Wish to gain insights into the various bike insurance options available in India? You’ve come to the right place.
Riding a two-wheeler frees one from several restrictions. You don’t have to depend on unreliable public transportation, expensive rickshaws, or time-consuming cab rides. Two-wheelers are preferred for commuting to work or school because they also have the benefits of easy maneuverability and easy parking. These can prove helpful on Indian roads that face heavy traffic.
What Is Insurance For Bikes?
When you ride a bike on a public road, it cannot be denied that you are in a vulnerable position, at risk for mishaps, collisions, etc. These happenings could result due to carelessness or lack of experience. In either scenario, the bike may sustain full or partial damage, and the other drivers may also sustain harm or injuries. Bike insurance is a requirement to protect against such unfortunate occurrences.
In a bike insurance policy, the insurer may cover most of the costs or obligations associated with the insured bike. The procedure is a legal agreement between the insurance company and the policyholder, under which the former commits to providing insurance coverage in exchange for premium payments from the latter.
What Two-Wheeler Insurance Options Are There In India?
In India, there are three main types of bike insurance:
- Third-Party liability insurance
- Own Damage (OD) Bike Insurance
- Comprehensive Bike Insurance
Third-Party Liability-Only Cover: According to the Motor Vehicles Act, a bike must be insured to cover any liabilities resulting from losses or damages incurred by third parties due to collisions caused by the insured bike. Third-party liability bike insurance is the common name for this type of bike insurance plan. If the insured bike causes an accident under the terms of this policy, any injuries to or fatalities of third parties, as well as damage to their vehicles, may be covered.* Claims are subject to terms and conditions set forth under the motor insurance policy.
Third-party liability bike insurance coverage does not cover loss or damage to the insured bike. The insured bike may sustain some damage in any accident, and the insured bike’s rider may also sustain injuries.
Standalone Own Damage Cover: Two-wheeler insurance policies that cover the damages to the insured vehicle are known as Own Damage insurance policies. It covers theft of the bike, total damage to the bike (damaged beyond repair), and damages brought on by man-made and natural disasters. This policy can only be purchased with the legally required third-party liability coverage.* Claims are subject to terms and conditions set forth under the motor insurance policy.
Comprehensive Two-Wheeler Insurance: As per the name, this policy offers comprehensive coverage for you and your bike against third-party liabilities. Comprehensive bike insurance is two-wheeler insurance that provides the owner-driver with personal accident coverage, coverage for any legal and financial third-party liabilities, and own damage coverage for the insured bike. Additionally, by including a list of special add-ons with your policy, you can get targeted coverage against particular situations. Roadside Assistance Cover, Zero Depreciation Cover, and other add-ons can be added.* Claims are subject to terms and conditions set forth under the motor insurance policy. *
You can always utilise a bike insurance calculator to understand the appropriate level of coverage needed.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.