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About Two- Wheeler Insurance

The ever-increasing rate of road accidents in India shows how crucial a motor insurance policy is in today’s day and age. Buying two-wheeler insurance for your scooter or bike is the logical option to avert future financial losses arising out of dreadful mishaps.

However, as an owner-rider, it can be quite confusing to choose between insurance plans that shall secure your vehicle in the future. So, to ensure that you get the best bike insurance deal in the market, we’ll take you through everything you need to know about two-wheeler insurance plans.

Types of Bike Insurance Coverage

To safeguard your precious vehicle from mishaps on the road, you can opt for two bike insurance plans, namely third-party cover and a comprehensive insurance plan.

Third-Party Bike Insurance

In the event where your vehicle was to cause damage to a third party, such a cover would help you secure the expenses. With third-party insurance, the loss incurred by third party property, bodily injuries or death of the victim is covered by the insurer. It is a mandatory insurance policy that you must get to ride legally on Indian roads.

However, a drawback of opting for third-party bike insurance without any further coverage is that it won’t secure the damages incurred by your own vehicle. So, in case of accidental loss caused to your two-wheeler, you would have to pay for the repair from your own pocket.

Inclusions of Third-Party Bike Insurance

Check out the inclusions of third-party cover for two-wheelers:

 

  • Damage incurred by third party property

  • Any bodily injuries sustained by the third party

  • Death of the victim

  • Personal injuries sustained in an accident

Exclusions of Third-Party Bike Insurance

Let’s learn the exclusions that aren’t covered by the insurer:

 

  • Any loss incurred by your own vehicle

  • Theft of bike

  • Damage resulting from natural or man-made calamities

Comprehensive Bike Insurance

You can guess from the name itself that such a bike insurance plan offers comprehensive coverage to your motorcycle. Be it third-party liability, own damage, theft or calamities, two-wheeler insurance has got you covered.

Though the premium rate for such a plan is slightly higher than a standalone third-party cover, you can avail extensive coverage for your bike. Furthermore, comprehensive two-wheeler insurance enables you to maximise your cover by purchasing rider benefits at a nominal rate. Thus, your prized possession shall be financially secured from untoward incidents.

Inclusions of Comprehensive Bike Insurance

Here are some aspects that are covered under the two-wheeler insurance policy:

 

  • Cost of treatment to a third party in case of physical injuries

  • Reimbursement for damages caused to a third-party property

  • Death of the victim

  • Accidental damage incurred by the bike

  • Theft of vehicle

  • Loss resulting from man-made disasters or natural calamities

  • Personal injuries resulting from an accident

Exclusions of Comprehensive Bike Insurance

Now that you know the inclusions and benefits of comprehensive bike insurance, check out the factors that aren’t covered by the insurance provider:

 

  • Loss resulting from mechanical or electrical breakdown

  • Natural ageing or wear and tear of the two-wheeler

  • Using the vehicle for illegal or commercial purposes

  • Damage incurred while riding the bike under the influence of alcohol or drugs

  • Any loss caused to your bike while riding it without a valid driver’s licence

Add-On Covers Under Bike Insurance

Add-on covers are extra components that you can combine with your bike insurance plan to avail additional features. You can gain coverage against certain pre-decided aspects that aren’t included under the policy. Some key add-on covers are:

 

  • Zero Depreciation Cover

Zero or nil depreciation cover enables you to get the rightful compensation amount for your insurance claim. Without such a cover, the insurance provider will account for the depreciation rate of your vehicle and deduct that sum from the claim amount. To ensure such a situation never comes your way, you must opt for the zero depreciation rider to enhance your insurance policy.

 

  • Engine Protection Cover

The engine is an essential part of the vehicle and any damage caused to it can lead to hefty expenses. With the engine protection cover, the repair and replacement cost of the damage to the engine gets covered under your insurance plan. So, you can enjoy more protection at an affordable rate!

 

  • NCB Protection Cover

No Claim Bonus is a discount that you get for making zero claims throughout the policy tenor. But, if you were to raise an insurance claim, the accumulated bonus would turn zero. The NCB protection cover secures your NCB reward and allows you to make a limited number of claims without losing the bonus.

 

  • Return to Invoice Cover

If your two-wheeler was damaged beyond repair or was stolen, you would receive the Insured Declared Value of your plan. The claim amount would also account for the depreciation rate of your bike which would reduce the overall sum. However, the return to invoice cover enables you to get the on-road price of the vehicle along with the registration cost and other charges.

 

  • Roadside Assistance Cover

Experiencing vehicle issues while on the road is something that most riders go through. To never encounter such an unfortunate event, you can purchase the roadside assistance cover for your bike. Right from flat tyres and emergency fuel delivery to towing services and engine jumpstart, you have nothing to worry about while travelling.

Parting Thoughts!

It is vital that you choose the right insurance plan for your two-wheeler to enjoy a relaxed driving experience. In case of any unfortunate incidents involving your bike, comprehensive two-wheeler insurance can definitely help offer legal and financial respite.

Browse through the bike insurance plans available on Finserv MARKETS and enjoy maximum coverage with us! Before that, you can also find out the premium price for insurance with our bike insurance premium calculator!

FAQs on Two-Wheeler Insurance

  • ✔️Which type of bike insurance is best?

    The best bike insurance that will completely safeguard your vehicle is comprehensive two-wheeler insurance. Such a policy provides extensive coverage to your precious bike and financially protects you against perils.

  • ✔️Can I ride my bike without insurance?

    No. Having third-party bike insurance is mandated under the Motor Vehicles Act, 1988. Thus, you must possess an active insurance plan to ride legally in India.

  • ✔️What should I look for in two-wheeler insurance?

    You must consider the following factors to purchase the best bike insurance policy:

    • Reputed insurance provider

    • Accurate Insured Declared Value (IDV)

    • Lucrative add-on covers

    • Customer ratings and reviews for a certain insurer

    • High Claim Settlement Ratio (CSR) of insurers

  • ✔️What happens if you don’t have bike insurance?

    If you are caught by the authorities without a valid bike insurance plan, you shall face hefty penalties and the risk of imprisonment. According to the new Motor Vehicles Act, 2019, you would have to pay a fine of ₹2,000 and/or face imprisonment for 3 months. In case you are caught a second time, you would have to pay ₹4,000 and/or face imprisonment for 3 months.

  • ✔️Is online two-wheeler insurance safe?

    Yes. Buying two-wheeler insurance online is safe and secure at Finserv MARKETS. Thus, you can be carefree while shopping with us!