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04 Nov 2019
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A lot of people in India use a two-wheeler for their daily commute. But the increasing traffic and degrading road conditions add to the trouble of these daily commuters. In such a situation, if anything was to happen to the vehicle, it can take a financial toll on you.

This is where a two-wheeler insurance policy comes in handy. As a matter of fact, two-wheeler insurance is mandatory in India under the Motor Vehicles Act, 1988. With two-wheeler insurance under your name, you no longer have to worry about any loss or damage incurred by your bike.

All insurance companies offer two types of policies –

  1. Third-Party Bike Insurance

  2. Comprehensive Bike Insurance

Third-Party Bike Insurance Coverage

Third-party bike insurance is mandatory by law. Under this policy, you will be covered for any financial loss or physical destruction incurred by you and your vehicle, thus saving you a lot of time, efforts and legal troubles (if any).

You can claim in case of accidental deaths or severe damage to you or the third party property because of your vehicle. Generally, the third-party insurance policy has low premiums. It is the most affordable insurance that you can utilize to safeguard your bike.

Third-Party Bike Insurance – Inclusions

Some common things covered under a third-party bike insurance plan are as follows –

  • If your bike cause injuries to a third party, all the legal liabilities that include the cost of treatment of the victim will be paid by your insurer.

  • Similarly, any damage caused to third party property is covered, and you get compensation for the loss incurred by them.

  • The Motor Tribunal Court approves the compensation amount given to the third party. If the amount is less than the coverage offered by your insurance plan, then you do not have to pay anything. But if the amount exceeds the offered coverage, then you will be liable to pay the additional amount.

Third-Party Bike Insurance – Exclusions

Here’s what is excluded from your third-party insurance –

  • Any damage incurred due to non-collision is not covered. In case of any, the repair expenses will have to be paid by you.

  • Likewise, any damage caused to your bike during an accident is not covered. The insurer will only pay compensation for the claims made by the third-party.

  • Any damage or loss incurred by your vehicle in case of human-made or natural disasters is not covered under this plan.

Comprehensive Bike Insurance Coverage

Despite affordable third-party insurance, a lot of people recommend seeking comprehensive coverage. The reason behind it is that comprehensive policy offers all round coverage. However, comprehensive insurance has relatively high premiums.

Apart from this, here’s a list of things covered under a comprehensive insurance plan –

  • All the natural and human-made disasters are covered under a comprehensive policy

  • It provides personal accident risk cover. Here, in case of an accident, the policy will cover you for any temporary or severe damage or disability incurred by you. In simple words, you will be reimbursed for the loss during the incident.

Comprehensive Bike Insurance – Inclusions

Apart from the things stated above, there a few things more covered under a comprehensive insurance plan-

  • It not only covered all the third party liabilities but also covers you and your bike in case of unfortunate events.

  • You get compensation in case of theft or total loss of your vehicle

Comprehensive Bike Insurance – Exclusions

Every bike insurance plan comes with specific exclusions –

  • It does not cover you for normal wear and tear of the bike

  • Mechanical and electrical breakdown is not included

  • Damage or loss incurred due to the influence of alcohol or other intoxicants

  • Damage or loss caused when riding without a valid driver’s license

  • Damage or loss caused during a war-like situation

Top-Up Covers

Some of the most common add-ons cover provided over and above your underlying bike insurance policy are as follows –

  • Zero Depreciation/Nil Depreciation Cover – With a zero depreciation bike insurance cover, you will receive the entire compensation on the claim made without factoring in the depreciation.

  • Engine Protector Cover – It covers any expense incurred to repair the engine and/or its parts.

  • Consumables Cover – It pays for the cost of consumables which are repaired, replaced, or refilled in case of accidents or loss.

  • Return To Invoice – It covers the gap between the Insured Declared Value (IDV) and the invoice value of the car. In simple word, you will receive the entire amount of loss in case of theft.

  • No Claim Bonus (NCB) Protection Cover – With this cover, you can still claim the No Claim Bonus (NCB) and avail discounts on bike insurance premiums.

The Bottom Line

Before you purchase a two wheeler policy, make sure that you browse through different policies provided by various insurance providers. We understand that choosing one can be overwhelming. Hence, it is highly advisable to compare plans online before you buy bike insurance.

Apart from this, also go through the policy terms and conditions before you sign the deal. With this article, we believe that you will be able to decide better which policy you should opt for.

If you are looking for comprehensive bike insurance, then get in touch with us at Finserv MARKETS. With two wheeler insurance available on Finserv MARKETS, you can benefit from features like all round insurance protection at affordable premium rates. Also, it offers all-time roadside assistance, cashless servicing, hassle-free renewal, and more.

Right from the verification process to the claim process, none of the services available on Finserv MARKETS is outsourced. We guarantee you no third party involvement whatsoever.

So, why wait? Get your two wheeler insurance at Finserv MARKETS, today.

 

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”