Riding a two wheeler gives you the freedom to travel places with ease; it is an easy way to commute, without having to depend on public transportation.
But riding a bike on Indian roads comes with a responsibility that you need to undertake to ensure your safety as well as that of the other riders.
Getting a two wheeler insurance policy gives you the liberty to travel places without having to worry about anything; it protects you against your own damages and liabilities arising from third party vehicle or property damage
If you are planning to buy or renew insurance for your bike, then here we help you choose the best two wheeler insurance by explaining to you the types of insurance and add ons you can choose alongwith.
Also Read: Best Deals on Two Wheeler Insurance
Types of bike insurance you can choose from for your bike
Third party liability only cover
In India, the Motor Vehicles Act, 1988 makes it mandatory for the vehicle owner to insure his bike with a third party insurance policy. Under this type of insurance, if the vehicle owner’s vehicle causes damages to a third party vehicle, causes injury or death of the third party or damages third party property then the cost of damages is covered by the insurance company.
It is important to note that third party bike insurance does not cover damages caused to the vehicle owner’s own bike. Not buying this type of insurance can land the bike owner in legal trouble.
Comprehensive bike insurance
This type of insurance provides coverage for damages caused to the bike owner’s own vehicle and also of the third party. Additionally, the vehicle owner can choose to get additional coverage by opting for add ons such as zero depreciation, return to invoice cover, roadside assistance, engine protection, etc. These add ons can be purchased with this type of insurance by paying extra premium.
Standalone own-damage cover
As the name suggests, this policy can be purchased as a standalone cover, providing coverage for damages caused due to theft, man-made or natural calamities. This type of insurance does not cover third party liability and instead can be purchased along with a seperate third party cover.
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Top Add-ons you can purchase with bike insurance
This add-on offers you comprehensive coverage for your vehicle, without factoring in the depreciation value. This is known as bumper to bumper or nil depreciation cover. This cover is a must-have for new bikes or bikes aged up to 5 years.
For example, Ajay has been driving a Honda Dominor. After 4 years, the bike met with an accident due to which the fiber part of the car got damaged. The total claim cost was Rs. 1 lakh. Considering 35% depreciation of the fiber part, Ajay’s insurer gave him a claim of full 1 lakh since he had a zero depreciation cover. If Ajay would not have had the zero dep cover, then he would have had to pay Rs. 35,000 out of his own pocket
Personal accident cover
This type of cover safeguards the owner of the driver of the vehicle in case of unforeseen events such as accidental death or temporary or permanent disability caused due to an accident.
Comprehensive insurance does not provide coverage for consumable items such as screw, grease, lubricants, bearings, nut and bolt, engine oil, oil filter, brake oil and fuel filter. Consumables add-on does provide cover for these items
Choosing the best bike insurance policy becomes easy if you are aware of the types of policy and the add-ons you can choose from. To make it simple, compare bike insurance quotes online, checking coverage, premium and buying the policy depending on the price and the age of your vehicle.
Also Read: 7 Things to Consider When Choosing the Best Electric Bike Insurance Company