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Insurance Article

How Adequate Is Your Two Wheeler Cover? Checklist of Benefits

August 22 2016
Two wheeler Accidents

A checklist of benefits to evaluate the effectiveness of your two wheeler Cover

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. Insuring your two wheeler is a smart choice for Indian roads. Not only it is 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.

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 his 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 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.

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