Two wheeler insurance

There is just something about a sleek new bike that doesn't fail to catch our attention. The idea of the wind in your hair as you sweep the streets in your shiny new ride is the stuff of fantasies. But, with that much speed and power, comes the responsibility to protect yourself and your vehicle. One perfect way to do this is by investing in a insurance policy for your two wheeler.

The majority of people owning two wheeler vehicles are not renewing their vehicle insurance making them a serious hazard to be on the roads. According to estimates, in 2013, 14.38 million two wheelers were manufactured. Yet, almost a third of cars and more than two-thirds of two-wheelers on Indian roads do not have even the mandatory third-party liability insurance. A valid motor insurance policy is mandatory as per Indian laws and is as critical as wearing helmets and carrying the necessary vehicle documents. Not abiding by this rule is a serious offense.

Now there is not much difference between a car insurance policy and a two wheeler insurance policy. Such a policy is protects your vehicle from events like fire, explosion, self ignition, lightning, burglary, theft, riot, strike, malicious act, terrorism, earthquake, flood, typhoon, accidental external means, landslide or rockslide, road/rail/inland waterway/air transit. It also provides cover against Legal Liability to third party personal injury and property damage arising out of an accident involving the vehicle made compulsory under the Motor Vehicle Act. A personal accident cover is also included in this policy.

Loss of accessories-electrical or electronic, legal liability to paid driver, personal accident to the pillion riders, normal wear and tear, damage due to negligent driver or driving under influence are not covered by any two wheeler insurance policy.

One can make their policies comprehensive by opting for covers similar to a car insurance policy. Add-ons like Zero Depreciation where, at the time of a claim, no deductions will be made under depreciation. Such add-ons are usually given by for vehicles whose age is up to 2 years. Total cover is another beneficial plan where Road Tax, Registration Cost and Insurance premium are paid along with the sum insured, in case the vehicle is stolen or there is total loss of the vehicle. This is offered to vehicles which are up to 15 years old.

A two wheeler insurance policy is an annual contract that needs to get renewed every year. If the deadline is missed, there will be a break in the policy. This implies that instead of renewing your policy, you will need to buy a policy afresh. This could lead to a higher premium or worse still, reject to offer insurance.

Now, there are insurance companies which have come up with online renewal of break-in two wheeler insurance, where the vehicle will not undergo any inspection, unlike the conventional break-in renewal process followed by insurers. The customer can purchase the policy online from the insurer's website without any documentation. The only difference is that the risk inception date will start 3 days from the day the vehicle owner purchases the policy. Any damage to the vehicle before the risk period starts will not be covered. Bajaj Allianz, Reliance and ICICI Lombard are some companies that are providing this facility.