Fundamentals Of A Two Wheeler Insurance Policy

May 25, 2020
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While we are most vigilant and concerned about our car insurance policies, we often overlook the importance of having a two wheeler insurance policy. No matter the kind of two-wheeler you own, having a valid insurance policy is crucial to ensure its safety. Here are few things you must know before you buy a two wheeler insurance online or offline.

What Type Of Two-wheeler Insurance Policy You Should Opt For?

Insurance policies for two-wheelers are mainly divided into two categories

  • Liability Policy

This is a mandatory third-party insurance policy that takes care of any third-party liability that may have been hurt (or died) due to an accident by your vehicle. It also provides coverage to the third party damaged during the accident. This type of policies does not provide any coverage for the damage done to your own bike. For that, you will have to go for comprehensive policies

  • Comprehensive Policy

For anyone owning a two-wheeler, a comprehensive policy is the best bet. It provides all the coverage that liability specific policies provide along with coverage against damage to your own vehicle. Damage to your vehicle could be due to fire, self-ignition, flood, earthquake, impact damage etc.

  • Factors Affecting Premium Of A Two Wheeler Insurance Plan:

The premium of a two-wheeler insurance plan is decided based on many factors, such as

  1. Age of the vehicle
  2. Model of the vehicle
  3. Engine capacity
  4. Engine capacity
  5. Type of Insurance
  6. IDV Insured declared value

The IDV for a two wheeler insurance is calculated by applying depreciation on the manufacturer’s listed price of the vehicle. The listed price of the accessories installed on the bike can be added to the sum insured and they would be a part of IDV.

  • Failing To Renew – A Major Problem

It is mandatory by law to buy a motor insurance policy the moment you buy a vehicle However, a majority of the vehicle owners fail to renew bike insurance policy mainly because they can’t keep track of the renewal dates at the year-end or because they are too busy to find out about renewal policies. In order to help you deal with the insurance renewal problem on a yearly basis, policyhunt.in long-term two wheeler policy will make you at ease.

  • policyhunt.in Long Term Insurance – No More Lapse In Policies

policyhunt.in provides the long-term insurance policies that provide insurance coverage for up to three years. That means you don’t have to remember annual renewal dates and not have to pay fines to traffic police due to an insurance lapse.
The long-term bike insurance by policyhunt.in comes with a host of benefits and is way more affordable than taking three annual policies. It gives you independence from any third party premium increase, non-renewal and at the same time provides you peace of mind.

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