Bundled Policy in Two Wheeler Insurance

A bundled motor policy, in simple words, is a two-wheeler policy that provides own damage cover for 1-year and third-party coverage for 3 to 5 years.

Since 2019, the Motor Vehicles Act has made it mandatory that every vehicle owner must have at least third-party insurance in India. However, renewing that policy every year is also a tedious task for vehicle owners.

That is why, to make the policy affordable and simplify the process, IRDAI made suggestions for insurance policies to provide long-term insurance plans to customers. Although there are various other insurance for 2-wheelers, the bundled policy is a great option for someone who wants third-party cover along with own damage cover.

The policy is affordable for vehicle owners and provides necessary coverage as per the law. The best part is that there is no need to renew it every year.

Man-made and Natural Disasters: The bundle two-wheeler insurance policy includes protection against damages and losses that occur due to natural and man-made activities. It provides cover for fire, accidents, burglaries, house breaks, riots, strikes, malicious damages, floods, earthquakes, lightning etc.

Legal Liabilities: The insurance includes legal protection for the death or bodily harm to any person; as per the provisions of the Motor Vehicles Act. Moreover, it provides compensation of a maximum ₹1 lakh for property damage, unless you select a lower amount.

Personal Accident: The bundled motor policy for two-wheelers also provides cover for the risk of personal accidents for ₹15 lakhs for the owner-driver if the vehicle is registered in the name of an individual with a valid driving licence.

Speeding and Racing: The bundled two-wheeler insurance policy does not provide cover if the vehicle is used for racing, speed testing, hire or reward and reliability tests.

Geography: If the vehicle is used outside the geographical boundaries mentioned in the policy, then there will be no coverage for any damage or loss.

Wear and Tear: Electrical breakdowns, wear and tear due to usage or mechanical failure are not covered by the policy.

Wars: Damage caused by nuclear perils, wars and war-like operations are not covered.

Return to Invoice

In case of a total loss, this cover provides for the financial shortfall between the amount received for vehicle loss/damage and the purchase price of the vehicle or the replacement price of a new vehicle in case the same make/model is available, whichever is less will be covered.

Depreciation Allowance

The add-on covers the depreciation amount deducted from the value of the parts replaced under their own damage cover. Also, remember that claims under this cover will be limited to a maximum of the first two claims during the entire period of insurance.

Consumable Cover

It is an add-on cover that covers the consumable costs incurred due to the replacement and replenishment of parts arising from the insured vehicle's accident.

Emergency Medical Expenses

The add-on provides reimbursement for emergency medical expenses in case of bodily harm sustained by the driver and occupant due to an accident.

Personal Accident Cover

The policy includes add-on covers for personal accident cover for drivers and unnamed persons. In the event of death or injury due to an accident, the driver/occupant will get coverage.

Roadside Assistance

The add-on will provide your roadside assistance in case your vehicle breaks down in transit. It covers flat tyres and batteries, fuel support, repair on the spot and spare key retrieval.

A bundled two-wheeler insurance policy is a great way to protect your vehicle from third-party and own damages for a longer duration without worrying about renewing your policy every year. There are multiple policies in the market, and you can compare two-wheeler insurance provided and judge the best one based on your coverage requirement and budget flexibility.

A bike insurance policy, regardless of its type, is always beneficial for every bike owner. Insurance provides financial and legal assistance in the event of accidental damage to property or person.

Tata AIG provides a two-wheeler insurance policy with great features, such as third-party liability coverage, fire and theft coverage, coverage against legal fines, cashless repair services and personal accident cover.