How to buy the best and the cheapest two-wheeler insurance policy online? A two-wheeler insurance policy is a mandatory requirement if you own a bike. This mandate was passed under the Motor Vehicles Act, 1988 and includes all the vehicles running in India. So, if you own a bike, you are required to own a valid insurance policy on it too. Though a bike insurance policy is mandatory, there are ways in which you can keep premiums affordable. However, before going into the premium of two-wheeler insurance, let’s have a look into the types of policies available and the coverage that they provide –   Types of two-wheeler insurance plans There are two types of coverage options which are available under two wheeler insurance plans. These are as follows – Third party liability coverage Under this cover, the third party financial liability is covered which is incurred when you damage someone’s property or if any individual is physically hurt due to your bike. Third party liability coverage is the cheapest two wheeler insurance policy which is also mandatory as per law. Comprehensive package coverage Under comprehensive coverage, there are two coverage components. One is the mandatory third party liability coverage which covers […]

All You Need to Know About Tractor Insurance in India India is an agriculture-oriented country where more than 70% of its land is under agriculture. Agriculture, therefore, is the primary source of livelihood for most of the population of India. Tractors are an important component of the agriculture process as they help farmers in the cultivation and harvesting process. That is why tractors are very popular and in-demand among farmers and land-owners who use their lands for cultivation purposes. If the tractor faces damage, the farmers face a considerable financial loss. This is why tractor insurance policies become necessary. Besides the need to cover financial loss, since tractors are a type of vehicle, they need a valid insurance policy on them due to the provisions of the Motor Vehicles Act. Tractor insurance policies are, therefore, compulsory for tractors. Tractor insurance policies are sold by many insurance companies. These policies fall under the commercial motor insurance policies and they offer coverage for farm or commercial tractors. What is tractor insurance? A tractor insurance policy is a commercial motor insurance policy which covers tractors against damages suffered. There is also a third party liability coverage wherein damages caused by tractors are also compensated by […]

All You Need to Know About Motor Insurance Policies Motor Insurance-Overview Today, having your own vehicle and commuting using your own vehicle has become a necessity rather than a luxury. Short distance commute can be done easily by motorbikes and other two-wheelers whereas long-distance commute needs a four-wheeler. Travelling by a two-wheeler is advantageous in case of heavy traffic and it is also fun, especially for the younger generations; whereas commuting by a four-wheeler gives comfort. However, several risk factors are associated when you are commuting either by motorbike or by a car on the Indian roads. So, it is necessary to ensure the protection of your vehicle against any such risk factors and this can be feasible by vehicle insurance or motor insurance. Vehicle insurance or motor insurance is an agreement between the insurance provider and you for ensuring the protection of your vehicle in case of an unprecedented incident on the roads. Vehicle insurance is a mandate for all vehicles that are being used on the Indian roads. The main objective of vehicle insurance or motor insurance is to ensure the protection of your vehicle against any damage caused by natural or man-made calamities. With the recent amendments made to the Motor Vehicle Act, 2019 it has become […]

Commercial Vehicle Insurance – Compare and Buy Insurance Plans Every vehicle plying on the Indian road needs to be mandatorily insured. If you are running a business, Insurance required is needed for commercial vehicles also such as passenger-carrying vehicles, goods carrying vehicles, miscellaneous vehicles such as Cranes, Trailers and tractors. It is important to have comprehensive coverage for commercial vehicles as road mishaps can result in heavy liability and make your business suffer. What is commercial vehicle insurance? Commercial vehicle insurance is a type of motor insurance policy that provides coverage against liabilities arising out of third-parties when involved in an accident, loss or damage to the insured vehicle against various man-made and natural calamities along with personal accident coverage to the owner and paid driver. This coverage is also referred to as commercial car insurance and commercial truck insurance as insurance is most commonly associated with company cars and goods carrying trucks. Why do you need commercial vehicle insurance? Commercial vehicles are an important part of many businesses. If you are running a business and using vehicles for business purposes, it’s important to insure them adequately. Following are the main reasons why you need to insure your commercial vehicle: In case your commercial vehicle is involved […]

Do you know the coverage of your two-wheeler insurance policy? What do you do when you buy a new bike? You check its features, fuel efficiency, mileage, power, colour, price and other aspects ensuring that you select the best. Do you pay so much attention to the bike insurance policy which is also bought along with your bike? As per the provisions of the Motor Vehicles Act, 1988, your bike should have a valid two wheeler insurance cover on it if you want to drive it around. While the requirement of two wheeler insurance is common knowledge, the coverage that is available under the plan is not so commonly known. Many bike owners are clueless about the instances which would be covered by their bike insurance policies. This lack of knowledge is largely because of the technical concepts of insurance which escapes people’s understanding. So, let’s simplify the coverage aspects of two wheeler insurance policies. Coverage under two wheeler insurance plans depends on the type of policy that you buy. There are, essentially two types of policies, third party liability only plans and comprehensive plans. Moreover, there are also additional riders, called add-ons, which are available with comprehensive policies. Let’s, therefore, understand these […]

Insured Declared Value (IDV) – Details and Calculator (Car) Motor insurance is a compulsory requirement to ply your vehicle on Indian roads. When it comes to buying motor insurance plans, brochures and the policy-related document is often loaded with many insurance jargons which can make it confusing for you to understand. Insured Declared Value or IDV is one such jargon which needs to be understood properly to make the right and informed buying decision. So, what is insured declared value or IDV? Let’s understand as to what insured declared value or IDV means, how it is calculated and how IDV is going to impact your vehicle insurance policy. What is Insured Declared Value (IDV)? Insured Declared Value or IDV means the current market value of your vehicle. IDV represents the maximum sum insured fixed by the insurance company that will be payable during the total loss of vehicle during an accident or on the theft of the vehicle. IDV is calculated after factoring in the depreciation. Calculation of Insured Declared Value (IDV) Insured Declared Value (IDV) = Manufacturer’s listed selling price (excluding insurance and registration cost) – a depreciation of the vehicle Depreciation is deducted as per the schedule. Due to the depreciation factor, insured declared value (IDV) of the vehicle decreases […]

A beginner’s guide to comprehensive car insurance Indian traffic rules are governed by the Motor Vehicles Act which was passed in the year 1988. The Act lays down the rules which every vehicle should follow. One such rule prescribed by the Act is the requirement of a valid car insurance policy on every car which is running on Indian roads. The Act requires you to have a third party liability coverage which would protect the interests of other individuals if they suffer any loss due to your car. However, the third party cover does not cover the damages that your car might suffer. For such damages you would have to bear the repair costs yourself. But aren’t the repair costs too expensive? They are and so there is a comprehensive insurance policy for your car which covers the damages suffered by the car itself. Do you know what the policy is all about? What is comprehensive insurance meaning? A comprehensive car insurance policy is a policy which covers both third party liabilities as well as the damages which are suffered by the car itself. If the car is involved in an accident and gets damaged, a comprehensive insurance policy would […]