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What Is Covered Under Two Wheeler Insurance?

By Finserv MARKETS - Jul 25,2019
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what is covered under two wheeler insurance.

Buying a two-wheeler is one of the major financial decisions most of us have to make. There are a lot of banks and non-banking financial companies that offer two-wheeler insurance. However, maintenance of a two-wheeler is troublesome. Apart from the occasional wear and tear costs involved, a vehicle owner might also have to incur additional expenses in case the two-wheeler faces any damage due to road mishaps or theft of mechanical parts. This is when a two-wheeler insurance comes into the picture.

Road accidents in India are not uncommon. Any damage caused to your vehicle or to a third-party because of your negligence can lead to serious legal and financial troubles. As a result, the Government of India has mandated all vehicle owners to insure their vehicles as per the Motor Vehicles Act of 1988.

Today, you can easily buy online bike insurance from any insurance provider. This insurance can offer you coverage against any accidental damages, losses incurred because of vehicle theft, or expenses incurred on damages due to natural and man-made calamities.

Major inclusions in a Two-Wheeler Insurance policy are:

  • Protection against Natural Calamities

The extent of damages caused due to natural calamities cannot be overlooked. Having a bike insurance offers coverage against damages caused due to natural disasters like earthquakes, floods, cyclones, lightning, cyclones, typhoons, hurricanes, landslides, etc.

  • Protection against Man-Made Disasters

Instances like burglary, theft, intentional malicious acts, sabotage, etc. are all classified under manmade disasters. Any financial losses incurred owing to the damages caused by these man-made disasters are covered under a two-wheeler insurance. Damages caused to your vehicle due to acts of civil disobediences like strikes, communal riots, terror attacks, etc. are also compensated under your vehicle insurance.

  • Protection against third-party liabilities

There is no predicting the unintentional damages caused to a third-party, person or property because of accidents involving your vehicle. In such cases, you, as a vehicle owner might get into a fix owing to the associated legal liabilities. However, buying an online two-wheeler insurance can offer some respite. These vehicle insurances have special accommodations to cover third-party related legal expenses.

  • Self and pillion coverage

In case of any accidental road mishaps, the person riding pillion is equally at risk as the person driving the vehicle. The financial burden, as well as the guilt of causing harm to the pillion, can cause significant psychological distress. Therefore, most two-wheeler insurance providers offer a provision to cover the driver as well as the pillion in their insurance policies, by offering an additional personal accident insurance cover.

  • Repair and Replacement expenses

Replacing or repairing parts of high-end bike models can burn a significant hole in your pocket. However, most two-wheeler insurance policies have provisions that cover these expenses. You can even claim for the theft or damage of any expensive accessories of your vehicle with certain insurance plans.

Why Having A Two-Wheeler Insurance Is A Must?

In India, where a majority of the population belongs to the middle-class, a two-wheeler is the most preferred vehicle of choice. Sadly, this high demand for two-wheelers does not match the prevalent road conditions in the country. Going by the high accident rates in India, having a two-wheeler insurance is your safest bet to protect your vehicle from the expenses incurred due to any accident-related damages.

If you do not have vehicle insurance yet, visit Finserv MARKETS today to buy bike insurance online at attractive premiums. Also, if your insurance is about to expire and you are wondering on how to renew bike insurance online, don’t worry, its easy and can be done within minutes. Moreover, Get to know more about the different types of two-wheeler and four-wheeler insurance plans offered along with the steps to file for an insurance claim. Apply for Bike Insurance right away and get your documents instantly verified by our executives. With Bike Insurance, you get assured round-the-clock assistance on all your insurance related queries. Check out the website now!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522