When you buy a bike you treat it like your own baby. You take care of it, wash it weekly, take your loved ones for a ride. It is one of the most important parts of your life. However, it is important to keep your two wheeler safe and secured. A two-wheeler insurance policy provides a financial security to your bike or scooter against any physical damage due to an accident or against any perils such as - fire, storm, flood, theft, or against third party liability.
Let us understand what is generally covered under a motor insurance policy:
A comprehensive motor insurance policy is divided into 3 sections:
Section 1 - own damage
An own damage cover is an extensive policy which offers the insured against loss or damage to the vehicle insured along with a third party cover for the below perils:-
Following perils are covered under a comprehensive policy:
A. Extra fittings like tape recorders, air-conditioners, fans etc.
B. Personal accident benefits of passengers.
C. Wider legal liability under common law for employees engaged in Operation of vehicles such as paid driver and cleaner as also six Coolies/ bonafide employees carried in/on good trucks.
Section 2: third party liability
Third party liability covers all the damages and injuries caused by your vehicle with you at the deficiency. It pays for the loss and damage caused to a life or property and thus spares you from the huge compensation which you would have been obligated to pay otherwise. In india, this cover is legally mandatory under the motor vehicles act.
Benefits & features of third party insurance policy for your vehicles:
A. Third party injury & property damage: a third party liability cover is as per the requirements of the motor vehicle act, 1988. The insurer will indemnify the insurance against all claims which he may become legally liable to pay to the third parties for injury, death or property damage. The insurer shall be reimbursed the legal cost and expenses incurred by such third parties and recoverable from the insured. In addition, the expenses related to defence cost incurred by the insured are also reimbursed.
Section 3:Personal accident cover for owner/ driver
The company will pay a compensation for bodily injury/ death as mentioned below:-
Exclusions under a motor insurance policy
The following contingencies will not be covered under the motor insurance policy:
up to 1500 cc ------- rs. 1,000/-
above 1500 cc------- rs. 2,000/-
two wheeler -------- rs. 100/-
Subject to deduction for depreciation at the rates mentioned below in respect of the parts replaced:
Rate of depreciation for all other parts including wooden parts will be as per the age of the vehicle:
|Age of the motor vehicle||% of the depreciation|
|Up to 6 months||Nil|
|Between 6months & 1yr||5%|
|Between 1yr & 2yrs||10%|
|Between 2yrs & 3yrs||15%|
|Between 3yrs & 4yrs||25%|
|Between 4yrs & 5yrs||35%|
|Between 5yrs &10yrs||45%|
In the event, if the vehicle is disabled as a result of damage covered under the policy, the insurer will bear the cost of protecting the vehicle and removing it the nearest garage. A reasonable cost is paid to the insured which is limited to a maximum of rs. 300 (two-wheeler).
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