Two Wheeler Insurance Policy

Two Wheeler ​Insurance

​In today’s fast-paced life and ever-growing economy, one must do all he can to keep up. And no matter how much times might change, the demand for two-wheelers is always high. Owning a two-wheeler is a sensible and economic decision, and not to mention, it is also a convenient way to beat the heavy and congested city traffic.

It is easier to navigate a two-wheeler as compared to navigating a car, and two wheelers can also be used at anytime of the day without having to think about its size and manoeuvrability in the traffic.

But as these two-wheelers get more technologically advanced, so does the bike insurance cover, which takes care of any unfortunate loss or damage that might happen to the vehicle. Keeping that in mind, having the right motor insurance is a simple way to be prepared for such situations and eventualities.

This is where Liberty Videocon comes in, offering a comprehensive two wheeler insurance cover. This two wheeler insurance not only covers you for liabilities that could arise out of third party issues, it also covers you against other expenses that you might incur as a vehicle owner.

This insurance policy cover includes motor cycles, bikes, scooters, mopeds, auto-cycles and mechanically-assisted pedal cycles. Any individual, corporate owner, as well as the financier of the vehicle in India, can avail this comprehensive two wheeler insurance policy.

Features & Benefits

But why buy two wheeler insurance from Liberty Videocon? Following are some of the key benefits of buying a Liberty Videocon Two Wheeler Package policy:

·         Hassle-free inspection & cashless claim service

·         Covers partial or total loss to your vehicle arising out of accident or theft.

·         Covers third party damage and third party bodily injury.

·         Discount on renewal (NCB) for claim free experience

·         Predefined depreciation for the parts needing replacement on account of accident

·         Swift telephonic service for effective claims support & assistance even on Sundays & holidays all available on a toll free number.

·         Vehicle relocation to the nearest garage in case of major breakdown.

·         Lost key assistance

·         Claim settlement within 7 working days.​

[Source: https://www.libertyvideocon.com/products/two-wheeler-insurance]

Bike Insurance

6 Motor Insurance terms you must know before you claim

So many terms and conditions to peruse, so many policy papers to pry apart! If only there was some sort of insurance dictionary you could refer to every time you came across a word or term you didn’t know…

Well, now there is.

We’ve simplified the meanings of a list of common terms you will definitely come across when buying or renewing motor insurance.

1. Insured Declared Value (IDV)

Simply put, IDV is the current market value of your vehicle.

IDV refers to the highest sum payable by the insurer for a vehicle insurance policy.  It is thus the maximum amount you can claim in case of total loss of your vehicle, for instance if it gets stolen or damaged beyond repair.

Tip: Refrain from quoting an IDV lower than the actual market value of your car. Though you may think that would allow you to pay less premium, it may also result in you receiving inadequate compensation.

2. Own Damage Premium

This is the premium you pay to avail insurance cover equal to the IDV, and forms a major part of your total motor insurance premium.

ODP insures your vehicles against losses caused by events outside of your control. This includes natural disasters like earthquakes and tornadoes, as well as man-made calamities like fires and explosions.

3. Zero Depreciation Cover

When you make a claim, standard insurance policies deduct depreciation on replaced parts. However, if you opt for a Zero Depreciation cover, bike insurance companies waive off depreciation on such replaced parts, which means that you get a higher claim amount.

4. No Claim Bonus (NCB)

This is essentially the discount you become eligible for when you have not made a claim in the previous year- kind of like a reward for prudent use of your vehicle.

5. Third Party Cover

Third Party cover protects the vehicle owner against any financial liability as a result of death, physical injury or damage to the property of a third party.

6. Personal Accident Cover

Beyond just your vehicle, Personal Accident Cover financially safeguards you against unforeseen events causing bodily harm, such as Accidental Death or Permanent Total Disability arising due to a road accident.

[Source: https://www.tomorrowmakers.com/articles/car-insurance/6-motor-insurance-terms-you-must-know-before-you-claim]

Cashless Two Wheeler Insurance

According to the Indian Motor Act, two wheeler insurance is compulsory in the country legally, as with any other automobile. Bikes and scooters being the most favored transportation means due to convenience, low maintenance and reasonable price has the maximum number of buyers. With the ever increasing number of accidents reported, it is essential to ensure that you hold a valid two wheeler insurance scheme every time you venture out on your scooter. Apart from coverage, insurance firms also provide cashless claims services, where you shall have your bike mended at a workshop recorded as one of the insurer’s network, meaning you do not have to shell out for the costs upfront.

There are two kinds of two wheeler insurance schemes available.

Third party insurance

Third party insurance protects only the other person (third party) who got involved in an accident against loss or damage caused by that accident including their legal and medical costs.

Comprehensive insurance

Those having an all-inclusive two cover can avail the perks of cashless two wheeler insurance claims, providing cover to you, the bike as well as for the third party. It is also protected from loss or damages due to any mishap, robbery, and natural calamities, while you are covered for medical and legal expenditures.

More info on Cashless Claims:

At times, it will be difficult to get cashless reparation facility. Like for instance, if the workshop mentioned in your insurer’s network list is not available in your region, you have to pay at the garage and later get a refund from your insurance provider by submitting the bills. You can buy a two wheeler insurance online. There are competitive comparison websites, making it easier for you to pick one based on your needs. It is better to go for the maximum cover. Other things such as policy renewal, claiming, changing the address and many others can be done online too.

