A two wheeler insurance plan provides financial coverage against any damage or theft of a vehicle or loss incurred by accidents and natural calamities. Purchasing this insurance policy would financially protect the holder from unexpected financial burden.
There are two types of two wheeler insurance policies –
Liability-only insurance: This type of insurance provides coverage for the injury caused to any third party vehicle by the insured two-wheeler. The damage can be injuries, property damage and even death.
Under the Motor Vehicles Act, 1988 it is compulsory to have this insurance for all types of two wheelers.
Its features are listed below:
Fast online processing – One can buy such an insurance plan online or even through a mobile app. It can also be renewed online without any problem.
Affordability – Generally, it is cheaper as compared to comprehensive insurance policies.
Comprehensive insurance: This insurance covers for the damages caused to the insured vehicle, self-accident, and any third party liability. It also covers the insured two-wheelers against explosion, natural disaster, explosion, etc.
Individuals after having well informed idea about the types of insurance would be inclined to know about the features and benefits it carries along.
Additional covers – A two wheeler insurance plan offers extra features like accidental coverage for the person sitting behind the rider, cover for spare parts and depreciation cover as well.
Prolonged term period – It is not required to renew a two wheeler insurance plan every year because it comes with a validity of up to 3 years.
Hassle-free claims and inspections – This insurance plan comes with an easy claim process and review, making the process smooth.
Purchasing a two wheeler insurance plan is more necessary as accidents are still quite prevalent. One can purchase a two wheeler insurance plan from several NBFCs operating in India.
Read Also: Everything You Need To Know About Two-Wheeler Insurance Policy
