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Post By Aditya Nair
Quick and Useful Tips about Two-Wheeler Insurance
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Two-wheeler Insurance, Motorbike Insurance
If you ride a motorcycle in India, it is mandatory to have third-party insurance. This insurance protects you from financial liability in case you cause damage to third-party property or life while riding. Insurers also provide comprehensive cover for riders, which is non-mandatory but comes highly recommended.
When renewing your two-wheeler policy, it is important to avail NCB discounts, which is a bonus you receive for claim-free years. This bonus takes the form of reduced premiums during renewals.
Also remember that third-party two-wheeler insurance, which is mandatory, is extremely pocket-friendly. Because the Insurance industry has a diligent regulator like IRDAI, two-wheeler insurance quotes that you get from various insurers will more or less provide the same benefits in the same premium range.
Let’s explore more about these concepts in this short but informative piece.
Third-party Two-wheeler Insurance
As mentioned earlier, the third-party insurance covers your financial liabilities in case you are involved in an accident and you cause damage to property or life. This financial liability may run into lakhs of Rupees, which is the risk the insurance company bears on your behalf in exchange for the regular premiums you pay.
Note that according to law, purchasing a 5-year third-party insurance is mandatory when buying a new two-wheeler.
Comprehensive Two-wheeler Insurance
Apart from third-party (TP) insurance, insurers also offer own-damage (OD) insurance. The combination of TP and OD two-wheeler insurance is known as comprehensive insurance. This insurance also comes with many add-on coverages that you can add to the base insurance policy by paying a little extra premium. The following is a list of coverages that you get above and beyond third-party insurance coverages when you purchase comprehensive two-wheeler insurance:
- Damage to self, resulting from an accident where the insured two-wheeler is involved
- Damage to the vehicle, resulting from an accident where the insured two-wheeler is involved
- Coverage in case of vandalism and theft
- Coverage in case of natural disasters like floods, storms, hurricanes, tornadoes, earthquakes, and so on
- Coverage in case of fire, explosions, and civil commotions
- Falling objects
- Terrorism
As the name suggests, comprehensive two-wheeler insurance is a product that protects you 100% on the road. While TP insurance is for others, comprehensive two-wheeler insurance protects your vehicle and your interests. We highly recommend you opt for comprehensive insurance and have a look at riders like:
- Zero Depreciation rider
- Return to Invoice rider
- Engine Protection rider (especially if you live in heavy rainfall areas like Mumbai)
- NCB Protect rider
NCB Discount – The Essentials
As mentioned earlier, NCB benefits are discounts you receive during bike insurance renewal for not raising claims in a year of insurance coverage. No Claim Bonuses take the form of reduced premiums during renewals. This starts with 20% at the end of one claim-free year and goes up to 50% at the end of five claim-free years. This is applicable only on the own damage aspect of insurance and not the third-party aspect.
Moreover, when selling your two-wheeler, remember to get an NCB certificate from the insurer. This will be useful when you buy a new two-wheeler. NCB benefits are transferable. This means that you can avail up to 50% off on the insurance premium for the new two-wheeler you buy. Needless to mention, this will save you thousands when buying comprehensive two-wheeler insurance!
Quick Quotes
Here are the pocket-friendly rates for third-party two-wheeler insurance for 1 year of coverage (based on engine cc):
- Less than 75 cc – Around Rs 882
- Between 75 and 150 cc – Around Rs 1152
- Between 150 and 350 cc – Around Rs 1593
- More than 350 cc – Around Rs 2323
Note that you cannot leave the showroom with a new two-wheeler without buying the mandatory third-party insurance beforehand. Generally, dealers will try to sell a motorbike insurance policy along with the vehicle, but it is not mandatory for you to purchase that insurance. You can buy two-wheeler insurance independent of the dealer. Simply call 86559-86559 for guidance or visit our two-wheeler insurance webpage.
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