Types of Online Bike Insurance Coverage Available in India 

The freedom of riding your own bike can be amazing. But this happiness comes with a high sense of responsibility. It is an accepted fact that accidents are unpredictable and have the potential to damage more than just your vehicle. In such cases, the third-party insurance cover shall take care of the compensation. However, since this type of insurance demands a lower premium, its benefits are very limited.

 

To tackle this, comprehensive insurance serves the rider’s needs as it promises to cover all the losses one can bear during an accident under a single policy. So, let’s take a look at the types of two-wheeler insurance plans.

Types of Bike Insurance Plans

When it comes to types of two wheeler insurance, there are three kinds that you need to watch out for:

1. Third-Party Bike Insurance

Third-party insurance coverage safeguards the owner-rider from any third-party liabilities incurred on the road. Be it damage to property, bodily injuries endured by the third party or death of the victim, your insurer covers all such unfortunate scenarios. However, you must also know that third-party insurance is compulsory under the Motor Vehicles Act, 1988, and there is no way of opting out of it.

 

Furthermore, third-party bike insurance protects you from any accidental injuries endured in a mishap. But right off the bat, you must have understood that third-party insurance offers no coverage to your own two-wheeler, which is one of the major drawbacks of this policy.

 

2. Comprehensive Bike Insurance

• Zero depreciation cover

• Roadside assistance cover

• Return to invoice rider

• Passenger cover

• NCB protection rider

• Engine protection cover

For vehicle owners who travel using their bikes on a daily basis, comprehensive insurance is a must. Not only does the plan cover third-party liabilities but also offers protection against numerous other perils affecting your vehicle. From theft and accidental damage to calamities and fire, comprehensive bike insurance has got it all!

 

Similar to third-party insurance, the comprehensive bike insurance policy secures you against injuries resulting from an accident. But did you think this was it? Such an insurance plan further enables you to enhance your cover by opting for add-on benefits. These additional components provide extra protection in case of certain events. Some popular add-on covers are:

3. Standalone Own Damage Cover

By looking at the name itself, you can infer that the standalone Own Damage (OD) cover secures the loss or damage incurred by your own two-wheeler. But how is this different from comprehensive insurance, you ask? Well, you can opt for a standalone OD cover if you have already purchased third-party insurance.

 

It may so happen that you choose to buy a third-party cover but later realise the importance of securing the loss caused to your vehicle. In this case, you can opt for OD cover instead of waiting for the renewal due date to upgrade to a comprehensive insurance plan. The standalone OD cover safeguards your bike from perils such as natural and man-made calamities, theft, own damage, etc.

Difference Between the Types of Two-Wheeler Insurance

Understand the difference between the three types of insurance plans for bikes with the below-given comparative view:

 

Why is it Important to Opt for Bike Insurance?

 

• Financial Protection

Can you imagine your precious bike getting stolen or incurring damages that are beyond repair? Though we never wish such an unfortunate incident to affect you, such vehicular expenses can easily burn through your savings! Moreover, the repair cost of accidental loss incurred by your bike can be quite hefty. With comprehensive bike insurance, you can rest assured about the financial aspect of any damage that affects your motorcycle!

 

• Extensive Coverage

A comprehensive two-wheeler insurance plan not only offers 360-degree protection but also extensive coverage with add-on covers. By opting for some essential add-ons such as nil depreciation, roadside assistance, NCB protection cover, you can really save a lot of money!

 

• Peace of Mind

The number of road accidents that occur in India has only been increasing. During such times, you can have peace of mind when it comes to unforeseen perils on the road. Be it an accident, theft, natural or man-made calamity or third-party liability, insurance has got your back!

Conclusion

A two-wheeler insurance policy is just the thing you need to secure your bike and any future expenses related to it. Most of the time it so happens that an accident occurs with no fault of our own. But that doesn’t mean you don’t require any backup against mishaps. You can first estimate the premium you need to pay with our bike insurance premium calculator before opting for a policy!

Browse through the two-wheeler insurance plans available on Finserv MARKETS today and enjoy enhanced coverage at an affordable premium!