Scooty insurance (also known as two-wheeler insurance) is a type of insurance policy, which offers financial cover to the owner of a scooter or moped in case of loss or damage due to accidents, theft, fire, natural calamities, or the third party liabilities.
Types of Scooty Insurance:
- Third-Party Insurance (Law Obligatory)
- Covers are for any harm or damage done to another person, car or property by your scooty.
- You have your own scooty, which it does not cover.
- Mandatory according to the Motor Vehicles Act, 1988.
Comprehensive Insurance
- Includes a cover of third-party damages and your vehicle as well.
Protection from:
- Accidents Theft Fire Nature catastrophes (flood, earthquake, cyclone, etc.)
- Natural disasters (fire, earthquakes, floods, etc.)
- Own Damage (OD) Insurance (when the third-party cover is valid on the vehicle)
- Reimbursement of damage to your scooty only.
- Add-on Covers (Optional):
- You can improve on your policy with:
- Zero Depreciation Cover (no deduction on the depreciation of parts)
- Roadside Assistance
- Engine Protection Cover
Covrages of Scotty Insurance
Third-Party Liability Insurance
This is the simplest and the legally necessitated insurance in Motor vehicles Act, 1988. It covers: Destruction of third-party property (e.g. the wall, another vehicle, or a shop). Hurt or death of a third party as a result of your scooter. Lacks off loss to your own scooter. Scenario: When you run over a car with your scooter, your insurance will cover the repair of the car- not yours.
Own Damage (OD) Coverage
This is not mandatory (or even a part of an overall policy). It includes the destruction of your own scooter because of: Accidents or collisions Fire or explosion [?] Natural disasters Cyclone, earthquake, landslide, etc. Artificially created disasters - riots, vandalism, strike, or malaise. Losses during transit (when being shipped). The scooter is stolen or completely lost.
Personal Accident (PA) Cover
Pays financial assistance in case the owner-driver suffers an accident leading to: Death Permanent total disability Permanent partial disability. Typical cover is up to 15 lakh (as per IRDAI guidelines).
Add On Coverage
Zero Depreciation cover,Engine & Gearbox Protection,Roadside Assistance,Consumables Cover,Helmet Cover,Return-to-Invoice Cover