Why do you need a two wheeler insurance?
Many of us struggle to find an answer to this question and the reason for purchasing an insurance cover. The basic usage of a two-wheeler insurance is to safeguard yourself from the financial burden arising in case of an accident or mishap. The damage to your two-wheeler or third party vehicle, property, or person will be covered by your insurance.
According to your needs, you can choose two types of two-wheeler insurance covers – third-party liability and comprehensive package. While third-party liability insurance will only cover the expenses arising out of third party vehicle or property damage, the comprehensive package provides an overall cover for third party liability as well as for your vehicle.
Beneficial Covers of a Two Wheeler Insurance
Although many people prefer a basic two wheeler insurance plan, add-on covers can enhance the value of your policy and provide extra coverage. Here are some add-on covers for your two wheeler insurance.
1. Zero Depreciation Cover
Generally, during an accident, you need to pay for the spare part and depreciation charges yourself. It is not covered in your two-wheeler policy. However, if you buy a zero depreciation add-on cover and agree to pay a little extra amount for premium, these charges and depreciation will be covered by your policy itself. This add-on cover may include expenses related to plastic, fibre, and rubber component replacement of your two-wheeler.
2. Personal Accident Cover
Sometimes, two wheeler accidents or mishaps can be fatal or dangerous for all involved individuals. In such a scenario, personal accident cover offers compensation in case of injury or permanent disability to the owner of the vehicle.
3. Medical Cover
As the name suggests, this cover pays for the expenses arising from your medical treatment in case of an accident. This is necessary as the medical expenses are rising steeply now, and if you don’t have a health insurance, this medical cover under your two-wheeler insurance can help. However, if you already have a separate medical or health insurance, this cover may not prove that useful.
4. Cashless Hospitalization
While this is a facility that is usually available with a health insurance, it is also available as an add-on cover with two wheeler insurance. During an accident, there is a chance that you may get injured, and at that time, spending a lot on hospital bills and then reimbursing the payment may not be a feasible option. Cashless hospitalization will offer feasible treatment without worrying about arranging a lot of money instantly for treatment.
5. Passenger or Pillion Rider Cover
Road accidents or mishaps are equally dangerous for the driver as well as the pillion rider. This add-on cover will enable you to cover compensation for the damage or disability caused to the pillion rider too. Though this cover may lead to a higher premium amount, it is beneficial for covering expenses arising from injury or disability to pillion rider.
6. Accessories Cover
If you have some expensive non-electrical or electrical accessories attached to your two-wheeler, this cover is really helpful. During an accident, if there is some kind of damage to the valuables or accessories of your two-wheeler, your insurance will cover the repair cost.
Reputation of the Policy Holder of the Two Wheeler Insurance
Apart from being compulsory in India as per the Motor Vehicles Act, 1988, two wheeler insurance has many benefits such as:
- Your policy will cover all the financial liabilities which may otherwise come off as a big burden to you or your family. If you choose a comprehensive cover, you can additionally cover your vehicle expenses in case of any mishappening.
- If you do not file a claim, you will be eligible for No Claims Bonus for all the consecutive claim free years. However, for this, you need to renew your policy on time otherwise this benefit will lapse.
- You won’t have to face legal implication as third party insurance is mandatory in India. If you fail to provide insurance papers at the time of checking, you may have to pay the fine, suffer imprisonment, or both.
Avail Lowest Premium: Compare Online
To avail all the best add-on covers and acquire the lowest premium plan, check Coverfox.com. Visit the website and compare different policies. Here, you can get a better policy at a lower premium, purchase policy online with hassle-free money transaction, get renewal reminders, and even start the claim process online for rapid processing.