Two Wheeler Insurance

In a country like ours, a major part of the population uses bikes or two wheelers to travel on a day to day bases. Since an important part of our lives depends on two wheelers, it becomes extremely important for us to protect our two wheelers from all risks.

This is the reason why insurance for our two wheeler’s is not an option but a mandatory requirement. In India having a third party insurance for a two wheeler has been made compulsory.

With the two wheeler market brewing with newer, faster bikes everyday making the purchase of the Bikes as expensive as cars makes it more and more relevant and important to have all the coverages like we do for our car insurance to protect ourselves from financial losses due to any unforeseen events.

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What is Motor Insurance?

A motor insurance policy is a mandatory policy issued by an insurance company as part of prevention of public liability to protect the general public from any accident that might take place on the road. The law mandates that every owner of a motor vehicle must have one motor insurance policy.It is an Insurance cover that is issued for Motor Vehicle, to protect the vehicle against risks, or others who might be at risk due to the vehicle. It is a mandatory policy that is issued by an Insurance Company to prevent public liability , prevent the public from any form of accident that might happen on  the roads. The law states that it is mandatory to have one Motor (third party) Insurance policy for every vehicle that an Individual owns.

 

 

 

Section 1 – Loss of or Damage to the vehicle insured

The Company will indemnify the Insured against loss or damage to the vehicle insured here under and/or its accessories whilst there on: 
By Fire, explosion self-ignition or lightning; 
By Burglary, housebreaking or theft; 
By Riot and strike; 
By Earthquake (Fire and Shock Damage); 
By Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost; 
By Accidental external means; 
By Malicious act; 
By Terrorist activity; 
Whilst in transit by road rail inland – waterway, lift, elevator or air; 
By Landslide, Rock slide.




Section 2: Liability to a third party damage


 If there is loss of life or injuries caused to the third party as a result of an accident caused by the insured person , he (the Insured) is liable to take care of the expenses of the third party.
Subject to the limits of liability as laid down in the Schedule here to the Company will indemnify the insured in the event of an accident caused by or arising out of the use of the insured vehicle against all sums which the insured shall become legally liable to pay in respect of :- 

a.   Death of or bodily injury to any person including occupants carried in the insured vehicle (provided such occupants are not carried for hire or reward) but except so far as it is necessary to meet the requirements of Motor vehicles Act, the Company shall not be liable where such death or injury arises out of and in the course of the employment of such person by the insured
b.  Damage to property other than property belonging to the insured or  held in trust or in the custody or control of the insured, provided always that the Company shall not be liable in respect of death injury  or damage caused or arising beyond the limits of any carriageway or thoroughfare in connection with the bringing of the load to the vehicle for loading thereon or the taking away of the load from the vehicle after unloading there from.

2. The Company will pay all costs and expenses incurred with its written consent.

3. In terms of and subject to the limitations of the indemnity granted by this section to the insured, the Company will indemnify any driver who  is driving the vehicle on the insured’s order or with insured’s permission  provided  that such driver shall as though he/she was the insured observe  fulfill and be subject to the terms exceptions and conditions of this Policy  in so far as they apply.

4. In the event of the death of any person entitled to indemnity under this policy the Company will in respect of the liability incurred by such person indemnify his/her personal representative in terms of and subject to the limitations of this Policy provided that such personal representative shall as though such representative was the insured observe fulfill and be subject to the terms exceptions and conditions of this Policy in so far as they apply.

5. The Company may at its own option  
(A) Arrange for representation at any Inquest or Fatal Inquiry in respect of any death which may be the subject of indemnity under the Policy  and  
(B) Undertake the defense of proceedings in any Court of Law in respect of any act or alleged offence causing or relating to any event which may be the subject of indemnity under the Policy. 



Insured Declared Value (IDV)

  • The Insured’s Declared Value (IDV) of the vehicle is the ‘SUM INSURED’ for the purpose of the policy which is fixed at the commencement of each policy period for the insured vehicle.
  • The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘sum insured’ for the purpose of the Policy which is fixed at the commencement of each policy period for the insured vehicle.  
  • The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model as the vehicle insured at the commencement of insurance/renewal and adjusted for depreciation.
  • The schedule of age-wise depreciation is applicable for the purpose of Total Loss/Constructive Total Loss (TL/CTL) claims only.
      



Depreciation

    

Rate of Depreciation for all other parts


   

No Claim Bonus


Any one claim will bring the NCB back to 0% and the same will increase in the same order as mentioned above and will become 50% in 5 Non Claim years.

While selling the old Two Wheeler, one should  get an NCB in abeyance letter from the Insurance Company, the NCB percentage will translate to NCB discount while buying the new Two Wheeler. 

Personal Accident Cover

Subject otherwise to the terms exceptions conditions and limitations of the Policy, the Company undertakes to pay compensation as per the following scale for bodily injury/ death sustained by the Owner-Driver of the vehicle in direct connection with the vehicle insured or whilst mounting into/dismounting from or traveling in the insured vehicle as a co-driver, caused by violent accidental external and visible means which independent of any other cause shall within six calendar months of such injury result in:


Provided always that
1. The compensation shall be payable under only one of the items (1) to (4) above in respect of the owner-driver arising out of any one occurrence and the total liability of the insurer shall not in the aggregate exceed the sum of 1 lakh during any one period of insurance.

2. No compensation shall be payable in respect of death or bodily injury directly or indirectly wholly or in part arising or resulting from or traceable to 
intentional self injury suicide or attempted suicide physical defect or infirmity or 
 an accident happening whilst such person is under the influence of intoxicating liquor or drugs.

3. Such compensation shall be payable directly to the insured or to his/her  legal representatives whose receipt shall be the full discharge in respect  of the injury to the insured. This cover is subject to :- 

a. The Owner-Driver is the registered owner of the vehicle insured   herein;
b. The Owner-Driver is the insured named in this policy.
c. The Owner-Driver holds an effective driving license, in accordance with the provisions of Rule 3 of the Central Motor Vehicles Rules, 1989, at the time of the accident.

General Exceptions

The Company shall not be liable in respect of:
1) Any accidental loss damage and/or liability caused sustained or incurred outside the Geographical Area.
2) Any claim arising out of any contractual liability.
3) Any accidental loss damage and/or liability caused sustained or incurred whilst the vehicle insured herein is:
a) Being used otherwise than in accordance with the Limitations as to Use or
b) Being driven by or is for the purpose of being driven by him/her in the charge of any person other than a Driver as stated in the Driver's clause.
4) a) Any accidental loss or damage to any property whatsoever or any loss or expense whatsoever resulting or arising there from or any consequential loss
b) Any liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from ionizing radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purposes of this exception combustion shall include any self-sustaining process of nuclear fission.
5) Any accidental loss or damage or liability directly or indirectly caused by or contributed to by or arising from nuclear weapons material.
6) Any accidental loss damage and/or liability directly or indirectly or remotely occasioned by or contributed to by or traceable to or arising out of or in connection with war, invasion, the act of foreign enemies, hostilities or warlike operations (whether before or after declaration of war), civil war, mutiny rebellion, military or usurped power or by any direct or indirect consequences of any of the said occurrences and in the event of any claim here under the Insured shall prove that the accidental loss damage and/or liability arose independently of and was in no way connected with or occasioned by or contributed to by or traceable to any of the said occurrences or any consequences thereof and in default of such proof the Company shall not be liable to make any payment in respect of such a claim.

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