In India, there are a large number of two wheeler owners plying on the road. The two wheelers are the best and most economical way to commute to small distances. It is a big responsibility to own a two wheeler. Your two-wheeler can face any misfortune at any point. It may get stolen, destroyed in a cyclone or flood, or it can be damaged in an accident. In such cases of damage to your two-wheeler, you need to be prepared with two wheeler insurance. Having insurance will help you in covering any damage done to your two wheelers and additionally, it is illegal to ride a two wheeler in India without a valid insurance.
There are mainly two types of two wheeler insurance offered y different companies that are:
Comprehensive Policy: A comprehensive insurance policy for your two-wheeler covers the damage done to your bike due to an accident, theft or a natural calamity. In addition to that, the insurance policy also covers the life of the occupant. The comprehensive policy also covers the damages done to the life or property of a third party involved in an accident due to your two wheeler.
Third Party Insurance: The third party insurance policy covers only the damages done to the life and property of a third party involved in an accident to your bike. It does not cover any damages done to your bike or your. As this policy does not cover any damages to your bike, the premium of such policy is very much lower as compared to the comprehensive policy. Although it is advisable to go for the comprehensive policy only as it provides you complete cover from any sort of damage.
There are many different factors that may affect the amount of premium you pay for your 2 wheeler insurance.
IDV or Insured declared value: The insured declared value of your vehicle has a great impact on the premium amount of your insurance policy. The more IDV implies that premium of the policy will also be more. Although you have to pay a bit extra of premium yet it is advisable to buy a policy with maximum possible insured declared value.
Capacity of the engine: The capacity of the engine of your two-wheeler also has a great impact on the amount of premium that you have to pay for the insurance policy. As the capacity of the engine of the bike goes up, the amount of the premium also increases significantly.
In order to stay safe and tension free, it is mandatory for the two wheeler owners to buy a valid and proper insurance policy.