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Two Wheeler Insurers |
| Automobile insurance has been made mandatory as per the provisions of the Motor Vehicles Act . And since the sales of two wheelers account for a whopping 77% in the entire Indian automobile market, it is obvious that the two wheelers running on the Indian roads have to get themselves covered under the automobile insurance policy. The leading two wheeler insurers in India are the two public sector insurers United India Assurance and New India Assurance along with Bajaj Allianz, ICICI Lombard, HSBC and a few others. |
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The calculation for the premium to be paid on two wheeler insurance is determined by a combination of factors such as the year and make of the vehicle, place of registration, model and ex showroom price of the 2 wheeler. The increase in the price of the two wheeler consequently leads to an increase in the premium price while the existing clients are offered discounts on the renewal of the premium.
An insurance cover for a two wheeler provides for coverage of the policy for the theft or burglary of the vehicle, or its components or damages resulting on account of an accident or fire. In case of an insurance claim relating to the two wheeler, one needs to follow the following procedure while making an insurance claim:
In case of an accident or a third party insurance claim, the number of the colliding vehicle should be noted down as per the provision of the Motor Vehicles Act.
Name, address and contact number/details of the witnesses should be noted down.
A First Information Report (FIR) should be lodged in the nearest police station.
The insurer should be contacted who will provide the claimant with a claim number to be used for further communication.
A surveyor is appointed who makes a detailed survey and based on his finding he sends a report to the insurance company describing the approximate amount/value of loss.
Based on the report, the insurance company provides the claimant the claim money.
Till the person gets the claim money, s/he might have to carry on with the repairs of the two wheeler and get the claim reimbursement later on that is usually settled with a fortnight or so.
Long Term Act Policy Premium Schedule for Two Wheelers Only
| Age of Vehicle |
Below 250 cc (In Rupees) |
Above 250 cc (In Rupees) |
| Two wheeler upto 1 Year |
1103 |
1380 |
| Between 1 to 2 Years |
1060 |
1326 |
| Between 2 to 3 Years |
1012 |
1267 |
| Between 3 to 4 Years |
961 |
1202 |
| Between 4 to 5 Years |
908 |
1134 |
| Between 5 to 6 Years |
868 |
1063 |
| Between 6 to 7 Years |
789 |
987 |
| Between 7 to 8 Years |
724 |
905 |
| Between 8 to 9 Years |
653 |
817 |
| Between 9 to 10 Years |
577 |
721 |
| Over 10 Years |
498 |
622 |
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