To make an Online Two Wheeler Insurance cashless claim, you must adhere to the following steps:

Jot down the registration number of the third party involved in the accident, if he/ she was also commuting by a vehicle.

Take down the contact details of the witnesses, if any.

Notify your insurance firm about the accident at the earliest and get help from the customer service staff on the workshop to be contacted.

File an FIR at the nearest police station and get a duplicate copy of the report.

Once your claim is recorded, the insurance firm staff will get in touch with you and request you to give in all the documents needed to take it forward.

The official will get an approximation for the expense incurred for repairs and give his approval after the calculation.

[Source: https://www.bankbazaar.com/two-wheeler-insurance/guide/cashless-two-wheeler-insurance.html]

Cheaper Bike Insurance Quotes

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Did precisely what I needed to do in order to insure a new motorbike and it did not take much time or hassle in any respect. Did your friend provde the insurance coverage adjuster report, you'll need it, and all documents of repair. Director, Incapacity Rights UK. For companies to People with Disabilities and their Families.

Earlier driving proof: This may enable you to to realize inexpensive bike insurance coverage you probably have not constructed any claims within the precedent days for driving connected mishaps. EBike gives you with great worth bike insurance and saves you money by providing our service direct and on-line and we go on the savings to you the client within the form of aggressive quotes.

For patrons preferring the online expertise, we offer the choice to purchase reasonably made a post priced full protection or legal responsibility only insurance coverage in simply three quick and simple steps. For complete particulars of Ontario bike insurance coverage sorts, contact certainly one of our Ontario Motorcycle Insurance coverage Specialists in the present day.

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Go examine completely different motorbike insurance coverage firms before you buy anything, because the completely different brokers will provide completely different plans and policies. Golf carts and different small electric low pace automobiles aren't that each one nice throughout these periods as well and the electrical bike is far smaller, much inexpensive and avenue legal.

[Source: http://twowheelerinsurance.blog.com/2016/01/28/cheaper-bike-insurance-quotes/]

Bike Insurance

Long Term Two Wheeler Insurance: Boon for Bike Insurance

If you own a two wheeler then having a comprehensive insurance policy for your two wheeler vehicle becomes essential.

Many insurance companies have customized two wheeler insurance policies to suit your needs. They have plans that offer complete protection against any natural or man-made calamities.

The Insurance Regulatory and Development Authority of India (IRDAI) have allowed insurers to launch a long-term cover, and soon, motorists would be able to purchase a motor insurance policy for a period of three years.

A comprehensive two wheeler insurance policy mainly provides protection against any financial liability that is likely to be incurred on the policyholder in an event of theft, third party damages or death caused by your vehicle.

It is considered as one of the most widely bought insurance products which is affordable and also provides scalability.

Why do you require long term two wheeler insurance?

In simple terms, if you own a two wheeler you must have an insurance to protect you against any kind of damages or theft.

A comprehensive two wheeler insurance policy not only provides you financial protection but is also mandatory by law to have a copy of the policy to be present in person with you for inspection.

Also, if you do not make any claims on your policy, then you can easily avail the No Claim Bonus that can add up to your margin and is usually adjusted against the policy premium.

Some of the insurance companies provide an extra benefit of an ‘anti-theft alarm’ that is a one-time investment for the rider and offers you peace of mind.

If you have one installed in your two wheeler, chances are that you might get some rebate from your insurer on the premium.

Types of long term two wheeler insurance

There are two types of insurance products available for two wheelers in the market:

1. Liability One Policy:

Liability One Policy, also known as third party insurance, provides a comprehensive cover for injury or death of a third party person and damage to a third party property only.

This policy does not provide any compensation for damages to the vehicle but provides a relief to the vehicle owner in the form of personal accident cover.

2. Comprehensive Plan or Package Policy:

This plan not only provides a cover against third party liabilities but also protects damage to the insured vehicle along with personal accident cover and any add-ons.

Some of the key benefits of having long term two wheeler insurance are:

Co-passengers can avail optional personal accident cover.

No claim bonus can be availed if no claim was made in the previous policy period.

Documentation is quick with fast turnaround times. A lot of companies have also started two wheeler insurance policy bookings online.

Cashless claims can be availed at selected partner garages.

Option to shift your bike insurance from one insurer to another.

Discounts on premium or other offers are applicable if the applicant is a member of a specific biking association.

Additional add-on covers are available for extra protection and savings.

Therefore, buying a comprehensive two wheeler insurance policy is essential to protect owner-riders from incurring any out-of-pocket repair costs.

Having vehicle insurance protects the policyholder against any third party damages as well as provides protection against third party legal liability.

Also, you should always opt for the mandatory cover or Third Party Cover, which is compulsory under the Motor Vehicles Act (1988).

To steer clear of monetary losses, the policy owner can opt for Own Damage Cover which protects the owner from against cost of damage to his/her two wheeler.

[Source: http://www.indiainsurance.co/blog/vehicle-insurance/long-term-two-wheeler-insurance-boon-for-bike-insurance/#]