In India, people rely on two-wheelers for their daily conveyance more than four-wheelers. Compared to cars, maintenance of bikes and scooters is cheaper. They also save time as people can easily navigate narrow lanes and heavy traffic conditions. Bikes offer speed and, most importantly, require less fuel than cars.
Bike insurance safeguards the possession of two-wheelers and reduces financial losses. But a sizeable majority of two-wheelers in India are not insured. Plying without valid two wheeler insurance policy is risky and a serious offence. If you want to protect yourself and your valuable bike, purchasing a comprehensive bike insurance policy is necessary.
But before buying comprehensive bike insurance, you should know about the two-wheeler insurance types in detail. It will only help you effectively compare comprehensive plans against other bike insurance variants.
What Significance does Bike Insurance Hold in India?
In India, purchasing vehicle insurance is obligatory for every citizen. According to the Motor Vehicle Act 1988, every bike owner must have insurance coverage. So you can rescue yourself from traffic fines if you have two-wheeler insurance.
Apart from laws and regulations, insurance is like a protection shield that builds financial support against any losses or damage from an accident or natural calamity to the bike and bike owner.
What to Consider Before Purchasing a Bike Insurance Policy?
Purchasing a bike insurance policy is a critical task, which requires some essential points to be considered:
Insurance Type
Bike insurance policies are categorized into two formats:
In third-party liability, the company offers aid only for damages caused to a third party and/or their vehicle. Whereas standalone own damage covers you and your vehicle but not third-party claims. On the other hand, comprehensive insurance assists both the owner and covers third-party losses. Thus, comprehensive insurance is highly recommended by professionals.
Coverage
Comprehensive bike insurance provides support against theft, fire, accident, natural calamities, etc. If your bike insurance policy offers extensive damage coverage, you must opt for it.
Bike Insurance Renewal
Renewal of bike insurance is as important as buying it. It is not a single-time process, so you need to renew the insurance before the expiry date. Remember that bike insurance renewal is critical for obtaining continuous coverage.
Insurance Company's Credibility
Credibility is the foremost point to be considered when you purchase your bike insurance. You can inspect the company's credibility by checking customer reviews on the company's social media handle.
Exclusions
Every bike insurance has specific exclusions or limitations commonly present in the insurance documents. Thus, you must check them properly to avoid further issues.
What is a Comprehensive Two Wheeler Insurance Policy?
Most two-wheeler owners favour a comprehensive bike insurance policy. It is an all-in-one insurance policy that protects against accidents, calamities, artificial acts, etc.
Attributes of comprehensive bike insurance:
- You can get a no claim bonus for not claiming damages in a policy year. The no claim bonus ranges between 20% and 50%.
- It is most effective because it aids both own damage as well as third-party liability.
- It offers wider coverage for man-made accidents, natural calamities, etc.
- It provides financial assistance in personal accidents, including disability, injury, or death.
Reasons to Purchase Comprehensive Bike Insurance
As discussed above, a comprehensive bike insurance policy offers a wide range of assistance to the owner and a third party. The following points demonstrate the top reasons to buy a comprehensive insurance policy for your two-wheeler.
1. Provides Financial Assistance Against Accidental Injury and Damage
Accidents are a crucial reason to buy bike insurance. They are common everywhere; thus, you need protection against such undesirable circumstances. A comprehensive insurance policy is the best way to relieve yourself of these unfortunate risks. The insurance company supports and pays the cost of damage and injury caused due to an accident.
2. Protects Against Natural Calamities and Human-made Risks
With this insurance policy, you can get accidental damage relief and extensive protection. If you possess a valid comprehensive insurance policy, the company provides financial security if your bike suffers damage from earthquakes, floods, hurricanes, etc. Additionally, you can also get relief from human-made risks, such as fire, theft, riots and explosions, with a comprehensive insurance policy.
3. Add-ons
Comprehensive bike insurance is the best pick for everyone because you can buy add-ons along with the policy. Add-ons are the extra coverage that the policy offers to policyholders at a premium value so that you can customize your policy according to your preferences and needs. Add-on policies facilitate roadside assistance coverage, zero depreciation insurance for bikes, etc.
4. Involves Third-party Liability
Third-party bike insurance is obligatory by law. However, a comprehensive insurance policy also covers third-party liability.
Comprehensive Bike Insurance- Inclusions and Exclusions
| Inclusions | Exclusions |
| Theft | The insurer provides no assistance if the policy is expired or inactive. |
| Natural Disaster | No damage cover is provided when the bike has an electrical or mechanical fault. |
| Disability, injury, or death assist by the third party | No financial aid is offered by the company when a policyholder drives without a valid DL. |
| Harm to third-party person or property | Insurers do not pay for the damage when the owner uses a personal vehicle for commercial purposes. |
| Own damage | There is no support when the bike wears and tears. |
| Man-made disaster | No financial assistance is provided by insurers when accidents arise because of intoxication. |
| Personal Accident |
Conclusion
Experts strongly suggest a comprehensive two-wheeler insurance policy. You can avail all the benefits mentioned above when you buy this favourable policy. Paytm Insurance brings you the best bike insurance companies that offer reliable, beneficial, and affordable two-wheeler insurance policies. Compare them now to ride legally and peacefully.
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