Insurance contracts that do not come under the ambit of life insurance are called general insurance. The different forms of general insurance are Two wheeler, House, Fire, Marine, accident and other miscellaneous non-life insurance. The tangible assets are susceptible to damages and there is a need to protect the economic value of the assets. For this purpose, general insurance products are bought as they provide protection against unforeseeable contingencies like damage and loss of the asset.
Two wheeler Insurance:
A two wheeler insurance policy offers coverage to the insured vehicle against financial losses due to an accident or one resulting from other damages. A comprehensive two wheeler insurance policy covers damages to third-party and third-party property along with compensating for own losses as well.
Why do you need Two wheeler Insurance?
- Its mandatory by law to insure your vehicle. You may opt for Comprehensive insurance OR third party insurance but insurance is mandatory.
- Protects the owner of the insured vehicle from natural calamities or damages resulting from human intervention or Third-party legal liabilities owing to damages (both bodily injuries and death) caused to third-party as well as financial losses to a third-party property.
Features of Two wheeler Insurance Policy
Premium rates are computed on the Insured Declared Value of the vehicle.
The premiums rates are determined by the geographical location, safety features installed and modifications done to your vehicle. Vehicles of similar make but in different geographical location or different safety features will have different premium rates.
No Claim Bonus facility is available at the time of renewal, in case no claim is registered during the previous policy year.