According to the laws of India, whatever vehicle you own, be it a two-wheeler, three-wheeler or four-wheeler, you have to get vehicle insurance before hitting the road! Also, the vehicle insurance acts as a protective cover that helps you out from all the unforeseen events that can cause damages to life and property. Read on below to know how two-wheeler insurance works.
Getting A Two- Wheeler Insurance
As the laws strictly instruct all citizens of India to get two-wheeler insurance no matter what, you get two-wheeler insurance along with your vehicle when you buy the two-wheeler. The cost of the insurance will be added on to the on-road rate of the vehicle. Usually, such policies will last for one year. After that, you will have to renew it or choose another insurance for your vehicle. With the advancement of technology, nowadays almost all insurance providers offer their policies online itself. You can sit in the comfort of your home or browse while travelling to your office and get the form to apply for your vehicle insurance. Just a few clicks on the keyboard can get you the two-wheeler insurance!
Calculation Of The Premiums
Getting insurance with premiums that fit in your pocket would be the first concern of anyone who looks for two-wheeler insurance. The premiums can depend on many factors. The primary factor you need to consider is the cost of your two-wheeler. In simple terms, a low-cost bike or scooter will have fewer premiums whereas; a costly one will be higher on premiums too. The premiums also depend on the coverages you choose. If you need a more extensive coverage, then obviously the premiums will also be higher. The premium amount can be reduced by lowering the Insurer Declared Value(IDV). This is the value the insurance provider will pay the customer in case the vehicle gets stolen and is not found. The cost will go on decreasing with time as the value of a vehicle gets reduced with time. The value will be cut at the time of every insurance renewal taking depreciation into account.
When you apply for the insurance, the surveyor comes and checks whether the two-wheeler is in good working condition. It is always better to get your insurance as soon as you buy your vehicle. The vehicle will be brand new, and you will get all the coverages. The coverages will include almost any issue that your vehicle encounters. Here are some of the most popular coverages offered by two-wheeler vehicle insurances:
- Your insurance provides coverage for your medical and hospital expenses if you meet an accident and get injured. All the costs related to the cost of your medicines, cost of surgeries, physiotherapy sessions to recover from the accidental injuries, transplant of organs, all are covered in your two-wheeler insurance coverage.
- The insurance also offers coverage for all the damages incurred to your vehicle at the time of an accident. The insurance company will pay all the expenses needed to repair the vehicle back to its original working condition.
- The two-wheeler vehicle insurance offers coverage for all types of natural calamities like earthquakes, floods, cyclones, storms, landslides, hurricanes, lightning, etc. If your vehicle gets damaged or lost in such natural calamities, the insurance will pay for your losses.
- The insurance also covers humanmade disasters like fire explosions, strikes, robberies, etc. In case your vehicle gets damaged in such disasters, the insurance will pay for the repairs. If your vehicle gets stolen by robbers and the police is unable to find it, then the insurance provider will pay you the market value of the vehicle as on the day before the accident.
- Sometimes, the tyres of your two-wheeler won’t be involved in the insurance coverage. This is because the tyres have a separate warranty cover provided by the tyre manufacturer. If you wish to get insurance coverage for the tyres too, then ask for special coverage that includes the tyres also.
- If your two-wheeler already has scratches or cracks on it at the time of getting insurance itself, then these won’t be covered in your insurance.
First Party And Third Party Insurance Cover
When you get two-wheeler insurance, there will always be a mention about third party insurance coverage. It is the cover that offers coverage for all the third-party claims. If your vehicle gets involved in an accident and causes injury to another person on the road or travelling in another vehicle, then that person will demand you to pay compensation for the damages caused. In such a situation, your insurance company will pay for the injuries caused to the third party. Similarly, if your vehicle causes damage to the property of a third person, then your two-wheeler insurance provider will pay compensation to them. If you need to get such coverage, then you will have to get third party coverage insurance. First party insurance won’t offer third-party coverage. It just covers you and your vehicle. In insurance coverages, the first party is always the client, and the third party is another person who also gets involved in the accident.