What is two wheeler insurance?
As per Motor Vehicle (Amendment) Act, 2019, it is mandatory to have vehicle insurance policy to provide coverage against any damage or loss caused to the vehicle. The act mandates to have at least third-party insurance that covers any loss or damage caused to the third-party.
What is third-party and comprehensive insurance?
The key difference between third-party and comprehensive insurance policy is the kind of coverage both offers. While, third-party insurance provides coverage only against damages and losses caused to the third-party, a comprehensive insurance provides 360-degree coverage for the damages and losses caused to the policyholder as well.
What is zero depreciation cover?
Unlike any property or machinery, two wheeler depreciate over time. Therefore, a zero depreciation cover ensures comprehensive insurance cover without the fear of depreciation. For instance, in regular insurance policy, the policyholder has to bear the depreciation cost on repair or replacement expenses in case of any damage to the vehicle. On the other hand, by paying an extra premium for zero depreciation cover, the insurer bears the entire cost of repair and/or replacement.
What if insurance policy expires?
Policyholders need to keep a track of their insurance policy, in order to renew the policy before it expires. Also, if the policy is not renewed within 90 days of expiry, the policyholder will lose their No Claim Bonus benefits leading to a substantial financial loss. Also, the vehicle will go through a fresh inspection that would be chargeable as per insurer’s norms.
What is no claim bonus?
If a policy holder makes no claim during the policy tenure, then he or she is liable for no claim bonus benefits. No claim bonus (NCB) accumulates as a reward or discount on the premium costs over years. NCB discount could range from 20% to 50%. For the second year, NCB discount offered is usually up to 20%, 25% for the 3rd year, 35% for the 4th year, 45% for the 5th year, and 50% for the 6th year.
How to renew two wheeler insurance?
Renewing an existing insurance policy is no rocket-science as the same can be done online from the comfort of your home or office. No need pay multiple visits to the insurance provider or get in touch with the insurance borrower. Just sign in online, compare insurance policies from different insurers, and select the policy with lowest premiums and maximum coverage benefits.
Is it safe to pay for insurance premiums online?
Yes, it is completely safe to compare and buy two wheeler insurance policies online. Also, the payment gateways are secured enough to ensure you the safe and secure payment transactions. Just make sure to sign in to a reliable and trustworthy website to buy or renew insurance policy online.
Can I cancel my two wheeler insurance policy?
No, apart from some exceptional cases, you cannot cancel your bike insurance policy. Some exceptional cases to cancel the bike insurance policy are –
• You have purchased 2 insurance policies for the same vehicle,
• You have got other insurance policy at lower premiums with similar benefits,
• Your have purchased commercial policy for private vehicle and vice versa.