Two Wheeler Insurance

This policy covers all types of vehicles plying on public roads such as:-

• Scooters & Motorcycles

As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury or damage to property. A Certificate of Insurance must be carried in the vehicle as a proof of such insurance.

No claim discounts are available on renewal of policy, ranging from 20% to 50%, depending upon the type of vehicle and the number of years for which no claim has been made.

Scope

Liability Only Policy:

The policy covers the vehicle owner's legal liability to pay compensation for:

• Death or bodily injury to a third party person.
• Damage to third party property.

Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for INR 7.5 lacs under Commercial vehicle and private and INR 1 lakh for Scooters / Motor Cycles.

Rating factors:

Rating depends upon the following factors:

1. IDV
2. Cubic capacity
3. Geographical zone
4. Age of the vehicle
5. GVW of in case of commercial vehicles
6. Add on Covers

Add on covers

The policy can be extended to cover the following risks on payment of additional premium:

1. Loss or damage to accessories fitted in the vehicle such as stereos, fans, air-conditioners etc.
2. Personal accident cover under private car policies for:
   • Passengers
   • Paid driver
3. Legal liability to employees.
4. Legal liability to non-fare paying passengers in commercial vehicles.

Who can take the policy?

How to select the sum insured?

IDV

The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘SUM INSURED’ for the purpose of this 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 (as per schedule below)

The schedule of age-wise depreciation as shown below is applicable for the purpose of Total Loss/Constructive Total Loss (TL/CTL) claims only.

IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the insurer and the insured.

IDV shall be treated as the ‘Market Value’ throughout the policy period without any further depreciation for the purpose of Total Loss (TL) / Constructive Total Loss (CTL) claims.

The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and/or repair of the vehicle, subject to terms and conditions of the policy, exceeds 75% of the IDV of the vehicle.