India two-wheeler Insurance is of 2 types, viz., Liability Only policy and Package Policy. Two wheeler insurance is obligatory in India and it is illegal to drive a two-wheeler in India without valid insurance.
India two-wheeler Insurance procedures have been made convenient with the advent up of new insurance companies in India. The Motor Vehicles Act, 1988 has laid down the insurance policies for diesel and petrol driven automobiles. Insurance companies in India now also provide insurance for two-wheelers running on LPG or CNG.
Two-wheelers used for personal, business, and social reasons are being successfully insured by insurance companies under a variety of schemes. The two-wheeler insurance policies have been briefly mentioned below:
- Liability Only policy - Insurance against all the 'Acts Risks' in using a two-wheeler as covered under the Section 146 of Motor Vehicles Act, 1988 is covered by this policy. The party (or parties) other than the vehicle owner and the insurance company is known as third party. In the event of death, physical injury, and property damage of third party, compensation will be made. Additional premia need to be paid for risks of fire and theft.
- Package Policy - The scope of the policy covers risks associated with natural calamities and man-made disruptions, burglary, transit damages while on road, and third party risk. Some insurance companies include the pillion rider in the insurance cover as well.
However, here are some claims that are not covered under
two wheeler insurance:
- Damages due to general wear and tear
- Accident on account of drunken driving
- Vehicle used for unconventional reasons
- Accident caused but without valid license
- Depreciation, and losses due to war reasons and weapons
In the event of the two-wheeler being stolen, the owner must first lodge an FIR and present a copy of the insurance policy to the police. The claim is usually approved by the insurance company after due investigation. Thereafter, the two-wheeler keys will be taken from the owner and other necessary formalities will be carried out.
For two wheeler accident claim, it is important to submit these documents - FIR (Third Party Injury or Damage), claim form and original estimate of needed repairs, insurance policy proof, motor driving license of driver, and registration certificate.
Names of some companies dealing in two wheeler insurance are Bajaj Allianz, HSBC India, The New India Assurance Co., Oriental Insurance Company Limited, ICICI Lombard, and United India Assurance Company.
India Two-wheeler Insurance is gradually becoming a quick, convenient, and hassle-free process for two wheeler buyers, especially since two wheeler manufacturers have been tying up with top insurance companies in India to offer attractive schemes to customers.
ICICI Lombard | Cholamandalam General Insurance | Insurance Companies
