Two-wheeler insurance protects your motorcycle by compensating you in the event of partial or total damage. However, the amount of protection and the scope of coverage is entirely dependent on the type of policy selected by the buyer. This is why it is important to know the types of coverage and how much they can protect you. The type of coverage you have will significantly affect the kind of protection you enjoy.
A third-party policy covers only the third-property party or person. This is a legal requirement for all bike owners in India. So a third-party insurance policy cannot be skipped, and you must buy it. A comprehensive two-wheeler insurance policy, on the other hand, includes compensation for both own and third-party damage. *
The insurance policy premium amount is calculated using several factors, including:
- The bike’s model
- The changes and specifications
- The type of automobile insurance used
- The motorbike’s age
In simple terms, a two-wheeler (motorbike or scooter) loses value as it ages due to factors such as wear and tear, etc. This is referred to as depreciation. Due to depreciation, you do not receive the full value of your bike when filing a claim. As a result, even on valid grounds, people are reluctant to file insurance claims. You must learn how to claim two-wheeler insurance properly. *
A comprehensive policy includes a one-of-a-kind set of add-ons. It is an extended coverage that is used to supplement basic coverage and provide a sense of financial security. You can even select these when purchasing car insurance online. The Zero Depreciation add-on is one such additional cover. If you choose this coverage, the depreciation amount will not be taken into account, so there will be no deduction, and you will receive the original value of your bike. *
The Benefits of a Zero Depreciation Policy *
- A Zero Depreciation policy supplements and adds value to your current comprehensive policy.
- It provides reassurance and mental satisfaction, knowing that your two-wheeler is secure.
- There are no out-of-pocket expenses. So you can save money better. ##
- Strengthens and improves the basic insurance policy.
- When settling claims for insured vehicle parts, the insurer does not take depreciation into account.
More information on Zero Depreciation insurance *
- A Zero Depreciation cover can be purchased when purchasing a new insurance policy or when renewing an existing policy.
- The coverage includes a wide range of materials, such as fibreglass, plastic, rubber, and nylon.
- The cover is only available for new bikes or bikes that are less than two years old.
- The number of claims you can make under this policy is entirely dependent on the insurance company you choose.
- Damages caused by normal wear and tear are not covered by the Zero Depreciation policy.
- This cover can be used on modified motorcycles. It’s very important as some policies don’t cover modifications.
- Mechanical breakdowns are not covered by the policy.
To make a motor insurance claim for your motorbike or scooter, make sure to renew the Zero Depreciation cover annually if your two-wheeler vehicle is eligible for it, and enjoy its benefits to the fullest. This coverage is essential for people who live in high-accident areas or own expensive bikes. *
Some places have a much higher rate of accidents; you should be aware of this. If you don’t already have it, choose it during renewal, or you may have to face the consequences of depreciation and costs associated with it. Ensure you have a good two-wheeler insurance third party as well to protect you and your vehicle from mishaps.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
