For several Indian travellers who use the roads, one of the fastest ways of travelling is riding a bike. Considering the number of two-wheelers on Indian roads, the biggest challenge of riding a bike safely is avoiding accidents. Owning a two-wheeler comes with tons of responsibilities. One of the most crucial duties of every bike owner after purchasing a two-wheeler is ensuring his vehicle. According to the Motor Vehicles Act, 1988, buying third-party bike insurance is mandatory. Two-Wheeler insurance protects the policyholder and his vehicles in times of unfortunate events like road accidents, natural calamities, and so forth.
Although third-party coverage is essential, a policyholder must also look at the other types of bike insurance. He/she must make the final selection based on his needs and preferences. Here’s a closer look at the two main categories under a bike insurance policy:
What are the types of two-wheeler insurance?
It covers third-party liabilities like bike damages, physical injuries, and so forth. Therefore, the financial coverage is limited only to the damages caused to the other person. Moreover, having liability coverage is mandatory as per the Motor Vehicles Act, 1988.
It covers the third-party damages as well as the policyholder’s damages. Moreover, it offers financial coverage to manage the policyholder’s expenses as well as third-party expenses. However, buying comprehensive insurance is not a compulsion as per any law.
Whether you opt for a two wheeler insurance renewal online or buy a new policy, every individual must read the insurance document carefully. Analysing the policy papers helps an investor to understand the inclusions and exclusions of the policy. Go through the inclusions and exclusions specified in two-wheeler insurance policies mentioned below:
What are the inclusions and exclusions of a two-wheeler policy?
- Any personal or physical loss due to the occurrence of natural calamities like earthquakes, fire, floods, and so on.
- Any personal or physical loss due to man-made calamities like terror attacks, damages during transit, etc.
- It offers a personal accident cover of over Rs.1 Lakh to the owner or the driver of the vehicle. Moreover, a policyholder can include additional riders with this policy.
- It tackles all the third-party liabilities. two wheeler insurance through Finserv MARKETS provides the policyholders with a liability cover as well.
- It does not cover any repairs due to the constant wear and tear of the vehicle.
- Any mechanical or electrical breakdown of the two-wheeler.
- Intentional damage to the bike. For instance, a bike damaged due to its involvement in sports or adventurous activities.
- Damage caused while driving due to the consumption of alcohol or drugs.
- Damage caused due to natural calamities.
- Damage to the tyres and tubes of the vehicle.
To sum up, having an insurance plan is the need of the hour. A majority of insurance companies allow the policyholder to renew bike insurance as well as insurance online. Two-wheeler Insurance available on Finserv MARKETS allows customers to purchase the policy online. It is a time-saving, convenient, and affordable way to buy a policy with ease.
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