Understanding Two-wheeler insurance In India, it is mandatory by law to get two-wheeler insurance when you buy a motorbike, motorcycle or scooter. However, to obtain optimum coverage, it is essential to understand the terms of the policy document and the various inclusions and exclusions.
- Read the document carefully to find out about your rights, terms that make your claim eligible and the circumstances when you cannot place a claim.
- Understand the fine print to know the amount the provider will deduct from your claim amount as compulsory deductible.
- Third-party insurance Under the Motor Vehicles Act, 1988, it is compulsory to have at least a third-party liability insurance cover. This type of policy covers any losses that a third person might suffer if an accident occurs. Any damage to your vehicle or its theft will not be compensated. IRDAI will evaluate the validity of the claim before settling it. Third-Party two-wheeler insurance covers the following:
- Coverage for medical expenses arising out of any injury to a third party involved in the accident, or their death
- Protection against liabilities incurred due to any damage caused to the property of the third party
- Some providers also offer personal accident cover for the rider.
- Coverage against loss or damage arising out of natural calamities like flood or manmade disruptions like riot or terrorism, or fire
- Protection against loss due to burglary
- Cover for personal accidents, involving bodily injury or death of the person riding the bike or the owner
- Cover against liabilities incurred due to loss or damage or third-party property
- Coverage against any losses due to injuries sustained by a third party
- Any damages arising out of normal wear and tear will not be covered.
Click here to apply for a two wheeler insurance.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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