As per a UNICEF report, India has more road accident casualties than in any other part of the world. In India, a road accident happens every minute, and every four minutes, a person dies in an accident.
Accidents may happen because of anyone’s negligence and can damage you both physically and financially. Ensuring your two-wheeler is a smart choice for Indian roads. Not only is it mandatory by law, but also it is your responsibility towards yourself. Apart from financial losses in an accident, a two wheeler insurance will provide coverage from losses incurred in natural and manmade disasters.
A checklist of benefits to evaluate the effectiveness of your two wheeler cover
Knowing about the benefits and details of your two-wheeler insurance is important to make the most of the coverage.
Types of two wheeler insurance
Depending on the nature of losses and the party insured, two-wheeler insurance can be classified into:
- Third party liability (TPL) cover: This cover has been mandated by the Indian Motor Vehicles Act (1988) and provides cover to any person other than the owner, injured in an accident.
- Own damage cover: This cover protects the owner against any damage to their two-wheeler arising due to accident or theft.
- Personal accident cover: This cover offers compensation on death or permanent disability, along with reimbursement of accidental hospitalisation expenses.
Checklist of benefits
Before you buy a comprehensive two wheeler insurance, here is a checklist of benefits that you should look for:
- Long term insurance: This prevents you from the hassles of annual policy renewal, offers exciting discounts on premium and insulation from an annual rise in third party premium.
- Online purchase: Online insurance purchase removes middlemen and the payments made are processed through secured payment gateways.
- Cashless service: Insurers these days have a vast network of garages all over the country where you can make easy cashless claims.
- Co-passenger cover: Several insurers offer a personal accident cover for co-passengers as well.
- Renewal discount: Many insurers provide a discount on policy renewal for no claim during policy term.
- Convenience of payment: Almost every insurer offers net banking and mobile banking facilities these days.
- 24 X 7 Assistance: Ensure that your insurer provides 24 X 7 call and online chat support.
Add-ons and renewal
Apart from basic coverage, insurers provide a host of exciting add-ons such as:
- Zero depreciation: To ensure you get the full amount of all your damages irrespective of the depreciation of your two wheeler’s parts.
- Garage cash: To take care of your daily commute expenses when your vehicle is in the garage for repair or maintenance.
- No claim bonus: A bonus awarded at the time of policy renewal if you stay safe and do not file a claim in your policy term.
- Roadside assistance: It covers assistance like towing, flat tyre, minor repairs etc.
Insurers will send timely reminders once your policy approaches its termination. You can use their mobile app or website to renew your policy and pay via net banking and credit or debit cards.
How adequate is your two wheeler cover?
With a clear understanding of benefits of two wheeler insurances, you can now easily evaluate your policy. In case you feel it is not adequate, you can buy a new one instead of renewal or opt for add-ons. New buyers must evaluate their policy against the above checklist of benefits before buying it.
Sections to check in your policy document
Your bike insurance policy document holds crucial details. Don’t miss these sections:
- Coverage summary: Confirms what is and isn’t covered
- IDV (Insured Declared Value): This is the current value of your vehicle
- Add-ons included: Lists extra benefits you've paid for
- Exclusions: Some damages or situations that your policy does not cover.
- Claim process: How to file a claim, required documents and timelines
- Renewal date: Set reminders to avoid lapses in coverage
Frequently Asked Questions
- Is third-party bike insurance enough?
Third-party bike insurance is legally required, but it does not protect your own bike. A comprehensive policy is more adequate for real-world protection.
- What is the ideal IDV for my bike?
The IDV should reflect your bike's current market value. Too low, and claims will be underpaid; too high, and you’ll overpay premiums.
- Can I switch from third-party to comprehensive mid-policy?
You will need to wait until renewal or cancel the current policy for an upgrade. Check with your insurer for the process.
- Are add-ons worth the extra cost?
Yes, especially if you ride long distances or live in high-risk zones, add-ons such as zero depreciation cover can be quite useful.
Conclusion
Bike insurance is your shield against the unpredictable. While third party bike insurance meets the minimum requirement, it doesn’t offer holistic protection. By reviewing your coverage with the checklist above, exploring add-ons and understanding your policy document, you can ensure you're riding safely and securely.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.