What Is Two-Wheeler Insurance?Two wheeler insurance is an agreement between the policyholder (owner of the two wheeler being insured) and the insurer where in the insurer promises to provide monetary assurance to the policyholder in exchange for a premium amount. Two-wheeler insurance provides financial assurance to the owner of a motorcycle/scooter from own damage and/or third-party liabilities arising due to an unfortunate mishap. Third-party liabilities include liabilities towards injury of the third party, liabilities towards damages to a third-party vehicle and/or liabilities towards third-party property damage. Own damage liabilities include liabilities towards own injury and/or liabilities towards own vehicle damage. Mishaps that cause such liabilities include man-made calamities, natural calamities, theft, etc.
Why do i need Two-Wheeler Insurance Policy?
- The premium for two wheeler insurance policy is easily affordable by everyone and the coverage capacity and sum insured is higher.
- If the insured vehicle or you has been in any mishap or accident, the insurance company will take care of the financial and legal expenses arising out of it.
- You can avail many other benefits like, roadside assistance, cashless claim facility through the insurer’s network if the vehicle has mechanical problem, cover for theft and robbery, etc
- It will help you ride tension free as you will have the financial security for a longer period. It will also save you from spending for repairs and other expenses from your own pocket.
- There are two types of options you can choose from, annual policy and long-term policy in both third-party and comprehensive policy.
- If you forget renewal date of the policy and do not have the time to renew it every year, then you can choose for long term policy as you will have to renew it only once in three years.
- If you do not have an insurance, then you will be fined for the same from the police in case of random checking on the road.
- The risk of driving on Indian roads are higher, so owning an insurance should be your first priority when you buy a new two wheeler.