In India, two-wheelers are widely used and are one of the most practical modes of transportation because they can easily manoeuvre through heavy traffic and congested streets and roads. Apart from that, two-wheelers are fun to ride as well. Buying bike insurance is an obligation to drive legally in India.
However, increased traffic, poor street conditions, and bad driving ethics make two-wheelers more susceptible to accidents and injuries. It can be where insurance policies come into play – with a suitable protective cover approach. One can dodge bearing the swelling costs related to repairing a two-wheeler.
In addition, bike insurance can offer scope against individual wounds and accidents caused to other individuals in case of a mischance. So, if you’re arranging to purchase protection coverage for your two-wheeler, look at the different types of insurance policies you can select from.
Different Types Of Two-Wheeler Insurance In India
Third-Party Insurance
This type of bike insurance covers third-party injury and damage. In simpler terms, this insurance policy will cover damages and injuries caused by your two-wheeler to the other driver/driver in the event of an accident. This policy does not protect the insured vehicle and the driver.
Third-party insurance policies are a legal requirement under the Motor Vehicles Act. No two or four-wheels can be driven on Indian roads without a valid liability insurance policy. To further strengthen this type of insurance, the government has also mandated that all new two-wheelers sold after September 2018 carry third-party liability insurance for three consecutive years. So, if you buy a new two-wheeler, your insurance policy will only cover the liability for three years.
All-Inclusive Insurance
This type of two-wheeler insurance covers the insured vehicle and bodily injury coverage for the driver. Therefore, the insurance company will cover the repair and medical expenses for the injuries you suffer in an accident. As mentioned above, you can claim bike insurance with a single liability policy when purchasing a new vehicle.
Zero Depreciation Policy And Add-ons
A comprehensive policy does not cover all damages in the event of an accident. It includes spare parts, accessories, and other consumables. The insurance company considers the vehicle’s depreciation when claiming bike insurance renewal. It means that the two-wheeler’s owner will cover a significant portion of the repair cost.
To avoid this, you can opt for a no-depreciation policy that combines a variety of add-ons, such as passenger accident insurance, parts and accessories coverage, and much more. Even though they will result in higher policy premiums, these will lessen the financial burden in the event of an accident.
Conclusion
Buying two-wheeler insurance is mandatory by law in India. Insurance is essential to get financial protection against possible accidental damage. Your chosen insurance plan determines the type of coverage you get.
Choosing the right insurance can be difficult with so many options available. Therefore, it is essential to carefully compare two-wheeler packages on the market, as this will help you get the right coverage while saving money.
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