For two-wheelers, the Motor Vehicles Act has made it compulsory to at least have a third-party insurance policy. This law carries financial penalties for non-compliance. Non-compliance can also get you jailed!
Uninsured bike accidents can have serious legal repercussions.
Why is it essential for bikes to be insured?
Accidents are unpredictable. This unpredictability makes insurance for yourself and those affected by your vehicle important.
India has two types of bike insurance policies: Third-party Liability (which is compulsory) and Comprehensive. *
A comprehensive plan has broader coverage and includes third-party liability. So, no matter which plan you select, your bike insurance policy may always include Third-party Liability coverage.
How does bike insurance protect you?
Bike insurance protects you from legal liabilities and financial losses from bike accidents.
- Legal liabilities: If your bike crashes and injures a pedestrian or damages property, you may have to pay. The terms and conditions of Third-party Liability coverage shield you from such legal obligations. *
- Spending: A Comprehensive Bike Insurance Plan will help you repair your bike after riots or flash floods without spending a lot of money. The insurance company will fix it according to the policy’s terms and conditions. *
What does two-wheeler insurance cover?
The type of two-wheeler insurance plan determines its coverage. A standard third-party liability plan provides limited coverage, whereas a comprehensive plan with appropriate add-ons provides significant coverage.
- Third-party liability covers: A liability-only policy covers only legal obligations arising in the event of an accident. The insurer handles legal concerns related to third-party harm or property damage as per the policy terms. They compensate third parties for such damages and injuries. However, it offers no coverage to the policyholder. *
- Comprehensive cover: This plan covers the following.
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- Third-party liability cover – It covers whatever is mentioned under the above-mentioned ‘Third-party liability’ cover plans. *
- Loss due to natural disasters – Natural disasters, including flash floods, cyclones, and fires, have damaged several Indian regions. The insurer will cover bike repairs caused by such issues. *
- Loss due to man-made disasters – Riots can harm city infrastructure. Your insurer will compensate you if riots destroy your bike. *
- Loss due to theft – Semi-urban and urban locations might also have bike theft. Under a comprehensive plan, bike theft coverage is included. *
- Comprehensive plan and add-ons: You can add several add-ons to a comprehensive plan to boost coverage. You have to obviously pay extra for each. These add-ons provide excellent support. Here are a few popular bike insurance add-ons –
- Zero Depreciation: This add-on lets the insurer settle claims without depreciation. Thus, your claim payouts increase. *
- Pillion Rider Cover: Pillion rider accident coverage. If you frequently ride with a pillion, this add-on is great. *
- Invoice Protection: If you choose this add-on, the insurer will pay the bike’s invoice value if it’s totaled. In total loss claims, the insurer analyses the Insured Declared Value. The Insured Declared Value is always less than the Invoice Value. *
Nowadays, practically everything can be purchased online with only a few clicks. Bike insurance is no different. You may ensure your bike in under five minutes on any insurance company’s website. Online two-wheeler insurance is simple, fast, and easy to claim.
While purchasing two-wheeler insurance online, consider these points –
- Understand your insurance needs before buying. *
- Check the bike insurance price, coverage, and features of the policy in detail. In this process, use a two-wheeler insurance premium calculator to compare different premiums available online. *
- Do not skip reading the terms and conditions. Go through it once to see if there is any fine print. *
- Digital-first insurers offer better coverage at extremely affordable prices.
- Go for a comprehensive plan that offers enhanced coverage.
- Only select those add-ons that you think add value to your policy.
* 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.’
