Latest News
-
Sakuma Exports Secures Rs. 150 Cr Deal; Okays Rights Issue Amidst Positive Outlook -
Here Are Some Best All-Round Credit Cards Of 2024 Which Could Lead To Maximum Savings! -
Stock To Buy: Multibagger Tata Stock Hits 20% Upper Circuit, Gains 37.22% In 1-Week; TP Rs 1100 -
Closing Bell: Sensex, Nifty Extend Gains 3rd Day; India VIX Records Biggest Single Day Fall Since May 2019 -
Mutual Funds: 10 PSU Stocks Have Reduced Holdings -
Air India Joins Into Codeshare Pact With Japan's All Nippon Airways -
Razorpay Declares 'UPI Switch' In Partnership With Airtel Payments Bank -
Shriram Finance Introduces Online Fixed Deposits At 8.15% Returns -
Silver Prices India, April 23: 1 Kg Silver Prices Fall By Rs 3,500 In Just 2-Days -
SEBI Investigates Adani Offshore Funds For Shareholding Disclosure Violations
Two Wheeler Insurance: Things To Know About Inclusion And Exclusion In The Policy
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.
Goodreturns.in
