Two-Wheeler Insurance

Insurance is a quick and efficient way method of risk management that allows you to protect your assets against the risk of damage or theft. You can avail various types of insurances depending upon the asset that you wish to secure. Some of the commonly availed insurances include life insurance, health insurance, vehicle insurance, home insurance, etc.

Here, we shall talk about two-wheeler insurance.

Two-Wheeler Insurance

Two-wheeler insurance is a special type of vehicle insurance that you can purchase specifically for two-wheelers. The two-wheeler insurance is one of the most commonly availed insurance types since it is often available at fairly low prices and helps you secure a costly asset.

Importance of Two-Wheeler Insurance

  • The two-wheeler insurance covers your losses in case your two-wheeler suffers from a damage due to an accident or a calamity.
  • It helps you cover the losses of your vehicle in case it is stolen.
  • It helps you avail free repair of the vehicle at several authorized service centres across the country.
  • It helps you with the financial liability that you might face in case you are involved in an accident in which a third-party vehicle/person suffers physical damage.
  • It covers any physical damage to you while you ride the vehicle. The types of physical damages that are covered under the clause are often well defined in the insurance policy document.
  • Certain policies also pay for the medical expenses that a pinion or co-rider might face after suffering an accident on the two-wheeler.
  • Some insurance policies also cover the complete expenses of the two-wheeler damage that includes everything from the chassis damage to the paint damages.
  • Certain insurance policies also cover the losses that a vehicle might suffer due to a natural disaster/calamity.

Best Two-Wheeler Insurance Policies in India by Top Insurance Companies

Multiple insurance companies offer their services for two-wheeler insurances in India. The top 3 insurance policies that you must look for when you go for a new insurance policy in India include,

Bajaj Allianz

It is one of the cheapest two-wheeler insurance policy due to its low premium rates. You can either opt for an annual insurance or opt for a cheaper 3-year insurance policy from the date that you purchase the two-wheeler. You also get access to several add-on covers with your two-wheeler insurance at a small price when you choose the Bajaj Allianz insurance policy.

A unique selling point of the Bajaj Allianz service is its high settlement ratio of nearly 95% that ensures that you get the complete benefits of your insurance policy.

ICICI Lombard

The ICICI Lombard insurance is preferred by the members of the AAI (Automobile Association of India) since it offers a good discount package for these people. It also has a partnership with nearly 3000 different garages in India thereby making it one of the largest two-wheeler insurance providers in the country.

Tata AIG

The Tata AIG insurance policy is one of the most comprehensive insurance policies that offer the complete cost coverage from the point your vehicle needs apickup to the point it is delivered to your house. The company also offers a 7-day insurance claim guarantee. Therefore, you do not have to worry about settling your insurance claim after your vehicle suffers a damage due to an accident. Tata AIG is one of the few companies that offer the insurance against the damages done by natural calamities too.

Types of Two-Wheeler Insurance Policies/Plans

There are various types of two-wheeler insurance currently available in India. However, the names of these insurances can change from company to company. Most of thecompanies classify the two-wheeler insurance types into two major categories namely,

Liability Only Insurance

The liability only insurance policy is limited in its scope when compared to the comprehensive insurance policy. As the name suggests, it covers only the liability expenses for the vehicle and not the damages to the insured vehicle itself. This policy suggests that it will help you with the financial costs that you might have to go through in case your insured vehicle is involved in damages to another person or his/her vehicle.

Most of the insurance companies in India offer a liability insurance only an annual basis which the policyholder needs to revive at the end of the term.

Comprehensive Insurance

The comprehensive insurance is the type of two-wheeler insurance that helps you completely cover the damages to your vehicle as well as the rider. It also includes the liability clause, thereby providing the liability only insurance type benefits along with the added services.

The comprehensive insurance covers the damages to the vehicle in case of a man made or a natural accident. It also insures the vehicle against damages suffered from the natural elements such as flood or fire. The most common reason for a person to go for a comprehensive two-wheeler insurance is to protect his/her vehicle against the threat of being stolen.

Which Two-Wheeler Insurance You Should Buy?

The type of insurance that you should purchase depends highly upon the purpose for which you buy the vehicle.

In case you purchase a vehicle solely for business and transportation purposes, you can safely go for the liability only type of insurance policy. However, in case you are purchasing the vehicle for personal use, it is always advisable to go for a comprehensive two-wheeler insurance policy since it covers the various aspects of damage that you or your vehicle might suffer.

Key Advantages and Features of Two-Wheeler Insurance

There are several benefits to the purchase of a dedicated two-wheeler insurance over a general vehicle insurance. Some of these benefits and features of a two-wheeler insurance are listed below.

Small Insurance Premiums:

The two-wheeler insurance policies usually feature a very small premium fee compared to the overall cost of the vehicle. However, this premium fee changes from company to company and depends on the type and purpose of the vehicle too. The insurance policy covers the damages worth rupees several lakhs for a small premium fee worth a few hundred rupees.

Comprehensive Cover:

The comprehensive cover protection available via the two-wheeler insurance policies covers the damages done to your vehicle as well as the rider in several cases. The comprehensive cover also cover the liability costs that you might face in case your vehicle is involved in a collision accident with another vehicle.

Cashless Repair Cost Cover:

You can also claim your insurance policy at the partnered garage without dishing out any cash. The insurer takes care of the complete costs of damages done to your vehicle as per the insurance policy statement.

Additional Coverage:

The two-wheeler insurance policies are often associated with various additional coverages that allow the policyholders to take benefits of the comprehensive covers. The additional coverage includes the medical expenses of the co-rider as well as damage to the aesthetics or the comfort of the vehicle. You can often avail these additional coverage benefits at a small added cost.

No Claim Bonus:

No claim bonus is an almost exclusive two-wheeler insurance policy feature and it entitles you to discounts on the insurance premiums in case you do not claim the insurance year after year. Some companies also feature a zero depreciation cover that allows you to gain the benefits of a complete cover on an old vehicle.