Two Wheeler Vehicle package Policy
The Two Wheeler Vehicle Package Policy is your ultimate protection against the uncertainties of the road.
Two Wheeler Vehicle package Policy
According to a survey, about 55 lakh bikes are the major culprits, contributing to Delhi’s vehicular pollution, Bangalore being the second with around 50 lakh bikes. The two-wheeler population has increased in Delhi by over 300% in the last decade. According to a report from Hindu, 4 Delhiites die in road accidents every day. When you kick start your bike every day, keep in mind your family is waiting for you. Be adequately insured. A two-wheeler vehicle package policy covers the damages caused to your bike in case of a road accident. In case of your unfortunate demise, your insurer compensates for your family, so it moves on.
What's covered under two wheeler insurance policy? Inclusions!
Loss/ damage to your two-wheeler against calamities such as fire, explosion, self-ignition, lightning, earthquake, flood, hurricane, storm, tempest, cyclone, hailstorm, frost, landslide, and rockslide.
Loss/ damage to your vehicle against human-made incidents such as burglary, theft, riot, strike, malicious act, accident by external means, and terrorism. It also includes any damage in transit by road, rail, inland waterways, elevator or air.
Personal Accident Cover: A coverage of up to ₹15 lakhs for the person riding the two-wheeler. You can also buy an optional personal accident cover for co-passengers.
Third-party Lawful Liability: Protection against legal liability because of accidental damages resulting in the life-long injury or death of a person, and destruction caused to the property around.
To understand precisely what a two-wheeler insurance policy covers, and make the most of it, read your two-wheeler insurance policy wordings carefully.
What's not covered under your two-wheeler insurance policy? Exclusions
- Normal wear and tear
- The general aging of the vehicle
- Depreciation or any loss consequently
- Damage to/by a person without a valid license
- Damage to/by a person driving under the influence of drugs or liquor
- Vehicles including cars being used otherwise than according to limitations
- Wear and tear of accessories such as tyres & tubes, unless the vehicle is damaged at the same time. In this case, the liability of the company will be restricted to 50% of the cost of the replacement
It is always you get acquainted with what your policy does not cover, so you are not disappointed by extra expenditure later. So, ensure that you go through the Two-wheeler Policy Wordings carefully.
Check the ‘sum insured’ offered by your two-wheeler insurance policy:
Every two-wheeler is insured at a fixed price, known as the Insured’s Declared Value (IDV). This sum insured is calculated based on a number of factors.
Let’s see how it works:
We can calculate IDV depending on the manufacturer’s listed selling price of the two-wheelers (including the listed price of any accessories) after deducting the depreciation for every year according to the schedule given by the Indian Motor Tariff.
In case, the value of any electrical and/ or electronic item installed in the two-wheelers is not included in the manufacturer’s listed selling price, the exact value (after depreciation) of that item can be included in the ‘sum insured’ over and above the IDV.