MOTOR PACKAGE INSURANCE POLICY FOR TWO WHEELER

 

What is covered under Two Wheeler Insurance Policy:

The Package Policy covers

1. Accidental Loss of or damage to the Vehicle

2. Liability to third parties, Personal accident cover to owner driver.

3. Various Add on Covers on extra premium


Loss or damage to two wheeler caused by : 

4. Accidental external means. 

5. Burglary, House Breaking or Theft.

6. Fire, Explosion, Self Ignition & Lightening. 

7. Earthquake, Flood, Storm, Landslide or Rockslide, Inundation, Terrorism, Riots, Strikes, Malicious Acts 

8. Transit by Road, Rail, inland waterways, air or lift.

 

What is the Amount of Insurance:

The amount of Insurance will be Insured Declared value of the Vehicle (IDV). IDV for vehicle less than five years old is the Manufacturers listed selling Price which is adjusted for Deprecation based on age of Vehicle. For vehicles beyond five years of age and obsolete vehicles, the IDV is mutually agreed value.

 

How is the Premium Calculated :

The Premium calculation is based on the following factors: 

1. IDV of the vehicle

2. Cubic Capacity of the vehicle

3. Zone of Registration

Age of Vehicle Additional Premium for : 

(i) Electrical & electronic items 

(ii) CNG/LPG FUEL 

(iii) Add on Covers 

(iv) Extra Benefit

 

What is the Period of Insurance :

Coverage period is for one year, however shorter duration covers are also available.

 

What is not covered under the Two Wheeler Package Policy:

1. Damage by a person driving without a valid driving license

2. Mechanical or Electrical breakdown, failure 

3. Damage by a person driving under the influence of liquor/ Alcohol/ Drugs 

4. Depreciation, any consequential loss 

5. Loss/Damage attributable to War/Mutiny/Nuclear risks

6. Damage to tyres/tubes, unless damage to the vehicle in the accident with liability maximum fifty percent of value. 

7. Damage, outside India unless covered by extra premium for Nepal, Bhutan & Bangladesh, Pakistan, Sri Lanka &Maldives 

8. Two Wheeler being used for Hire or Reward, speed testing, or Racing, Reliability Trials. 

9. Loss of or Damage to accessories by Burglary, Housebreaking or theft unless the Vehicle is stolen at the same time.

 

Discounts in Premium:

Following Discounts in premium may be granted: 

a) Voluntary Deductible 
b) Discount for anti theft Device 
c) If no claim is preferred in the expiring Policy, a Bonus or Discount named NO CLAIM BONUS is given on the Premium of the new Policy. 
d) Automobile Association discount

 

What does liability to third parties mean in the coverage:

If the insured vehicle causes Injury/Death and/or Property Damage to a third party, the legal liability arising out of the same to a third party is covered under liability to third parties

 

What is the Period of Insurance :

Coverage period is for a year, however shorter duration covers are also available.

 

Important Policy Conditions:

Immediate Notice shall be given to the company in writing upon occurrence of accidental loss/Damage. The Company may at its option repair, reinstate or replace the vehicle or part thereof . Insured shall take all steps to safeguard the vehicle and company has the right to inspect it at any time.