Know How New India Insurance Safeguards Your Two-Wheeler

According to the Motor Vehicles Act of 1988, every vehicle owner on public roads must get bike insurance to cover losses to third parties due to accidental death, bodily injury, or property damage. A Certificate of bike insurance must be two-wheeler carried in the vehicle.

Know How New India Insurance Safeguards Your Two-Wheeler

New India mainly have two bike insurance policy covers-

• No-fault bike insurance includes third-party physical injury, death, property damage responsibility, and personal accident bike insurance for the owner-driver.
• Package rules- This covers loss or damage to the insured two-wheeler.

Discount Range For No-Policy Coverage

No-policy coverage discounts range from 20% to 50%, depending on the vehicle and the number of years without policy coverage. The policy limits are-

• Third-party death or harm.
• Property damage to others.
• Liability for death or injury to third parties and damage to third party property is limitless for commercial and private vehicles and Rs. 1 lakh for scooters/motorcycles.

Factors On Which Loss Coverage Depends Upon

This bike insurance covers loss or damage to the insured vehicle and its accessories in addition to liability coverage to these factors-

• Self-ignition or lightning.
• Breaking in or stealing.
• And Riot.
• Awful Act.
• Act of Terror.
• Damage from an Earthquake.
• Tropical Storm, Typhoon, Storm, Tempest, Inundation, and Hailstorm
• Extrinsic meaning.
• While in travel by land, sea, air, lift, or elevator.
• By landslide

Towing Cost and Important Policy Exclusions

The bike insurance also covers towing costs up to Rs.300 for scooters/motorcycles. It is also possible to pay a premium for increased towing costs. In addition to the mandatory "Liability Just Policy" protection, a limited policy covering only fire and theft is offered. Important policy exclusions include-

• Breakdowns and wear
• Resultant loss
• Loss from driving while intoxicated or with a suspended license.
• Conflict, civil war, etc.
• Contractual liability policy coverages

Who Can Take The Policy?

Any owner of a two-wheeler registered with the Regional Transport Authority of India.

How To Choose The Cover?

The Insured Declared Value (I.D.V.) of a vehicle is the amount insured in a Motor Policy.

In the event of theft or totaled two-wheeler damage, the policy coverage amount payable is based on the I.D.V. The I.D.V. of the vehicle is determined by the manufacturer's stated selling price of the brand and model of the vehicle proposed for bike insurance adjusted for depreciation.

The I.D.V. of two-wheelers older than five years and outdated models (i.emodels no longer manufactured by manufacturers) is decided by mutual agreement between an insurer and insured.

Take Away

It is possible to buy a bike insurance policy online as new India insurance has 3000+ network garages, which saves time. If you are always pushed for time, purchasing bike insurance online is the most convenient choice. Before buying a bike insurance policy, make sure you thoroughly examine the terms and conditions of the procedure you are considering, as well as the criteria listed above, ensuring that you are getting coverage that fits your needs and allows you to ride safely.

Must Check:

Two Wheeler Insurance Companies

All About IDV And NCB In Two-Wheeler Insurance 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.