123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

All You Need To Know About Two Wheeler Insurance

Profile Picture
By Author: Neha Sharma
Total Articles: 218
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

"One of the most important things to do when you purchase a two wheeler is to get insurance covering the two wheeler from various risks. Two wheeler insurance is insurance that covers the risk of loss and damage to a two wheeler.

There are two types of two wheeler insurance:

• Comprehensive cover that covers all different types of losses
• Third party liability policies.

A comprehensive two wheeler insurance policy covers the loss or damage to the two wheeler such as:

• Theft or burglary
• Damage to the two wheeler due to natural calamities such as flood, earthquake, cyclone, hurricane, fires, lightning etc.
• Damage to the two wheeler due to man made calamities such as riots, terrorist attacks etc.

• Any damage during travel
• Damage to the driver during travel

A liability policy covers the risk that a third party may sue the driver for any damage in an accident.
It is possible to take either a third party liability policy or a comprehensive policy that covers all types of risks. Insurance companies provide different two wheeler insurance policy that covers these different risks.

However, a two wheeler insurance policy does not cover risks of damage due to war, nuclear attacks, depreciation or natural wear and tear etc. It also does not cover any damage in case the person driving the vehicle is not the driver or policyholder. If the driver does not have a valid license or was driving under influence, then the insurance policy also does not cover any damage.

How much premium should be paid?

The premium for a two wheeler insurance policy depends on the insured value of the vehicle. This value is calculated as the ex showroom price of the two wheeler. However, this value reduces every year because of natural wear and tear of the vehicle. This natural wear and tear or depreciation reduces the value of the vehicle every year.

The premium also depends on a few other factors such as:

• Model of the two wheeler
• Age of the two wheeler
• Place of registration (A vehiche in a remote or hilly area may have a higher premium)
• No claim bonus

Insurance companies give no claim bonus to policyholders who do not make any claims in the previous year. However, this is only given to customers who renew their policy and not to new customers who have not made any prior claims with other insurers.

Two wheeler insurance online:

It is very convenient to buy and renew a two wheeler insurance policy online. Most of the insurance companies have their policies online on their website and these policies are also available at the different insurance aggregator websites.

Insurance companies may give discounts to policyholders who are regular and repetitive customers and to those who buy two wheeler insurance online. Since buying two wheeler insurance is mandatory in India, it is better to buy a policy online to ensure your two wheeler is covered against risks and damages.


Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about two-wheeler insurance. Through her work, she explained in-depth information on bike insurance

Total Views: 131Word Count: 521See All articles From Author

Add Comment

Investing / Finance Articles

1. 7 Simple Yet Powerful Rules Of Successful Investing
Author: finology ventures

2. What Are The Potential Tax Benefits Of Investing In Commercial Real Estate?
Author: Rick Harris

3. The Main Function Of Asset Management Companies In India
Author: Avendusgroup

4. Cfd Or Traditional? Which Is Better For Cryptocurrency Trading?
Author: rohit ch

5. How Can One Earn From Stock Markets While Studying In College
Author: finology ventures

6. A Beginner’s Guide To Opening A Bank Account
Author: Arjit Chalmela

7. What Are The Categories Of A Business Loan?
Author: Arjit Chalmela

8. 4 Reasons Why You Should Consider Investing In Elss Funds
Author: Shashank Bhaskar

9. Top Benefits Traders Get When Trading Forex Online
Author: Sina Sinry

10. How Can You Benefit From Nri Mutual Fund?
Author: Shashank Bhaskar

11. Esg Investing: Explained & Simplified
Author: QuantumAMC

12. 4 Strategies For Investing In Sip
Author: QuantumAMC

13. What Is A Forex Trading Demo Account?
Author: Katarzyna Nakonieczna

14. How To Buy And Invest In Ethereum
Author: Jesse Sayla

15. Everything You Need To Know About Liquid Funds
Author: QuantumAMC

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: