There are detailed and exact IRDAI regulations for two-wheeler insurance coverage in India. They go over the many kinds of ranges, the features and exclusions of a plan, guidelines for Bajaj Allianz two-wheeler insurance renewal of insurance, etc.
Rules For Two-Wheeler Insurance Coverage From IRDAI
IRDAI regulations apply to all conventional two-wheeler insurance policies offered by Indian insurers. The two basic categories of two-wheeler insurance coverage and their associated rules are listed below.
Insurance Coverage For Third Parties
The most basic motorcycle insurance plan is third-party liability insurance. The Motor Vehicles Act 1988 also mandates that all two-wheeler owners carry third-party insurance. However, this insurance policy’s coverage is limited to third-party liabilities, such as injury, passing away, or property damage to a third party.
Comprehensive Protection
The legally required Third-party Liability Cover and an Own Damage (OD) Cover are both included in Comprehensive Bike Insurance. The OD part of the policy financially protects against bike theft, natural disasters, accidents, and damage. Additionally, this cover can be enhanced with add-ons.
Coverage Categories
To ensure a just and effective insurance procedure, the IRDAI has established two-wheeler insurance regulations. An overview of the coverages available under the two basic plans may be found below. Look at the policy wordings for the relevant plan for specifics.
- Bike Insurance For Third Parties
As indicated, this plan offers the insured financial protection from third-party obligations. The following are some of its coverages by IRDAI criteria. The insurance will offer financial compensation if a third party is hurt or passes away. The amount of financial compensation will depend on the loss or harm sustained by the third party.
- Comprehensive Insurance For Bikes
As was already said, Comprehensive Bike Insurance provides more comprehensive coverage than the plan just mentioned. The following are some of its coverages by IRDAI criteria.
According to the plan’s provisions, in the event of an accident, the insurer will pay for replacing or repairing bike parts. If the two-wheeler is stolen or destroyed, the insurer will pay the Insured Declared Value (IDV) of the vehicle. You are also eligible for personal accident coverage in bike insurance.
Adhering to IRDAI rules for bike insurance policies is essential for both insurers and policyholders. These regulations aim to establish transparency, fairness, and reliability in the insurance sector, ultimately benefiting consumers and promoting a healthy insurance environment. Staying informed about these rules ensures that policyholders receive the coverage and service they deserve while insurers maintain compliance with industry standards.
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