What is Two Wheeler Insurance?
Two Wheeler insurance is also known as Bike insurance cover provides protection for all types of two wheelers – motor cycle, scooter, moped and three wheeler vehicles for disabled persons. The policy covers all uses both personal and commercial. Side car attached to the two wheelers is also covered.
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This insurance policy covers third party liability due to use of the vehicle and loss or damage to the vehicle.
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What are the insurance policies available?
There are two types of policies – Third-party insurance and Comprehensive Insurance Policy
Third party insurance policy covers legal liability of the insured towards death, injury to persons and damage to property of the third party. This cover is a must and minimum as per the Motor Vehicles Act for using any vehicle in a public place. This is also known as ‘Act only’ Insurance or Liability only cover.
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Comprehensive insurance policy covers the damage or loss to the vehicle due to accident, theft, fire or natural disaster, in addition to the third party liabilities.
There are two types of policies – Third-party insurance and Comprehensive Insurance Policy
Third party insurance policy covers legal liability of the insured towards death, injury to persons and damage to property of the third party. This cover is a must and minimum as per the Motor Vehicles Act for using any vehicle in a public place. This is also known as ‘Act only’ Insurance or Liability only cover.
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Comprehensive insurance policy covers the damage or loss to the vehicle due to accident, theft, fire or natural disaster, in addition to the third party liabilities.
If new bike insurance is to be bought online, what information do I need to fill and what documents are to be submitted?
The dealer will arrange for the insurance, as insurance is mandatory for vehicle registration under Motor Vehicles Act. But, if the insurance is to be purchased online, the details of the new vehicle like Engine capacity, Engine Number and Chasis Number is required. Based on the Proforma invoice, the details can be filled up in online mode.
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Details of the previous insurance policy is required if no claim bonus is to be availed.
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The dealer will arrange for the insurance, as insurance is mandatory for vehicle registration under Motor Vehicles Act. But, if the insurance is to be purchased online, the details of the new vehicle like Engine capacity, Engine Number and Chasis Number is required. Based on the Proforma invoice, the details can be filled up in online mode.
https://ext-5440486.livejournal.com/414.html
Details of the previous insurance policy is required if no claim bonus is to be availed.
https://www.livejournal.com/profile?userid=86796684&t=I
https://kadammanoj61.wixsite.com/filmywap2020/post/filmywap-2020
How is the premium of two-wheelers determined?
The premium is calculated on the following factors for the Own Damage cover (Comprehensive cover) and the Third party cover.
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- Engine CC – Engine Cubic capacity
- The IDV (Insured Declared Value) of the vehicle
- Where the vehicle is registered - Your geographical location
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- No Claim Bonus, accumulated over claim free years
- Any add-on cover for extra electrical or electronic fittings, cover for pillion riders etc
- Discounts for membership of Automobile Associations, anti theft devices etc.
The premium is calculated on the following factors for the Own Damage cover (Comprehensive cover) and the Third party cover.
https://amezingtech.academia.edu/contact
- Engine CC – Engine Cubic capacity
- The IDV (Insured Declared Value) of the vehicle
- Where the vehicle is registered - Your geographical location
- https://docs.google.com/document/d/1lb_6tN3S_fz01gM9iEg7nYISayb8jY1uvl8Ko8tvKRw/edit?usp=sharing
- No Claim Bonus, accumulated over claim free years
- Any add-on cover for extra electrical or electronic fittings, cover for pillion riders etc
- Discounts for membership of Automobile Associations, anti theft devices etc.
What is IDV of the vehicle?
IDV is the Insured Declared Value of the vehicle. It is the sum insured fixed at the commencement date of the policy and normally filled by the proposer in the proposal form. It is the amount which the insurer will pay at the time of claim, if the vehicle is lost or stolen or damaged beyond repair. IDV will decrease with the increase in the age of the vehicle.
IDV is the Insured Declared Value of the vehicle. It is the sum insured fixed at the commencement date of the policy and normally filled by the proposer in the proposal form. It is the amount which the insurer will pay at the time of claim, if the vehicle is lost or stolen or damaged beyond repair. IDV will decrease with the increase in the age of the vehicle.
What is No Claim Bonus(NCB)?
Insurance company gives discount on the Own Damage section premium for a claim free year to incentivise accident free driving. This is called No Claim Bonus. The discount starts at 20% and is cumulative. The discount increases with every claim free year. NCB can be availed when policy is renewed before the expiry date. The benefit can be also availed if the policy is renewed before 90 days from the date of expiry.
Insurance company gives discount on the Own Damage section premium for a claim free year to incentivise accident free driving. This is called No Claim Bonus. The discount starts at 20% and is cumulative. The discount increases with every claim free year. NCB can be availed when policy is renewed before the expiry date. The benefit can be also availed if the policy is renewed before 90 days from the date of expiry.
What are the additional covers (Add-on covers) available?
Add-on covers provide additional protection or extra benefits / less deduction when a claim is preferred. Extra premium is to be paid and they are optional.
Zero Depreciation cover - no depreciation on parts to be replaced in a claim.
Electrical or non electrical extra – This cover is for the insurance of extra items fitted in the vehicle. This is part of own damage section of comprehensive policy.
Personal Accident cover for pillion riders.
Add-on covers provide additional protection or extra benefits / less deduction when a claim is preferred. Extra premium is to be paid and they are optional.
Zero Depreciation cover - no depreciation on parts to be replaced in a claim.
Electrical or non electrical extra – This cover is for the insurance of extra items fitted in the vehicle. This is part of own damage section of comprehensive policy.
Personal Accident cover for pillion riders.
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