Different Types of Two-Wheeler Insurance Policies: First of all thanks for landing on this page. Today we will discuss about Different Types of Two-Wheeler Insurance Policies If you have any two wheeler vehicle you must need to read this article different types of two-wheeler insurance policies
Different Types of Two-Wheeler Insurance Policies
Those who own a motorcycle must be aware of the Insurance policies that are very much mandatory to be taken along with other related documents. In fact, even those who are not related to any type of motor vehicles also knows about the Motor Insurance Policies. It is because they are very much important to take and to know about. Road accidents are very much common now and we hear about such cases every now and then. So, it is very much important to opt for something that can support us in case of such situations. The Motor Insurance is perfectly doing this for the people and that is why it is considered as mandatory by most of the people. Apart from the security point of concern, it is also made as mandatory by the Government of India.
Different Types of Two-Wheeler Insurances: –
The Two-Wheeler insurances are basically divided into two types depending on the type of coverage that it provides to the insured vehicle and traveler. The owner of the vehicle can decide which type of policy he likes to select depending on his situation. Here we are going through a detailed review of the different types of motor insurance plans. Hope this information can help you in taking a decision on which one to select.
- Third Party Insurance Plan: – This the most common type of insurance policy taken by the majority of people who runs a motorcycle. In this case, the owner of the vehicle with the insurance will not get any financial support in case of an accident. Any damage happened to his vehicle should be taken care by himself only. This type of Insurance will only support the owner of the vehicle to pay any claims raised by a third party because of an accident between them. However, in most of the cases, this seems more than enough for the policyholder as he can save a lot of money through this option.
- Comprehensive Insurance Plan: – The premium amount of these policies is higher as compared to the third-party insurance plans. This is because it provides some additional features than the third-party insurance plans. In this case, the owner of the insured vehicle will get the benefit of insurance cover from man-made disasters or natural calamities. Along with this feature, it provides the same benefits as that of the third party insurance plans. Even though it requires some additional cost, it is always better to go ahead with the comprehensive insurance plan as it can provide your vehicle with a complete protection.
If you are taking the insurance for your vehicle for few years, you can find that the amount is not the same every year. There are certain factors that depend on the premium amount to be paid for your two-wheeler. The vehicles’ age is one of the most important factors among them. That is why you can observe the variation in the premium amount for the same vehicle every year. In the life insurance policies like the ones from the LIC of India, the policyholder will get the paid premium back at the end of the policy schedule. But in the case of Motor Insurance policy, the policyholder will not get any such assured amount in return. So, the motor insurance can’t be considered as an investment option. That is the major difference between these two types of policies.
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