One of the concepts of Insurance is 'At most good faith' This means that any Insurance contract is signed by the Insurance Company keeping in mind that the proposer(Insured) declares truth in the proposal. If there is any pre existing damage or vehicle is already stolen the proposer (Insured) should not buy a policy just for claim purpose and breach the contract. The claim will get rejected on the grounds of Non-disclosure of material facts as per the policy terms and conditions. 'Expired Two wheeler Insurance renewal ' or 'Two wheeler Insurance India' or 'Online bike insurance' is done by the Insurance company without insisting on any preinspection for online customers purely on the principal of at most good faith.
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Buying a comprehensive two wheeler insurance policy is crucial for all two-wheeler owners. The insurance is meant for keeping the vehicle and owner secure against various damages caused by natural and man-made calamities, including acts of terrorism. If you own a two wheeler, buying this policy will help you keep from the impact of damages incurred due to personal accident, theft, third party liability and a lot more. It is important to keep your two-wheeler secure and the best way to do this is to buy a Two wheeler Insurance policy.
A comprehensive Two wheeler insurance policy provides coverage for loss of or damage to your vehicle against the risk of accident, fire, theft, floods, earthquake, riot, strike etc. The policy also gives coverage for your liability arising out of death, injury to third party and/ or third property damage.
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What the policy covers :
- Loss or Damage to your Vehicle against Natural Calamities :
- Fire, Explosion, Self-ignition, Lightning, Earthquake, Flood, Typhoon, Hurricane Tempest, Inundation, Cyclone, Hailstorm, Frost, Landslide, Rockslide.
- Loss or Damage to your Vehicle against Man-made Calamities :
- Burglary, Theft, Riot, Strike, Malicious act, Accident by external means, Terrorist activity, Damage in transit by road, Rail, Inland waterway, Lift, Elevator, Air.
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Add-on covers available Two Wheeler Insurance
- Nil Depreciation cover available up to age 3 with selected Insurance Companies.
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What is not covered under a Two Wheeler Insurance Policy
- Normal wear and tear.
- General ageing of the vehicle
- Depreciation (Unless add on cover is opted by paying extra premium)
- Consequential loss
- Mechanical breakdown
- Electrical breakdown
- General ageing of the vehicle
- Damage to tyres and tubes (unless the vehicle is damaged)
- Vehicles being used otherwise than in accordance with limitations as to use
- Damage to/ by a person driving any vehicles or cars without a valid license
- Damage to/ by a person driving the vehicle under the influence of drugs or liquor
- Loss/ damage due to war, mutiny or nuclear risk
- Pillion rider unless specifically covered and extra premium is paid
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No Claim Bonus (NCB) discount
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If you do not make a claim during the previous policy period, you are eligible for a No Claim Bonus (NCB) discount on renewals provided there is no name transfer.
NCB discount Slab- New 0%
- 1st Renewal 20%
- 2nd Renewal 25%
- 3rd Renewal 35%
- 4th Renewal 45%
- 5th Renewal 50%
- Click here to view NCB related rule as per GR27 of Motor Tariff - https://www.policy99.com/no-claim-bonus-rule
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If you do not make a claim during the previous policy period, you are eligible for a No Claim Bonus (NCB) discount on renewals provided there is no name transfer.
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Sum Insured / Insureds Declared Value (IDV)
- The vehicles are insured at a fixed value called the Insured's Declared Value (IDV). IDV is calculated on the basis of the manufacturer's listed selling price of the vehicle after deducting the depreciation for every year as per the schedule provided by the Indian Motor Tariff.
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Personal Accident Cover
- The cover is offered under situations where the individual owner or driver of the vehicle mounts or dismounts from the two wheeler while riding or travelling. You can also get optional personal accident covers for co-passenger on unnamed basis.
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Third party legal liability
- This is one of the most important cover facilities available for bike riders. The cover is available against legal liability due to accidental damages resulting in the permanent injury, death of a person, and damage caused to the surrounding property. It is crucial to understand the details of this cover via referring to the policy documents and reading the terms and conditions carefully.
- To sum up, buying two wheeler insurance policy is an obligation for every owner/driver. This will keep you and your vehicle safe from various unforeseen financial and legal situations.
- The above details may differ from Company to Company.