Purchasing a two wheeler in a city is like cutting ample hours from our commuting time. It is indeed a good decision since a bike slips through traffic with ease. But a better decision is to purchase an insurance for your bike as well. We are all well aware of the condition of Indian roads and infrastructure. These factors are the primary reason why bikers are more exposed and vulnerable to accidents on the road. When such an unfortunate event occurs, it is our two wheeler insurance policy that saves the day.
Importance of two wheeler insurance
As per the Motor Vehicles Act 1988, it is mandatory for every vehicle to have a valid insurance policy. Driving a vehicle without a motor insurance is considered illegal in India. Having a two wheeler insurance also provides additional benefits as well. As a biker, you are more exposed to the dangers of the uneven roads, having a bike insurance not only protects you from third-party liability but also helps you keep your bike safe and sound. In addition to providing protection against loss and damage due to accidents, a two wheeler insurance policy provides protection against various man-made and natural calamities. You don’t need to worry about the complete loss or damage to your bike in case of natural or man-made calamities like earthquake, flood, fire, etc., as your two wheeler insurance policy will take care of it.
Buying the right Policy
The two most important things to consider before purchasing are - the right plan for your bike. First, buying a comprehensive insurance solution is a crucial decision as it must suit your needs. Before making any investment, you must understand and analyze the main motive behind it so that you don’t have to face any hassle in future. A comprehensive plan is not only advantageous to you but also to the fellow riders, if they frequently accompany you.
The type of vehicle determines how fast you can get an approval from the insurance company and the amount of premium charged because some companies offer special discounts or packages for a certain type of two wheeler model. (Type of vehicle means - the model of the bike, brand recognition and specifications).
Now that we have highlighted the importance of buying a bike insurance, let us look at one of the largest insurance providers of India - United India Insurance. It has been in the forefront of designing and implementing complex covers to a large set of companies, as in the cases of ONGC Ltd., GMR - Hyderabad International Airport Ltd., Mumbai International Airport Ltd., Tirumala-Tirupati Devasthanam, Kochi Metro Rail Corporation, etc. The company also offers two wheeler insurance policy that provides coverage to two wheeler vehicle owners against various losses or damages to the vehicle as well as liabilities to third parties. (Third party refers to the person who meet up with in an accident)
Two Wheeler Insurance Policy by United India Insurance
This plan is available in two variants - Liability Only Policy and Package Policy.
Liability Only Policy: This policy is mandatory by the Motor Vehicle Act 1988. It covers death, injuries or property damages to the third party.
Package Policy: This policy offers protection against loss or damage to your bike from an accident or natural/man-made calamities. It also provides personal accident cover to the policyholder and insurance against third party liability.
With respect to third parties, it covers:
- Bodily injury or death to a person including passengers in the same vehicle as per the requirements of the Motor Vehicles Act
- Property damage apart from the insured
With respect to Personal Accident Cover, the insured can claim only 1 of the below four personal accident benefits in an insurance year-
- 100% coverage if death occurs within 6 months of accident, subject to a maximum amount of Rs.1 lakh
- 100% coverage if loss of both limbs, both eyes or one limb and one eye within 6 months of accident, subject to a maximum of Rs.1 lakh
- 50% coverage if loss of one limb or one eye within 6 months of accident, subject to a maximum of Rs.1 lakh
- 100% coverage if permanent or total disablement from injuries other than the ones pointed above within 6 months of accident, subject to a maximum of Rs.1 lakh
Benefits of Two Wheeler Insurance by United India Insurance
- Discounts: Policyholders can avail No Claim Bonus (NCB) ranging from 20% to 50% depending on the number of claim-free years. Additional discount of 2.5% up to Rs.200 if anti-theft devices are installed on the bike
- Option to extend the geographical area by paying Rs.500 additional premium per vehicle
- Provides online application, renewal and claim settlement
Keeping all things in mind, don’t make your first ride your last ride. With Coverfox, you need not worry, when in a hurry. Happy travelling.