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Comprehensive two wheeler insurance covers the loss or damage to the bike due to any of the insured peril acting at the time of accident. Third party insurance covers only the legal liability arising out of bodily injury or death of third parties due to an accident involving the insured bike. Third party section also covers the property damage of third parties involved in the accident.
IDV in two wheeler insurance policy copy is the insured declared value which is the maximum value of the bike considered for the purpose of insurance. It is also the maximum liability of the insurance company in case of any loss or accident. The insured declared value is arrived based on the age of the vehicle, as the depreciation is accounted for each passing year. Higher the IDV, higher would be the liability of the insurance company and higher the premium to be paid by the customer. It is important to ensure that your bike is insured with sufficient IDV which comes handy at the time of loss.
Insured declared value for new vehicle is calculated as 95% of the vehicle ex-showroom price and thereafter the IDV decreases at 10% each year to account for the depreciation of the vehicle.
PolicyBachat is the leading insurance web aggregator in the Indian insurance market space. We strive to help our customers reduce the amount of money they spend on insurance purchases with maximum coverage. We have a dedicated team of agents working round the day to ensure that our clients get the best two wheeler deals from insurance companies and also that the after sales service is maintained to satisfy the customers. PolicyBachat had tied up with all the major general insurance company to offer bike insurance to its customers at affordable premiums.
NCB is the no claim bonus given to the owner/driver at the time of renewal of bike insurance policy. The no claim bonus is given to those with nil claims reported in the previous years. The no claim bonus increases each claim free year and reaches a maximum of 50% from 0%. The no claim bonus is an extra discount given to the customer on the own damage section of the policy if there are no reported claims in the previous year. The NCB cannot be transferred from one person to another person if the bike is sold.
Compulsory third party two wheeler insurance is also known as Liability insurance in which the death or bodily injury to third party is covered. In addition to this the property damage of third party is also covered in the third party bike insurance policy. It is compulsory to have a third party bike insurance policy to ply in public places as per the Motor vehicles act. The third party bike insurance premium would be constant across all the insurance companies. The third party insurance section also includes the compulsory owner/driver personal accident cover of Rs.15 Lacs. In case of death or permanent disability of the owner/driver due to an accident at the time of driving the bike, the claim is paid under this coverage.
Two wheeler insurance is an agreement between the insurance company and the two wheeler owner wherein, the two wheeler owner will pay premiums and the insurance company covers for loss or damage caused to the car. Two wheeler insurance is mandatory in India. Most of the insurance companies in India have tie-ups with two wheeler manufacturers and they offer two wheeler owners instant quotes.
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