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Two Wheeler Insurance

Whether you are dropping your child to school, getting that late night tea from the nearby tea stall or zipping through congested areas in traffic, your two wheeler is your valuable partner. Alongside the convenience afforded by a two-wheeler, the risks involved when riding on the roads needs to be insured. To know more please visit:- http://bit.ly/1shghCZ

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Two Wheeler Insurance

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  1. Two Wheeler Insurance – Points to Remember

  2. Types of Policies Liability only policy Third-party mandatory policy. Covers physical injury or damage to property or death of third-party. Accident cover is also included if the owner is driving. Package policy/Comprehensive plan All of the above is covered(mentioned in liability only policy). Includes damage to your two-wheeler caused by self.

  3. Features of Bike AffectingPremium Cubic capacity of your bike: Indian Motor Tariff has categorized two-wheelers- 0-150CC, 150-350CC, 350CC and above. With cubic capacity, premium increases. City of purchase/zone: Zone A- Ahmedabad, Delhi, Chennai, Hyderabad and Kolkata; Zone B- rest. Higher premiums are levied on Zone A than Zone B.

  4. Coverage as per requirement Variety of2 wheeler insurancecover to choose from based on requirement. Example: Pillion insurance, Vandalism cover, Collision coverage. Advantage of getting an uninsured motorist cover Accident involving an uninsured rider, you end up bearing all the loss and no claim. Uninsured motorist cover helps you claim in such cases.

  5. No Claim Bonus NCB is the discount you can avail for every claim-free year of your insurance term. 20% for the first year without claim, increases to 25%, 35%, 45% till 50% for the following years that see no claim. Third-party claim limit Rs.1,00,000 – Insurer’s limit to third-party damage claim Motor Vehicles Act allows you to limit the third-party insurance cover to Rs.6000 only.

  6. Insured Declared Value(ISD) Value for which the two-wheeler is insured is ISD. Fixed during the term of the policy. Based on vehicle’s age, manufacturer’s selling price and depreciation. Ownership change Your bike insurance can also be transferred when you sell your bike. You must keep the insurance company informed within 14 days and provide all details of the motor.

  7. Vehicle Change Your two-wheeler insurance can be continued to the next bike you buy, provided the premium is prorated and the selling price of the new motor is as same as the old one. Processing Claims Inform the insurer in case of a damage to your two-wheeler. Insurer will settle claim. In case of CTL, that is when damage to your two-wheeler exceeds 75% over and above the IDV, the insurer grants you the IDV. The IDV granted is reduced in value after deduction of depreciation on motor parts.

  8. Two Wheeler Insuranceis a necessary pre-requisite before you invest in a bike. By deciding to opt for an insurance policy for your motor, you can ensure protection of your bike as well as earn some peace of mind.

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