Ensuring Comprehensive Two-Wheeler Insurance Coverage and Honoured Claims

In today's fast-paced world, owning a two-wheeler not only offers freedom but also the responsibility to ensure it is adequately insured. A comprehensive insurance policy for two-wheelers encompasses two main components: the third party component and the own damage component. Here, we will delve into how to make sure your insurance policy covers all aspects and how to ensure that your insurance claims are honoured.

Comprehensive Two-Wheeler Insurance Components

A robust two-wheeler insurance policy typically includes the following components:

Third Party Component: This is a mandatory part of any insurance policy within a country. The rate for this component is fixed, making it a standardized coverage requirement. This part of the insurance covers accidental damage to third-party property or people. Own Damage Component: This covers accidental damage to your vehicle itself. On a basic level, the claim amount is reimbursed based on the value of the vehicle declared in the policy, after accounting for depreciation.

Enhancing Own Damage Coverage with Add-ons

To ensure complete coverage under the own damage component, several add-ons are available:

Nil Depreciation: In a nil depreciation policy, no depreciation is deducted in case of a claim, except for a small pre-fixed amount, which details are available in the policy. Invoice Protect: Under this add-on, if a vehicle is completely damaged (total loss), the difference between the policy value and the actual value of the vehicle is also payable, along with the claim. Additionally, road tax, registration charges, and one year's OD premium may apply. Engine Protect: This covers any damages to the engine due to water retention. Key Protect: If your key is stolen, the claim is paid for the price of a new key. Consumables Protect: This covers small consumables like bolts and rubber linings.

Ensuring Your Claims Aren't Denied

Here are some pointers to ensure your claims are honoured:

Never Lie on the Proposal Form: The proposal form is the basis of your contract. Insurers may have a relaxed attitude when signing you on for a policy, but they will be very stringent when it comes to claims. Avoid Jargon: If you don't understand something in your policy, ask the insurer or your intermediary. It is their responsibility to explain the policy to you. Understand the Four Components of a Motor Policy: A comprehensive motor policy typically includes four components: third party liability, own damage, owner driver accident cover, and passenger accident cover. Know what covers you have and which ones you don't. Insurers will not reimburse you for covers you haven't purchased.

Conclusion

Ensuring comprehensive two-wheeler insurance coverage and having your claims honoured is a fundamental aspect of vehicle ownership. By understanding the components of your insurance policy and taking advantage of available add-ons, you can protect yourself and your vehicle effectively. Always stay informed and ensure you comply with all legal requirements to avoid claim denials.