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,one of the most popular types of two wheeler insurance, the third-party insurance cover shall take care of the compensation. Out of all the different types of two wheeler insurance , this type of insurance demands the lowest 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 these types of two wheeler insurance plans, that is third-party bike insurance plans, protect 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 type of two wheeler insurance.

2. Comprehensive Bike Insurance

For vehicle owners who travel using their bikes on a daily basis, out of the various types of two wheeler insurance plans  comprehensive insurance is often the preferred choice. 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 types of two wheeler insurance policies secure you against injuries resulting from an accident. But did you think this was it? Such types of two wheeler insurance plans further enable you to enhance your cover by opting for add-on benefits. These additional components provide extra protection in case of certain events. This type of two wheeler insurance includes the add-on coverage such as:

 

• Zero depreciation cover

• Roadside assistance cover

• Return to invoice rider

• Passenger cover

• NCB protection rider

• Engine protection cover

3. Standalone Own Damage Cover

By looking at the name itself, you can infer the meaning of this  type of two wheeler insurance. 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 type of two wheeler insurance 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 different types of two wheeler insurance plans for bikes with the below-given comparative view:

What are the Methods of Purchasing Bike Insurance? 

Buying any  type of two wheeler insurance can be a simple and straightforward process that would not take you more than a few minutes. However, there are different methods of purchasing bike insurance and you can choose the one you find most convenient. 

 

Purchasing Different Types of Bike Insurance Online

 

• Visit the website of your preferred bike insurance company

• Feed in the required registration details

• Opt for the right IDV, claim the NCB (if any) and select any add-ons that you wish to add

• Make the premium payment via any payment mode available. 

Purchasing Different Types of Bike Insurance Offline

After exploring the different types of bike insurance, when you wish to buy one, there is also the option of buying any types of two wheeler insurance offline. You need to visit the company office that is nearest to you. Here you can fill in the application form and buy the policy. 

What is the Type of Your Bike Insurance 

If you are not completely sure about the type of bike insurance plan that you have, you can easily check the policy details along with the tenure and expiry date etc. 

 

• The easiest way is to visit your insurance company’s website. Enter your policy details and download the policy documents. Thus, in a few moments you will have all the details of your bike insurance policy. 

• You can also visit the government portal ‘Parivahan’ to obtain the policy details.

• In case you are not very comfortable with the online procedures, you can visit the insurance company office nearby.  Get in touch with an executive to get all the required policy details. 

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

All types of two wheeler insurance are aimed 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 any of the different types of bike insurance. 

 

Browse through the different types of two wheeler insurance plans available on Bajaj Markets today and enjoy enhanced coverage at an affordable premium!