Last updated on –18 Jan, 2017

Two wheeler insurance refers to an insurance policy that provides a protection cover to a two wheeler (such as a motorcycle, scooter, moped etc.) or its rider from any damage or harm occur, owing to unforeseen incidents such as accidents, theft, man-made or natural calamities etc.

Two Wheeler Insurance

Two wheeler insurance provides financial assistance and protection against liabilities arising in the event of any incident affecting the one or more individuals, any property, and person insured by the two-wheeler. It is an ideal solution to save the owner from paying the exceptional costs of damages if any of the situation arise.

Two Wheeler Insurance Types in India

Insurance companies offer a range of policies for different requirements. Owners are free to choose one suits to theirbudget and requirements. Here in India, generally two types of policies prevail for the two wheelers which are as follow:

1. Liability Only Insurance Cover:

  • It is an insurance coverage to a third party for only injuries caused by the insured vehicle. Under Indian law, third party insurance is mandatory to all the two wheelers. As the Liability only Insurance is a package which covers the legal cost of occurred damage in personal injury form, property damage or death to a third party via the insured vehicle.
  • Besides, most insurance companies also grant an accidental death cover to the insured vehicle owner, in case of death causality. This additional benefit is a sigh of relief for the owner as in an event if the insurance possessor gets injured the insurance company will bear the costs to a certain limit.
  • To a large extent, Liability only insurance policies are only favorable to the third party and there is not much for the two wheeler and its rider protection. However, you can easily purchase premiums for liability only cover at an affordable rate from the available number of insurance companies in the market.

2. Comprehensive Insurance Cover:

It is a comprehensive form of Liability Only Insurance coverage, which not only provides third party insurance but also offers protection to the insured two wheeler and rider.  Comprehensive two wheeler insurance takes care of the damage occurred owing to natural and by man-made calamities  as well as coverage for the owner and rider through personal accident cover.

Damages Covered Under Comprehensive Insurance Cover:

There are two types of damages covered under the Comprehensive Insurance Cover

  • Damages caused by Natural Calamities: Partial or total damage from the natural calamities like Flood, Fire, Earthquake, Storm, etc. are considered under this regime
  • Damages caused by Man-made Calamities: Partial or total damage occur from the Man-made Calamities like Theft, Burglary, Riots, Malicious act, etc. fall under this category.

Read also: Why Insurance is Mandatory for Bikes?

Renewing Expired Two Wheeler Insurance Policy:

Having a two wheeler insurance policy then it is necessary to keep track of your policy to renew it on time before they lapse to avoid penalties or fines. However, you can also renew the lapsed two wheeler insurance policy but you will have  to pay more for the lapsed one. Basically, most of the two wheeler insurance policies are renewable annually.

  • Nowadays, the option of multi-year two wheeler insurance policies are also available in the offered insurance policies by the leading insurance companies. You can opt for a long term two wheeler policy with policy tenures of up to 3 years.
  • In both cases, Either the policy needs to be renewed or it has to be purchased by a different insurer.
  • The time of standing in a queue and spend half of your day at insurance offices along with a large sheaf of documents is gone now.
  • As online transactions have covered a large part of marketing and services, the insurance companies have streamlined their processes, which allows the consumer to buy and renew insurance policies online.
  • Most of the insurance companies also offer online processes to renew two wheeler insurance policies along with a facility of setting reminders, from which any user will be reminded regarding renewal details.
  • The online process just takes a few minutes and is a quick and easiest way to be insured. Users just have to log in to their insurance company’s official website to initiate the process.
  • They will also be able to change their coverage type, depending on the coverage requirements.
  • User information would have to be provided for verification and authentication purposes, which includes the existing policy number, policy type, vehicle registration number and owner details.
  • The premium can be paid by net banking or debit/credit cards after finalizing and selecting the policy.
  • The user will also be provided an acknowledgment, after some minutes of the final payment.
  • The new policy details can also be saved or printed, which will provide a ready reference to the terms to owners.
  • The policyholder will also be provided an additional hard copy by the insurance company.

Advantages of Buying Two Wheeler Insurance Online:

Convenience: Via online medium customers have the ease of finding appropriate policy as per theirs best suit, whenever and wherever they want.

Accessibility: As by putting all the documentation online by the Insurance companies, it becomes more accessible for the customers to go through the policy details and make an informed choice.

Ease of use: The insurers outline the buying process in simple and easy to follow steps, so buying online policies are simple to access.

Ease of purchase: As it allows customers to make payment easily for their online purchased or renewed policy through various e-payment options like net banking, credit or debit card, for making an instant payment.

Secure: Nowadays, companies offering a secure payment gateway and encryption that ensures payment transaction of insurance purchase in a safe and secure way.

Assistance: An additional feature of online assistance is also available in online mode, customers can ask for help
through customer service and live chat to solve customers queries.

You can easily apply for your two-wheeler insurance online via some popular portals like policybazaar.com, ICICI, Bajaj Allianz, HDFC and others.

See Also: 63 Traffic Safety Signs and Their Meanings in India