Frequenty Asked Questions About Long Term Two Wheeler Comprehensive Insurance Policy

FAQs

1. What is Two Wheeler Insurance?

Two wheeler insurance is an insurance policy required to provide protection to your two wheeler against any damage which might result into a financial loss. In addition to it, any third party liability which has arisen due to the use of your two wheeler is covered under two wheeler insurance. As per the Motor Vehicle Act, it is mandatory to buy a Liability only policy without which one cannot use the vehicle on road.

2. What is comprehensive insurance policy?

A comprehensive insurance policy provides protection to your two wheeler due to any impact damage, fire, theft, earthquake etc. In addition to this, it provides cover against any third party liability in term of death, bodily injury and third party property damage.

3. What are the various types of policies?

There two types of insurance policies – comprehensive and third party liability.

4. What are the various long term policies available for Two Wheeler insurance?

There are various long term policies available as below: - For brand new twowheelers –As per Supreme Court directive, customer can choose from the mentioned options:

i. Liability only policy for a policy duration of 5 years. This policy provides coverage against third party liability in terms of death or injury or third party property damage
ii.Package policy for a policy duration of 5 years. This policy provides a comprehensive cover to protect your vehicle due to any impact damage, fire, theft, earthquake etc. In addition to this, it provides cover against any third party liability in term of death, bodily injury and third party property damage.
iii. Bundled policy for a policy duration of 5 years. This policy provides cover to own damage for one year and 5 years for third party section.

For one year old two wheeler – customer can choose from the mentioned options: i. Package/Liability policy for upto 2 or 3 years policy duration

5.Is third party liability a mandatory policy?

Yes, the Motor Vehicle Act states that every motor vehicle plying on the road has to be insured, with a Liability Only policy at the very least.

6. What is Zero depreciation cover or bumper to bumper coverage?

Zero depreciation is an add-on cover and has to be purchased by paying additional premium. It offers complete coverage to your two wheeler without factoring into depreciation. For instance, if your vehicle is badly damaged, then you don’t need to pay for any depreciation charge and will be eligible for full claim amount subject to terms and conditions of the policy.

7. How does emergency assistance programme work?

Emergency assistance is an add-on cover and has to be purchased by paying additional premium. It has multiple benefits like breakdown assistance, tyre replacement, towing, fuel replacement etc which can be availed during the policy duration. Customers need to call up the customer care number mentioned on the policy for availing these benefits.