Buying Two-Wheeler Insurance? Bike insurance / two-wheeler insurance

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Buying Two-Wheeler Insurance? Here is everything you need to know about buying two-wheeler insurance / two-wheeler insurance? Here are two things you need to know about two-wheeler insurance

In India, it is mandatory to have motor insurance as per the Motor Vehicles Act, 1988. This means that buying bike insurance is not an option but a compulsion. Bike insurance is a type of motor insurance offered under the general insurance category. It protects you and your vehicle in case of any road accident. In simple words, it provides you with financial coverage in case of accidents, theft, third party liabilities and more. The proposed financial coverage depends on the coverage as per the selected policy.

Kinds of Bike Insurance in India / type of bike insurance in India

In India, many different insurance policies are available to cater to the needs and requirements of different insurance buyers. Each person has different insurance needs. Keeping this in mind, insurance companies offer bike insurance policies to meet the demands of diverse customers.

Bike owners can choose a two-wheeler insurance plan that fits their budget and adequately covers them for future risks. In India, insurance companies mainly offer two types of bike insurance policies which are as follows.

Third-Party Insurance or Liability-Only Insurance
Third party insurance or liability-only insurance

According to the Motor Vehicles Act, 1988, every vehicle owner must purchase an insurance plan for vehicles plying on public roads. In case of an accident, third party liability insurance protects the policy holder from the legal liabilities of a third party. In simple terms, if an accident results in a loss to the life or property of a third party, the insurance company will cater to the third party (on behalf of the policyholder). However, third party bike insurance does not cover the damage caused to the policyholder's bike. True to its name, third party liability only provides insurance protection for damage or injuries to a third party by the policyholder's bike.

This is the reason why third party bike insurance is offered by many insurance companies in India at a low premium rate. You can buy this type of bike insurance for a period of one year and opt for renewal on yearly basis. It is flexible, easy to buy and easy on the pocket.

Who can buy Third-Party Bike Insurance?
Who can buy third-party bike insurance?

A third party bike insurance plan can be purchased for both personal (personal,) and commercial (business related) two-wheelers. If you are running a delivery business, the bikes used to run the business must be insured under third party liability insurance for commercial vehicles.

No team  is - can be purchased by a third party bike insurance either bike owner or lessee for commercial bike (Anyone who wants to buy a bike lease).

How Third-Party Bike Insurance Premium Calculated?

The premium for the third party liability plan is designed on the basis of the engine's CC (cubic capacity). The premium rate for the third party liability plan is prepared by IRDA.

Things to Keep in Mind. While Buying Third-Party Bike Insurance.
Things to keep in mind when purchasing third party bike insurance.

Buying Two-Wheeler Insurance? Bike insurance / two-wheeler insurance

Each insurance plan comes with its own set of inclusions and exclusions which are clearly stated in the policy copy. It is important that you fully run your eyes through the fine print of the policy document before purchasing any type of insurance policy. These inclusions and exclusions of cover make a big difference to your security as well as premium rates.

Comprehensive Bike Insurance Policy / comprehensive bike insurance policy

True to its name, a comprehensive bike insurance policy provides comprehensive insurance coverage in case of a road accident. It provides a third party liability bike insurance coverage to meet the legal obligations of the e-policyholder toward the third-party, in the event of an accident leading to injury, death, or property damage.

A comprehensive bike insurance policy provides the policyholder with insurance coverage in case of various unfortunate incidents such as natural calamities, man-made disasters, accidents, damage due to theft, etc.

Benefits of Buying Comprehensive Bike Insurance Policy / Benefits of buying Comprehensive Bike Insurance Policy

A comprehensive bike insurance policy provides much needed financial coverage in case of third party liability arising due to accident, accident, man-made hazards, natural hazards and damage caused by theft. Additionally, it  provides protection to the policyholder as well as co-riders through personal accident insurance cover  . However, coverage is offered under an additional cover. To avail advanced coverage, you have to pay a little extra premium. The proposed benefits would be worth it as it would also be a co-rider.

Why Buy Comprehensive Insurance Bike Insurance?

Why buy comprehensive insurance bike insurance?

