Read more about various kinds of bike insurance policies to find the policy which suits you the best.
Purchasing Two-Wheeler Insurance is required by law in India. Insurance is essential for obtaining financial protection against the damages that may occur as a result of an accident. The type of coverage you receive is determined by the insurance plan you select.
Today, insurance companies in India provide a variety of insurance plans to meet the varying needs of their customers. If you want to buy insurance for your two-wheeler, you should compare policies from different insurance companies to learn about the inclusions and exclusions.
What are the types of two-wheeler insurance in India?
1. Third-Party Liability-Only Bike Insurance
Third-party liability insurance provides basic coverage; it protects against bodily injury and vehicle damage caused by the third party.
- Third-party vehicle damage costs.
- Compensation for any personal injuries sustained by the owner of a third-party vehicle.
- There is no coverage for vehicle damage.
- There will be no compensation for your own personal damages.
2. Standalone Own Damage (OD) Bike Insurance
A standalone own damage two-wheeler insurance policy is a type of bike insurance policy that protects the insured two-wheeler from damage.
This insurance policy is available to anyone who owns a vehicle. It covers your vehicle's losses and damages. It safeguards your vehicle against:
- Natural disasters such as earthquakes, floods, lightning, and fire, among others.
- A mishap caused by any external factor.
- Theft, burglary, riots, terrorist activity, and so on are all examples of criminal
3. Comprehensive Bike Insurance
A comprehensive two-wheeler insurance policy covers both third-party and personal damage. Own damage incidents could include natural disasters, burglary, theft, riots, or terrorist activity, as well as damage sustained while travelling. The comprehensive two-wheeler policy does not cover loss of personal belongings, accidental loss or damage to the vehicle, or driving while under the influence of alcohol or drugs.
What are the differences between the types of bike insurance coverage?
Comprehensive insurance nearly covers the costs of damage to one's own vehicle, damage to a third-party vehicle, personal accident insurance, loss due to theft, and loss due to natural disasters. Third-party insurance, on either side, only covers damage to a third-party vehicle. Standalone Own-Damage Insurance, on the other hand, covers loss due to theft and loss due to natural calamities, with the rest being optional.
Why Should You Get Insurance for Your Bike?
Buying bike insurance is not a choice but a requirement in order to drive legally in India. However, even if it hadn't been a requirement, we would have advised you to get one because there are several benefits to having insurance.
Let us look at some of the advantages that an insurance policy provides:
1. Lowers Financial Stress
In the event that your vehicle is stolen or is involved in an accident, insurance can help to cover the costs of repairs. Vehicle repairs can be expensive, and having valid insurance can save you a lot of money.
2. Provides Personal Accidental Coverage
Insurance not only pays for the damages to your vehicle, but it also provides benefits of up to Rs 1 lakh if you become permanently disabled as a result of the accident. Furthermore, if the accident becomes a cause of your death, your family receives the sum assured by the insurance company.
3. Offers Legal Protection
Penalties for violating traffic laws in India are exorbitant. If you do not have valid motorcycle insurance, you may face significant fines. Having insurance on your vehicle at all times will keep you from having to pay such penalties.
How do I know my bike insurance type?
You can find out the status, duration, and type of your bike insurance by:
- Visiting our website's Self-Service section. Click the 'Download Policy' button. Enter and confirm your registered mobile number. The policy type can be found in the policy document that you downloaded.
- Visiting the Ministry of Road Transport and Highways' official website at https://parivahan.gov.in. When you enter your bike's registration number, it will verify the status of your bike insurance policy and display the expiration date. It also shows the type of policy you've purchased.
Choosing the right insurance cover can be difficult with so many options available. It is therefore critical that you thoroughly compare the two-wheeler plans on the market, as this will allow you to obtain adequate coverage while also saving money.