Beginners Guide on Two-Wheeler Insurance in India

Two-wheelers are a nifty way to travel quickly and efficiently through the traffic snarls. But, the more traffic, the more risk it poses. Thus, buying the right insurance cover is essential.

Among the myriad policies to choose from, it is essential to purchase a policy with adequate research. Doing so lowers the chances of buying either an incorrect policy or one that provides inadequate coverage based on your requirements. Thus, when shopping for a bike insurance plan, make sure to consider different policy features and then compare to decide a suitable two-wheeler insurance policy.

So, whether or not you have bought a bike insurance policy prior, this article will help you select a two-wheeler insurance plan.

What are the types of bike insurance plans?

Bike insurance policies are broadly categorised in two types—third-party plans and comprehensive policies. While a third party bike insurance is the minimum requirement as per the Motor Vehicles Act, it provides a limited coverage. Its scope is restricted to cover the legal liabilities that may arise in the event of an accident or damage injuring a third person or their property.

On the flipside, comprehensive plans can be used to cover the limitation of third-party covers as they include protection for own damages too. Here, the damages to your bike are also insured alongside third-party liabilities. Thus, comprehensive policies are a combination of third-party coverage as well own-damage cover thereby offering an all-round protection.

While third-party plans can be purchased as standalone, if need be, you can buy a standalone own-damage cover too. This policy only covers the own-damage component but when combined with a third-party plan, works like a comprehensive two-wheeler plan.

What are the pointers to consider when buying a bike insurance policy?

Buying a bike insurance may be regarded as a complex decision, but in reality, it is not. Understanding these pointers mentioned below can help decide on how to choose a suitable two-wheeler insurance, even for new buyers.

  • Add-on covers

When you purchase a comprehensive policy or a standalone own-damage cover, you have the option to purchase add-on covers. These add-on covers are optional yet additional features that enhance the policy’s scope. Limitations that even comprehensive policies have are taken care using add-on covers. Thus, you must consider availing the right add-ons to enhance the coverage. It is essential to note that since these add-ons can be bought over and above the standard policy, it impacts bike insurance price. * Standard T&C Apply

  • Network garage facility

Insurance companies have tie up with service garages. These garages help offer a cashless repair facility thereby not requiring you to pay for the repair costs upfront. Instead, the insurance company directly settles the cost of repairs that are within the purview of your insurance policy. * Standard T&C Apply

  • Claim settlement procedure

Bike insurance plans allow you to file a claim to compensate for the cost of damages. So, before you buy a policy, it is recommended to know of the claim settlement procedure. A complicated process will cause unnecessary hassles in raising a claim and thus, being aware of such process well in advance helps when it is the time to raise a claim. * Standard T&C Apply

These are some handy tips that can help you first-time buyers explore and select a suitable two-wheeler insurance policy. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.