5 things you did not know about two-wheeler insurance
In a time of heavy traffic and accidents, two-wheeler insurance is a must-have. It takes care of vehicular damage to you as well as a third party. It also extends protection to you and your loved ones on the road. Here are five aspects that your insurance covers:
- 1.Long-term insurance for two-wheeler :
Buy a long-term insurance policy. This saves you the trouble of yearly renewals. You also avoid the risk of having a lapsed policy and hassle of renewal. This type of cover will secure you for two or three years. It will also give you a better no-claim bonus on your bike or scooter. Another feature is that you save on your premiums by locking in a certain amount.
- 2.Safety for pillion riders :
With smartly chosen add-ons, the personal accident cover extends to pillion riders as well. If there is an accident. In this case, the insurer will cover the hospital charges. Full compensation is paid in case of the loss of limbs. You would also get full compensation for losing sight in one or both eyes. This clause is applicable on the demise of the pillion rider too. In the event of permanent total disablement from injuries, you get 100% compensation
- 3.Various add-ons :
You can make your policy more robust with add-ons. With payment of some additional premium amount you can add some riders to your policy such as depreciation allowance. This reimburses the deduction on replaced parts under standard depreciation in the claim settlement. A consumable cover takes care of costs including replacement of the engine oil and gearbox oil, brake oil, oil filters, and lubricants. You also get reimbursement for the costs of nuts and bolts, screws, distilled water, grease, bearings, washers, and clips. Emergency medical expenses cover the expenses for treatment of bodily injuries from an accident.
- 4.Legal protection :
In case of an accident if you cause injury to or the death of a third party and a legal suit arise, the insurance will protect you. You can also claim for property damage up to a sum of Rs 1 lakh
- 5.Cover for lost accessories :
You also have the option to insure your two-wheeler’s electrical or non-electrical accessories which would otherwise be excluded in the policy. Thus, in case of theft or damage to them, the insurance provider will reimburse you the cost.