Know All About Two Wheeler Insurance Policy Coverage
Know All About Two Wheeler Insurance Policy Coverage
Published on July 26, 2019. EST READ TIME: 5 MIN
It is important that you understand the need and importance of a two wheeler insurance policy. An insurance is there not only to protect you from third party liabilities but also to keep your vehicle safe and sound. Many of us have an impression that buying a comprehensive insurance is a waste of money, but that is really not true. Although, according to Indian Motor Vehicle Act, you only need a third party insurance, a comprehensive insurance offers Multifoods advantages. It not only covers the damage to your vehicle but third party insuranceis inbuilt in this policy. .
Major benefits of a two wheeler insurance policy:
Benefits can be explained by way of differentiators offered by HDFC ERGO. The ones you have mentioned are a mix of both. Pls redo this.
A legal coverage against any third party claims
If you vehicle has caused an accident and hit any third party, whether person or asset, your insurance will be there to protect you against any legal implications that arise.
It may cover your medical expenses
Accidents do not happen with a warning. In case of an accident if you get injured, the policy will be able to pay for huge medical bills and save you from financial liability. Many two wheeler insurance providers like HDFC Ergo have add on plans like accidental cover for a nominal charge that acts as a safety net against those huge hospital bills.
Covers the pillion rider
If you generally have a co-rider along, then you must consider opting for an additional two wheeler insurance coverage for them. It will save you from huge financial stress in case of any unfortunate incidence.
24*7 road assistance
Who knows when your two wheeler will break down and where? Finding assistance at odd hours or in a remote area might be impossible. But your bike insurance coverage includes any time anywhere road side assistance by providing you with towing facility to the nearest repair centre.
Covers the cost of repair for your bike
Most two wheeler insurance providers offer cashless repair facility in their network garages. This not only saves the customer’s time, effort and money, it also saves him from the stress of arranging immediate funds.
Here are different types of two wheeler insurance plans offered in the market:
Liability only insurance policy
Also called as liability policy or third party insurance policy, this policy is legally mandatory in India. It covers you against any damages caused by you to third party like death, bodily injury, or a damage to their property. In additiona to this, it has personal accident cover which is offered to owner driver of the vehicle and it is a mandatory cover. Pillonrider can be offered personal accident cover for a maximum sum insured of Rs 1 lakh. .
Comprehensive insurance plan
Also popularly known as a package policy, as the name suggests, the policy covers everything that is included in a third party bike insurance policy along with additional protection for damage or theft or any natural calamity like flood, earthquake etc of insured two wheeler.
How to purchase the policy online?
Purchasing a two wheeler insurance policy online provides easy comparisons, needs absolutely no paperwork, makes the entire process quick and seamless and turns out to be much cheaper than buying the same policy offline due to various discounts and offers provided on the premiums. These low costs are mostly due to elimination of middlemen and paperwork.
To buy the policy online, all you need to do is log on to the website of insurance provider, choose the desired policy and fill up the form available. Make the payment online and that is it.The policy is also emailed to you on your registered email address and you also receive a physical copy in a few days at your doorstep.
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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