Want to know more about the various bike insurance options available in India? You are in the proper location.
Riding a two-wheeler frees one from a number of restrictions. You don’t have to depend on unreliable public transportation, expensive auto-rickshaws, or time-consuming cab rides. Two-wheelers are preferred for commuting to work or school since they also have the benefits of easy manoeuvrability and easy parking. These are helpful in India’s congested conditions.
Being a responsible driver is a must for bike ownership. Along with observing traffic laws and acting courteously toward other drivers, it’s important to have the appropriate paperwork, including a valid driver’s licence and motorcycle insurance. In addition to being required, it is convenient to purchase bike insurance online, so you should be able to keep track and check bike insurance online wherever you are riding your bike on the road.
What is insurance for bikes?
Riding a bike on public roads can expose both yourself and others to the potential danger of accidents, collisions, and other incidents. As a result, both the bike and other drivers may suffer from either full or partial damage or even experience serious injury or passing away. To guard against these unfortunate outcomes, it is important to have bike insurance in place.
In a bike insurance policy, the insurer guarantees to cover all costs or obligations associated with the insured bike. The policy is a legal agreement between the insurance company and the policyholder, under which the former commits to providing insurance protection in exchange for regular and prompt premium payments from the latter. Depending on the sort of two-wheeler insurance selected, the scope and form of coverage supplied under a bike insurance policy will vary.
What two-wheeler insurance options are there in India?
In India, there are three main categories of bike insurance plans:
- Third-Party Liability-Only Bike Insurance
- Standalone Own Damage (OD) Bike Insurance
- Comprehensive Bike Insurance
- Coverage for third-party liability only: As per India’s Motor Vehicles Act, it is mandatory for a bike to be insured to take care of any liabilities arising from losses or damages inflicted upon third parties in case of accidents caused by the bike. This type of insurance is commonly referred to as Third-party bike insurance. Under this policy, if the insured bike is involved in an accident, the coverage includes compensation for any injuries or fatalities to third parties, as well as damages to their vehicles. *
As you can see, loss or damage to the insured bike is not covered by third-party liability coverage. You should either get a stand-alone own-damage policy or a complete bike insurance policy to cover the costs of the insured bike.
Individual own damage cover: An Individual Own Damage Bike insurance policies that cover the damages to the insured two-wheeler are known as two-wheeler insurance policies. It covers theft of the bike, the total damage to the bike, and damages brought on by natural and human-made disasters (damage beyond any repairs). But third-party liabilities are not covered by this policy. Therefore, this policy can only be purchased in conjunction with the legally required third-party liability coverage. *
Comprehensive two-wheeler insurance: Comprehensive bike insurance offers full protection for both you and your bike from third-party liabilities. It is a type of two-wheeler insurance that covers not only third-party legal and financial obligations but also provides personal accident coverage for the policyholder and own-damage coverage for the bike. Furthermore, policyholders can customise their coverage by adding special features, such as Zero Depreciation Cover, Roadside Assistance Cover, and others, to fit specific needs. *
You can make use of a two-wheeler insurance premium calculator to check the costs of your premium, which will help you choose the best coverage that suits your needs.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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