurance component, while riding the two wheeler vehicle. This insurance cover also grants, personal accident cover only for the owner-driver which covers your legal liability arises out of an Injury / Death of a third party and Property Damage of a third party in the event of an accident concerning your vehicle.
Need for Two Wheeler Insurance The need of two wheeler insurance arises because: • Two Wheeler Insurance is required for Third Party Liability insurance, which is a legal mandate and by purchasing two wheeler insurance, a policyholder can get away from lawsuits or legal penalties. • Two Wheeler Insurance ensures financial protection against liability that may arise due to damage, disability, and/or death of a third party.
• Two Wheeler Insurance ensures that you are prepared both financially and mentally to face any road mishap that may impact your vehicle. • Two Wheeler Insurance helps in shielding your vehicle which is your asset and managing with the monetary loss that may be triggered due to accident, damage or theft. • Two Wheeler Insurance helps in covering the costs of potential damages/losses/injuries.
Benefits of Two Wheeler Insurance • The Two wheeler Insurance policy covers damage or complete loss to your vehicle against natural calamities such as fire, explosion, lightning, earthquake, flood, cyclone, hurricane, frost, landslide and rock slide. • It is also beneficial as it covers loss/damage to your vehicle against man-made calamities such as burglary, Theft, riot, strike, terrorist activity, theft, riot, strike, malicious act, accident by external means, terrorist activity, any loss/damage during transit by road, air, rail, inland waterway, lift, or elevator is covered. • It also provides Personal Accident Cover for the owner/driver for a specified amount which covers accidental death and total disability of the owner/driver by paying a nominal amount of an extra premium • With claim-free history for your previous policy years, the policyholder can avail No Claim Bonus (NCB) benefit. It is one of the best ways to cut down the premium amount on your comprehensive motor policy. • It is a Cost Effective insurance plan as buying an online plan which is intended to give you a comprehensive coverage can save on the premium amount • Quick Policy Issuance if you buy an online Two Wheeler policy. • Avail the facility of cashless garage networks where you can get your vehicle repaired on cashless basis or claim reimbursement can be made once the repairs are done at a garage of your choice.
• Various discounts can be availed like if you are a member of listed automobile or biking associations of India or installed specific anti-theft devices in your two wheeler. [Source: http://www.suggestinsurance.com/motor-insurance/twowheeler-insurance]