About Two Wheeler Insurance in Mumbai
As one of the largest cities in the world, Mumbai has thousands of two wheeler vehicles purchased every day, indicating that people will continue coming into the city of dreams even when growth reaches its saturation point. However, with every two wheeler purchase in Mumbai comes the need to get the right two wheeler insurance policy that meets your needs and requirements.
Two wheeler insurance policy protects the owner against I) damages to the insured vehicle, and II) any third-party liability as determined by the law.
Getting a two wheeler insurance policy in Mumbai is important, given the situation and the wear and tear your two wheeler endures. Wear and tear include damaged roads and monsoons that can cause further damage there.
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Types of two wheeler insurance in Mumbai
Third Party Insurance
The Motor Vehicle Act of 1988 has deemed it mandatory to own third-party insurance. Driving without it is a punishable offence under the act.
Own damage to two wheeler
Own damage to two wheeler will help you stay covered against damaged that your vehicle faces in case of an accident or theft. In case of an accident, own damage to your bike in case of an accident in Mumbai will compensate you for expenses to repair or replace parts of your damaged two wheeler.
What own damage does not cover
This insurance policy will not cover the following:
- Damage to third-party vehicle
- Damage to third-party property
- Injuries to other people in an accident
- Normal wear and tear
- Mechanical or electrical breakdown
- In case you use your private two wheeler commercially
- Driving under the influence of alcohol or drugs
- Driving without a licence
- Consequential loss.
Liberty General Insurance gives you the option to choose various add-on covers these include
- Depreciation cover
- Passenger assist
- Consumable cover
- Engine safe cover
- Key loss cover
- Roadside assistance cover
I want to do a multi-year two wheeler insurance policy. What is it?
Multi-year two wheeler insurance policy for your Mumbai bike is the same as bike insurance policy. The only difference is that it covers more than one year. You have the option of choosing 2 to 3 years of coverage time. However, if you’re buying a new two wheeler in Mumbai, according to the Insurance Regulatory and Development Authority, you need to have a five-year insurance cover.
What is depreciation cover in bike insurance policy?
Zero depreciation cover also known as depreciation cover or nil depreciation does not deduct in case of depreciation, thus offering complete cover i.e. in case your two wheeler meets with an accident in Mumbai, no depreciation is subtracted from the coverage for depreciation and the insurance company will pay out the entire cost of the body part for replacement.
How do I get my two wheeler insurance policy?
If you are a new two wheeler owner or want to port your insurance policy from another company to LGI you can do it easily online. If you’re a new customer or an existing one, you will have to buy or renew your policy every year
A soft copy of the policy will be sent to your email address, while the policy document will be mailed to your registered home or office address. We encourage you to buy and renew your policy online, as it is also a green initiative.
Should I buy third-party or comprehensive two wheeler insurance?
Third-party bike insurance is mandatory according to the Motor Vehicle Act of 1988. However, it is advisable to buy a comprehensive insurance, as third-party insurance only covers third-party liability, and any damage to your bike will not be covered. You can choose one of several Liberty General two wheeler insurance policies that cater to your requirements to ensure that you don’t feel the pinch in case your two wheeler is damaged. You should also look to buy an add-on cover so that you can secure the best possible protection for yourself. Some of the add-on policies include Depreciation Cover, Engine Safe Cover, Passenger Assist Cover, Gap Value, Key Loss Cover, Roadside Assistance Cover, Consumable Cover.
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Registration Number: 150 | ARN:Advt/2018/March/26 | CIN: U66000MH2010PLC209656
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