When it comes to safe bike rides....
Two-wheeler insurance can be your best option. Not only it takes care of the peaceful state of your mind, but also looks after your pocket in case of an unfortunate accident. Buying two wheeler insurance is as important as wearing a helmet while riding. It comes with great deals and schemes. Coverfox comes with many features for you to explore.
Things you must keep in mind:
The Motor Vehicles Act, 1988, states that all Vehicles running on roads in India without a valid insurance policy are liable to face heavy penalties.
Every vehicle owner must hold a compulsory third-party liability cover, which is the lowest coverage offered on car insurance, including two-wheeler insurance.
Benefits and features of a two-wheeler insurance policy
Two-wheeler insurance comes under the category of motor insurance , which is a part of the general insurance industry.
A two-wheeler insurance policy offers you financial coverage against theft or damage incurred to or by your insured two-wheeler in an accident.
Without a legal bike insurance policy, you have to take up the entire financial burden in the case of damages or losses arising from an accident caused by your bike.
Two-Wheeler Insurance policies also offer coverage against specific incidents of natural calamities and human-made disasters like earthquakes, storms, landslides, theft, riots, strikes, terrorist activities, and explosions.
You will be eligible for a decided sum assured in such occurrences, based on terms in your valid bike insurance policy.
To avail of such benefits, you are supposed to pay a premium over a certain period of time to the insurer.
Personal Accident Coverage on bike insurance extends to up to Rs.15 lakh in case of sudden demise or chronic disability caused to the insured due to an accident.
Pre-negotiated premium rates, starting from a small amount like Rs.600.
A few insurance companies offer up to 70% discount on premium with a no-claim bonus on their two-wheeler insurance plans.
What comes under a comprehensive two-wheeler insurance policy?
Know here:
| Accident
Financial loss caused due to an accident or collision with another vehicle. |
Own Damage Cover
Damages that occurred to your two-wheeler due to an accident are covered. |
Natural Disasters
Damage faced by the vehicle due to natural disasters like earthquakes, floods, fire, cyclones, landslides, etc. |
| Personal Accident Cover
A personal accident cover of about Rs. 15 Lakhs payable due to an accident. |
Third-Party Liability Only Cover
Damage is done by your bike to another person, his/her vehicle or property is covered. |
Fire
Damage caused by self-ignition or accidental fire of the vehicle. |
The two types of bike insurance in India
Third party liability insurance
Third-party liability insurance is compulsory in India as per the law. This policy covers only the losses or damages caused by your bike to the third party or property. Also, it offers personal accident cover for the owner of the bike. However, none of the insurers will be responsible for coverage of any damages, loss, incurred, or theft of the insured bike.
Comprehensive insurance
To fully protect your two-wheeler, you must go for a comprehensive two-wheeler insurance policy. It provides complete financial protection against its own damage as well as any third-party loss or damages caused by the insured vehicle. Moreover, you do not have to worry if your bike gets stolen because a comprehensive policy also covers bike theft.
What are the inclusions and exclusions under two-wheeler insurance
| Inclusions | Exclusions |
|---|---|
| Damages that may happen to your bike due to an accident. | Damages caused by you while riding under alcoholic influence. |
| Personal Accident Cover - Injuries (the owner-driver) sustained in a bike accident result in insurer compensation. | This includes loss or damages caused by a nuclear strike or war from insurance policies. |
| The financial protection of your bike from natural calamities such as earthquakes, floods, etc., is essentially covered under a bike insurance policy. | All accident-related damages caused while you were using your two-wheeler for illegal activities. |
| In case your two-wheeler gets stolen, your insurer will pay an amount equal to your bike’s IDV. | Damages caused or losses incurred to your two-wheeler while you were riding without a valid license. |
| Coverage for damages caused during a human-made disaster comes under insurance coverage. This includes strikes, riots, fire, and terrorism. | Exemptions also include the regular mechanical expenses due to consistent wear and tear of bike usage. |
Why Two-wheeler Insurance by Coverfox is the Best?
With the help of Coverfox, individuals can choose from a wide range of policies that differ based on features, sum insured levels, premiums, benefits, etc. You can enter your insurance requirements regarding the vehicles and get a complete list of the policies that are the most suitable according to your budget and needs. This entire process of finding the right two-wheeler insurance policy will hardly take a few minutes. All you need to do is visit www.coverfox.com, and you will find all the relevant details for two-wheeler insurance policies.
If you want to raise a claim for your two-wheeler insurance, then listed below are the steps that you need to follow:
Step 1 – Immediately contact your two-wheeler insurance company
Make a call to your insurance company at the earliest to register the claim. Delaying this will eventually lead to complications in the claim process.
Step 2 - File an FIR
Lodge an FIR at the nearest police station as soon as possible if your bike has been stolen or been in a major accident. Doing this will speed up your claim approval, and also it is a compulsory document for beginning the claim settlement process.
Step 3 - Damage evaluation
In the case of an accident or accidental damage, you must also have the damage evaluated at the earliest by a professional at a garage or preferably an authorized garage of your insurance company. This will help you get cashless benefits at the garage.
Step 4 - Settling claim
Make a payment to the service centre to initiate the claim process. Fill the relevant forms and then submit the required set of documents to ensure a fast, easy, and organized claim settlement.
Also, you must know that there are two types of claims:
Cashless Claim Settlement
This whole process is cashless, and you do not have to pay for anything except the deductible you have agreed. Your two-wheeler insurance company has a wide list of authorized garages and service centre’s readily available for you.
Reimbursement of Claim:
You inform the insurance company, have your bike fixed, pay for the expenses from your pocket, and then file a claim. After a few verification steps, the insurance company disburses your claim amount minus the deductible.
In short, You can find answers to all the two-wheeler insurance related queries on Coverfox. Whether it's about the deals or features, all you need to know is here—the one-stop-shop for all your insurance hassles. Just visit www.coverfox.com. Easy process, quick access. Check out now! After all, it is said, Cover Karo, Kaam Ayega!
Recommended Link: Tips to Renew two-wheeler Insurance Policy Online
