The thrill and excitement of riding your first bike are unexplainable. However, owning a two-wheeler is quite a responsibility. Not only do you need to abide by the traffic rules, but also take self-precautionary measures.
Also, the condition of roads in India makes your bike vulnerable to road mishaps. In such a situation, you must safeguard your bike with an appropriate two-wheeler insurance policy.
In this article, we will be discussing a few crucial details that need to be taken into consideration when you buy bike insurance online.
Third-Party Bike Insurance – It is a mandatory coverage required by all vehicles running on Indian roads. Third-party insurance comes at a relatively low premium.
Comprehensive Bike Insurance – It is an extensive coverage provided by insurance providers. It offers all round insurance coverage to your vehicle, and thus, the premiums are high.
A third-party bike insurance policy is mandatory by law under the Motor Vehicles Act, 1988. However, there are a few benefits, such as –
The policy covers you against death or injury incurred by a third person in an accident that involves your vehicle.
Purchasing third-party insurance is simple. It does not require detailed paperwork. The main reason behind this is because the policy does not cover you against total damage or theft of your bike.
Compared to comprehensive bike insurance, the third-party insurance premiums are relatively low.
With third-party insurance, you will have peace of mind when riding your bike. Rest assured because the third-party liabilities (like unforeseen deaths or injuries to third parties) are covered under this plan.
A comprehensive bike insurance plan provides extensive coverage and is more effective compared to third-party insurance. Apart from all the third-party benefits, comprehensive insurance plan offers coverage over and above your underlying policy. Some of the key takeaways of comprehensive bike insurance are as follows –
It provides personal accident coverage
It extends the protection to expenses incurred by you and your bike during unfortunate events
It also covers all the third-party liabilities
It offers coverage to the injuries suffered by the rider
Technically, third-party insurance policy serves a significant purpose – that is complying with the law – wherein it is mandatory to have bike insurance under your name. On the other hand, a comprehensive bike insurance plan provides extensive coverage. It not only covers the damage expenses incurred by your bike but also covers third-party liabilities.
If you are purchasing an insurance policy online, keep this checklist handy –
Apart from this, if you opt for comprehensive coverage, it also offers add-ons. These add-on coverages include –
With the checklist above, you will be able to make an informed decision when purchasing the best two-wheeler insurance policy. In case you are looking for a comprehensive insurance policy, browse through different plans available on Finserv MARKETS. It protects your vehicle against any unforeseen accidents, theft, and loss incurred due to human-made or natural disasters. With us at Finserv MARKETS, you can benefit from features like on-road assistance, cashless servicing, hassle-free claim settlement, and so much more.
In fact, renewing bike insurance is quite straightforward too. You can renew your policy online anytime and on the go! So, why wait? Get your bike insured with an appropriate insurance plan available on Finserv MARKETS, right away.
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