In India, third party liability insurance is mandatory for all vehicles. Two wheeler insurance policy can be bought or renewed online and offline. There are many factors which determine the premium you will pay. For Own Damage cover different insurance companies charge different premiums for similar coverage.

General Inclusions in two wheeler insurance

Loss or damage to the insured vehicle due to:

• Fire/Earthquake/Flood/Cyclone
• Accident/Terrorism/Riots/Strikes
• Accident by external means
• Transit by road, rail, inland waterways, air or lift
• Personal Accident Cover for Owner-Driver

There will be a compensation for death injury/death sustained by the owner-driver of the insured car caused due to violent, accidental, external and visible means while travelling in the vehicle.

• Third Party Bodily Injury Liability

Compensation for damage or liability causing bodily injury or death to another person will be taken care by the policy.

General exclusions in two wheeler insurance

• If there is a common wear and tear of the vehicle
• If there is a loss or damage due to depreciation of vehicle
• In case of electrical & mechanical breakdown
• Most of the time, policy wont cover for loss or damage incurred outside the geographical area of India
• Loss or damage caused when driving under intoxication
• Loss or damage caused by an unauthorized person without a valid driving license
• Loss or damage due to nuclear risks
• Vehicle being used otherwise than in accordance with restrictions as to use.

Conclusion

A motor policy is valid for a period of one year and has to be renewed before the due date. Individuals should compare the policies before buying as the premium and services differ with insurance companies.

Do not forget to compare deductibles, coverage and IDV's as premium may be lesser of one insurer but with higher deductibles, lower coverage and lower IDV, which will adversely impact you in the event of claim settlement.

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