🔹 Types of Two Wheeler Insurance
1. Third-Party Insurance (Mandatory)
- Covers damages caused to third-party person, vehicle, or property
- Mandatory under Motor Vehicles Act, 1988
- Does not cover your own vehicle damage
👉 Best for: Low-cost compliance only
2. Comprehensive Insurance
- Covers:
- Own vehicle damage
- Third-party liabilities
- Theft & fire
- Natural calamities (flood, earthquake, cyclone)
- Option to add extra covers
👉 Best for: Full protection
3. Standalone Own Damage (OD) Cover
- Covers only your own vehicle damage
- Must be purchased with valid third-party insurance
👉 Best for: Vehicles already having third-party policy
🔹 Key Features
- ✅ Coverage for accidents & collisions
- ✅ Protection against theft & total loss
- ✅ Cashless repairs at network garages
- ✅ Personal accident cover for owner-driver
- ✅ No Claim Bonus (NCB) benefits
- ✅ Quick online policy issuance & renewal
🔹 Add-On Covers (Upsell Opportunity 💰)
- Zero Depreciation Cover
- Engine Protection Cover
- Roadside Assistance
- Consumables Cover
- Return to Invoice Cover
- Key Replacement Cover
👉 These increase premium but also increase margin for your business
🔹 What is Covered?
- Accidental damage
- Theft of vehicle
- Fire & explosion
- Natural disasters
- Man-made disasters (riots, vandalism)
- Third-party injury/death/property damage
🔹 What is NOT Covered?
- ❌ Driving without valid license
- ❌ Drunk driving
- ❌ Wear & tear / mechanical failure
- ❌ Using vehicle for illegal purposes
- ❌ Policy expired cases
🔹 Documents Required
- RC (Registration Certificate)
- Driving License
- Previous Insurance Policy (if renewal)
- ID & Address Proof
🔹 Claim Process (Simple Flow)
- Inform insurer immediately
- File claim request
- Surveyor inspection
- Repair at network garage
- Claim settlement (cashless/reimbursement)
🔹 Top Insurance Providers in India
- HDFC ERGO General Insurance
- ICICI Lombard General Insurance
- Bajaj Allianz General Insurance
- Tata AIG General Insurance
- Reliance General Insurance
🔹 Pricing Factors
- Vehicle type & model
- Engine capacity (cc)
- Location (city tier)
- Age of vehicle
- Claim history (NCB)
- Add-ons selected
🔹 Business Opportunity (For Ratro 🚀)
- Earn commission per policy sale
- Cross-sell with:
- Loan services
- Vehicle onboarding
- Credit cards & fintech services
- Build agent network across India
- Offer instant digital policy issuance
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