Why do I need to insure my two-wheeler?
According to the Motor Vehicles Act of 1988 , you must cover your two-wheeler with a Third-Party insurance policy. It protects you against financial losses caused by accidents, damage to your bike, or theft. While Third-Party bike insurance covers property damage, injury or death of a third party, Comprehensive bike insurance covers both Third-Party and Own Damage (OD).
What are the types of two-wheeler insurance plans offered?
There are two types of bike insurance plans available: comprehensive and third-party two-wheeler insurance coverage. While third-party insurance is required by law, comprehensive insurance is not required but provides coverage for both third-party and own damage.
What is covered under bike insurance?
Comprehensive insurance covers damage or loss to the insured vehicle, financial responsibilities to third parties, and accident coverage for the policyholder. However, only the damages caused to the third party are covered by the Third-Party insurance coverage.
What is IDV in two-wheeler insurance?
IDV, or Insured Declared Value, is the value of your bike once it has been repaired by the insurance carrier. This is also known as the current market value. This is the most you can be compensated if you file a claim. It's essential to examine the IDV before purchasing bike insurance since it will aid you if you need to file a claim during the policy period.
How to find my bike insurance policy number?
For the administrative and claim-related purposes, the bike insurance policy number is referred by the insurance provider.
How do I check the status of the bike insurance?
Log in to your account through the website or the mobile app to view the policy period and the renewal due date. You may also review the policy paper in your email account. You may also contact the customer care staff for further information.
What does two-wheeler insurance cover in India?
Two-wheeler insurance policies are of two types- Third-Party and Comprehensive. Depending upon the type of insurance, the coverage differs.
How should I select two-wheeler insurance?
Insurance firms who provide greater after-sales support in addition to a higher Insured Declared Value (IDV) at a competitive yearly rate are typically regarded as successful. Furthermore, the efficiency with which claims may be settled is a significant indicator of a reputable insurance business.
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