Basics of a Two Wheeler Insurance Policy

Posted on: Apr 19, 2019 | | Written by:

Basics of a Two Wheeler Insurance Policy

Published on July 26, 2019, EST READ TIME: 5 MIN

While we are mostly vigilant and concerned about our car insurance policies, we often overlook the importance of having a two wheeler insurance policy. No matter the kind of two wheeler you own, having a valid insurance policy is crucial to ensure its safety. Here are few things you must know before you buy a two wheeler insurance online or offline.

What type of two wheeler insurance policy you should opt for?

Insurance policies for two wheelers are mainly divided into two categories

1.Liability Policy

This is a mandatory third-party insurance policy that takes care of any third-party liability claims that may have been hurt (or died) due to an accident by your vehicle. It also provides coverage to third party damaged during the accident. This type of policies do not provide any coverage for the damage done to your own bike. For that you will have to go for comprehensive policies

2.Comprehensive Policy

For anyone owning a two-wheeler, a comprehensive policy is the best bet. It provides all the coverage that liability specific policies provide along with coverage against damage to your own vehicle.Own Damage to your vehicle could be due to fire, self-ignition, flood, earthquake, impact damage etc

Factors Affecting Premium of a Two Wheeler Insurance Plan:

Premium of a two wheeler insurance plan is decided based on many factors, such as

Age of the vehicle
Model of the vehicle
Engine capacity
Geographical Zone
Type of Insurance
IDV Insured declared value

The IDV for a two wheeler insurance is calculated by applying depreciation on the manufacturer’s listed price of the vehicle. The listed price of the accessories installed in the bike can be added to the sum insured and they would be a part of IDV .

Failing to Renew – A Major Problem

It is mandatory by law to buy a motor insurance policy the moment you buy a vehicle However, a majority of the vehicle owners fail to renew two wheeler insurance policy mainly because they are too busy to find out about renewal policies. In order to help you deal with the insurance renewal problem on a yearly basis, HDFC ERGO long term two wheeler policy will make you at ease.

HDFC Ergo Long Term Insurance – No More Lapse InPolicies

HDFC ERGO provides the long term insurance policies that provide insurance coverage for up to three years. That means you don’t have to remember annual renewal dates and nothave to pay fines to traffic police due to insurance lapse.

The long term bike insurance by HDFC Ergo comes with a host of benefits and is way more affordable than taking three annual policies. It gives you independence from any third party premium increase, non-renewal and at the same time provides you peace of mind

You can choose from comprehensive long term insurance policy or liability c long term bike insurance policy depending upon your needs.

How to buy Bike Insurance Online?

The process is simpler than you can imagine:

Logon to - https://www.hdfcergo.com/two-wheeler-insurance and select the insurance you want to buy. Fill in the details, get the premium amount, make the payment online and you are done. As simple as that.

Now, with HDFG Ergo long term insurance policies, there is no reason not to buy a two wheeler insurance policy.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the sales.

This blog has been written by

S. Gopalakrishnan | Motor Insurance Expert | 40+ years of experience in insurance industry

A veteran in insurance industry. S. Gopalakrishnan is a name to reckon with in the field of reinsurance, he has headed the Reinsurance department and has rich experience in other fields of motor insurance. He loves to share his opinion on latest topics in the insurance industry and how he can help people in safeguarding their assets using insurance products.

S. Gopalakrishnan recommends "HDFC ERGO for your vehicle insurance needs, it has always put customer’s interest at the forefront, with round the clock assistance to deal with emergency breakdown issues and hassle free claims process. You can be assured of complete and reliable guidance through the whole process".

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