Riding a two-wheeler is one of the most convenient modes of transport, especially to avoid traffic. However, you must ensure to buy a two-wheeler insurance policy to stay financially secure. Such policies provide you financial coverage against any damages or losses caused to your vehicle or a third party due to any untoward incident.
An insurance policy is an agreement between the insurance company and the policyholder, wherein the former extends financial coverage against the premium amount paid by the latter. The nature and extent of the coverage provided under two-wheeler insurance policies will depend on the type of two-wheeler insurance one opts for.
Read about the different types of two-wheeler insurance policies in details.
There are primarily three types of two-wheeler insurance policies in India:
Additionally, under two-wheeler comprehensive insurance, one can avail of additional coverage by including them on his/her base policy. Such add-ons include roadside assistance, zero-depreciation cover, and more.
To sum it up, having a valid third-party insurance plan is imperative to riding your motorcycle on public roads. However, choosing for a comprehensive plan will ensure that you get safeguard your vehicle against own damages from man-made or natural calamities apart from third party coverages, customers can choose a comprehensive two-wheeler insurance plan. On that note, one must always gauge his/her requirements and affordability before moving on with insurance policies.
With each passing year, where other insurance premiums tend to rise, car and bike insurance have a beneficial NCB, bringing down premium amounts.
No Claim Bonus is simply a perk given to policyholders for not making a claim in previous years. NCB in motor insurance can fetch up to a 20-50% discount on the payable premium amount by maintaining a claim-free record. NCB is not related to the make or age of the vehicle but solely on the claim record of the policyholder.
While purchasing a comprehensive motor insurance policy, you are generally not eligible for NCB unless in the case of NCB transfer. The policyholder will be eligible for NCB on the first renewal of the motor insurance policy, starting from 20%. This is applicable only if no claims have been made in the preceding years. The discount increases with every claim-free year up to a maximum of 50% at the end of five claim-free years.
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