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Insurance Article

Know your two wheeler insurance policy better

December 12 2012

 In such cases, it is the two-wheeler which bears the maximum brunt of the impact. At times, there is a person undergoing an injury or impairment or it is the surrounding property which gets damaged in an accident. In such a situation, it becomes the riders’ responsibility to reimburse the concerned parties with respect to losses incurred. It is at times like these that your two wheeler insurance comes handy and takes a considerable load off your pocket especially with regards to payment of damages and repairs.

Your comprehensive insurance policy includes a Third Party Liability cover. With this cover, your motor insurance policy takes care of losses to a third person in the event of permanent injury or death caused by your motorbike. This Third Party Liability cover is also extended to damage caused to the property of another individual by your insured vehicle and can go a long way in reducing the sudden financial loss of compensating others monetarily. This type of coverage also offers respite in case of legal liabilities arising from accidents or property damage and relieves you of the hassles of legal proceedings.

At times, the owner or rider can undergo an accident or any similar mishap which may cause injury or impairment. The Personal Accident Insurance cover comes into play and offers a sum in case of disability or death of the driver-owner. This Personal Accident Insurance is a default benefit offered as a part of the tariff of the comprehensive two wheeler insurance and does not require the payment of any extra premium.

An important aspect of two wheeler insurance is the Own Damage (OD) premium which you pay to the insurance company for coverage above the third party cover. The payment of this premium allows you to claim compensation in case of damages to your own insured motor bike in case of natural calamities like flood, fire, earthquake etc.

The cashless claim benefit is another enticing facility when you buy insurance for your two-wheeler. With this feature, you can avail of premium quality repair from over 2700 garages which are a part of the network of the Insurance companies. Depending on the policy terms, the charges for repairing the two-wheeler are shared by the insured and the insurance company. This feature is extremely helpful as it reduces the stress of arrangement of finances on a short notice. You can also buy insurance and renew it online which only enhances the overall benefits and convenience offered when insuring your two-wheeler.

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