IRDA was founded in 2000. IRDAI is its current name. This autonomous body sets Indian insurance rules to ensure fairness, clarity, and order. #
- IRDAI two-wheeler insurance rules#
India’s IRDAI two-wheeler insurance rules are detailed. It includes coverage types, plan inclusions and exclusions, insurance renewal rules, etc. They protect the insured, as mentioned. Thus, they bind the insurer and insured.#
IRDAI two-wheeler insurance guidelines
IRDAI regulates all Indian two-wheeler insurance policies. Two basic 2-wheeler insurance policies and their guidelines are listed below.
The most basic bike insurance is third-party bike insurance. The Motor Vehicles Act of 1988 requires two-wheeler owners to have third-party insurance. This insurance policy only covers third-party liabilities like injury, passing away, or property damage.
- This plan covers third-party liabilities, as mentioned. These are IRDAI-mandated coverages #
- The insurer pays for third-party injuries or passing away
- Third-party losses or injuries will determine monetary compensation
- Compensation for untimely passing away is based on the deceased’s net worth
- This plan covers third-party property damage. Damage intensity determines financial compensation
Comprehensive bike insurance covers third-party liability and own damage (OD). The OD cover protects against bike theft, accidental damage, and natural and manmade disasters.
- Comprehensive motor insurance covers more than the above plan. These are IRDAI-mandated coverages #
- In an accident, the insurer will replace or repair bike parts
- If the two-wheeler is stolen or destroyed, the insurer will pay the IDV
- Bike parts damaged by natural or manmade disasters will be compensated
- The insurer will compensate scenarios based on add-ons
- IRDAI personal accident (PA) cover rules #
It’s a government-mandated PA coverage. It’s separately bought when insuring your car. It will pay a lump sum if the insured passes away or becomes disabled.
PA covers up to 15 lakhs. The insurer may pay a percentage of the sum insured depending on the loss.
- IRDAI new two-wheeler insurance rules#
2020 IRDAI two-wheeler insurance rules include these.
- The bike rider receives a challan of Rs. 500 for the first offence and Rs. 1,500 for repeat offences
- Road rules violations result in Rs. 500–1,000 fines
- Riders will be charged Rs. 2,000 for not cooperating with authorities
- Riding without a licence will cost Rs. 5,000
- Riding a bike after disqualification will cost Rs. 10,000
- Riding overspeeding will cost Rs. 1,000.
- The rider must pay Rs. 1,000 or serve six months for dangerous driving
- Mandatory bike insurance documents
Your insured two-wheeler must always carry the following government-mandated documents.
- Two-wheeler insurance
- Driving licence
- IRDAI’s depreciation rules#
Two-wheeler part depreciation guidelines from IRDAI are below.#
- Fibreglass components depreciate 30%
- Tubes, rubber, batteries, nylon, plastic, and tyres depreciate 50% in two-wheelers
- Glass depreciates nothing
- The policy will depreciate metal parts
- IRDAI two-wheeler insurance renewal rules#
Some key IRDAI bike insurance renewal rules are below. #
- Continuous coverage requires timely policy renewal
- The insurer will not cover damages after the policy expires
- No Claim Bonus (NCB) will be lost if bike insurance is not promptly renewed within 90 days
* Standard T&C Apply
# Visit the official website of IRDAI for further details.
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