A Dummy’s Guide to Two Wheeler Insurance

1. A Dummy’s Guide to Two Wheeler Insurance

2. Any individual in possession of a two wheeler must buy two wheeler insurance. It is not an option, but more of a necessity. Insurance may not safeguard the vehicle or its rider from damages or theft, but it certainly helps in meeting the unexpected expenses that arise as a result of such incidences.

3. Why buy motor Insurance? It is mandatory by law in many countries, including India Accidents and mishaps may happen at any time, to anyone Insurance can help cover costs incurred through damage, theft

4. Types of two wheeler insurance Liability only policy Comprehensive policy Also known as a third party liability policy, this two wheeler insurance policy provides coverage for damages or injury caused to a third party. This package policy covers any kind of damage to the vehicle or its rider and includes third party liability.

5. Calculation of the Insurance premium The premium for two wheeler insurance is decided based on factors like: • The age of the vehicle • The area or zone of registration • The cubic capacity or CC of the vehicle • The Insured Declared value of the vehicle

6. Insurance renewal The renewal of the insurance policy is important to maintain continuity. One must get one’s vehicle inspected and then renew the policy, before the previous policy gets lapsed. There are several ways to renew motor insurance policies: • Online renewals • Mobile Application •Visiting the branch office

7. Filing a claim For filing a claim – • An FIR must be filed incase of theft • The insurer has to be contacted to begin the claim procedure • The claim form must be submitted, along with documents like the driving license, FIR, estimations of repairs etc. • Assessment of the damage will be carried out • A suitable compensation will be paid by the insurer