It is advisable to opt for comprehensive bike insurance, as it provides enhanced coverage against various unforeseen circumstances which may be a financial burden in the future. In simple terms, comprehensive bike insurance is an inclusive plan. While the premium is higher than the third party liability plan, so is the coverage.

Many bike owners often do not pay attention to the benefits of comprehensive bike insurance and are reluctant to pay higher premiums. They think that it is better to buy third party insurance cover as it meets their legal liability. But it is not true. If you are already paying the minimum premium for a third party liability cover, then why not opt ​​for a comprehensive cover, just by adding a little to the cost? That small premium gives you many advantages and benefits that are necessary to protect you financially.

Remember, casualties are not reported before they happen, so it is better to be safe than sorry. If you have a comprehensive bike insurance cover, you will not have to spend it alone in the future. If you have enough money to buy a comprehensive bike insurance plan, it is recommended to choose. By doing this, you will be able to ride your bike peacefully.

Additionally, it provides personal accident insurance coverage to the policyholder.

What's Personal Accident Cover? / What is Personal Accident Cover ?

Buying Two-Wheeler Insurance? Bike insurance / two-wheeler insurance

Many insurance companies in India also provide personal accident cover coverage to the policyholder. This is an additional benefit that can be availed by the policyholder. Under personal accident coverage, in case of an accident, the policyholder is entitled to receive medical coverage and monetary assistance. It also includes total or partial disability in case of accidents.

Note - This is an additional benefit and is not provided by all insurance companies. In addition, the cost is covered to a certain extent.

How Comprehensive Bike Insurance Premium Calculated?

How is Comprehensive Bike Insurance Premium Calculated?

The insurance company calculates insurance premiums based on various factors such as the driving skills of the owner, the age of the bike, a model of the bike, and most importantly the risks associated with the policyholder.

Bike Insurance Add-on Covers / bike insurance add-ons

Buying Two-Wheeler Insurance? Bike insurance / two-wheeler insurance

Comprehensive bike insurance cover provides coverage against the unfortunate circumstance which can incur heavy expenses. As mentioned earlier, a comprehensive insurance policy comes with basic insurance coverage. Therefore, if you feel that you need enhanced protection, you can opt for additional coverage. Many insurance companies offer add-ons under a bike insurance policy to meet the insurance requirements of insurance companies. If you want to avail the add-on cover then you have to pay extra. Listed below are some add-on covers that are very popular when it comes to bike insurance.

Personal Accident Cover for  Back Seat : Personal Accident Insurance for Back Seat provides coverage to the policy holder in case of damage caused by an accident or any other condition covered under the insurance scheme. The add-on cover provides protection in case of partial / permanent disability or the death of a back seat rider. The sum insured depends on the type of injury suffered by him during the accident.

In case of an accident, the rider as well as the rear seat rider may be injured. A number of bike insurance policies do not provide back seat rider injuries under basic coverage. You will have to buy additional insurance coverage to protect the rear seat. It is recommended to buy an add-on cover for back seat protection.

Around the Clock Roadside Assistance : Under this add-on cover, the policyholder can move around the roadside assistance in case of breakdown of the bike or mechanical failure. You can take advantage of features such as the purchase of add-ons, you break up because of support by the technical team at the time of free towing, urgency insured bike, venue, minor repairs bike repairs etc.  is.

Accessories Cover : Add-on accessories cover provides coverage to all electrical or non-electrical items of the bike. This means that in case of any loss of covered goods; The insurance company will cover the expense by either replacing or repairing the goods.

The add-on covers provided by different companies vary according to the company policy and terms. Also, the rate of premium for obtaining bike insurance add-on cover is different from insurance company to insurance company. Therefore, before you decide to buy any type of bike insurance with or without add-ons, it is recommended to search the insurance market.

In short

The insurance market is huge, with insurance providers offering bike insurance at competitive prices. Although market discovery can be a time-consuming process, it will help you to get the best bike insurance policy with all the benefits required at an affordable premium rate.

You can also read online company reviews to understand which company offers better benefits. Consider the goodwill and reputation of the insurance company before purchasing a bike insurance policy.

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