India is one of the leading markets when it comes to two-wheelers. This means that more two-wheelers are getting added to the roads on a daily basis. One of the most obvious outcomes is an increase in the probability of accidents.
To avoid suffering financial losses due to an accident, one needs to purchase extensive bike insurance. However, if you do not have a policy, things might get difficult for you.
You will end up paying a fine for riding without an active policy and might even end up with legal issues in case of an accident. Apart from that, you will also end up paying for all the damages and repair expenses related to the accident if you are not insured.
In the absence of insurance, you will end up paying a lot as compensation, repairs and medical bills. However, buying a two-wheeler insurance will keep your safe from any such issues. Following are the different types of policies available for purchase.
Types of Bike Insurance Policy
You can either opt for a third party insurance policy for your bike or a comprehensive insurance policy.
Third Party Insurance
A third party insurance for your bike is the minimum coverage that you can opt for. According to the Motor Vehicles Act of 1988, all bikes must have at least a third-party liability policy to be ply legally on the road. As the name suggests, it comes into the picture when there is some injury or damage to third-party individual or property.
The policy offers limited cover, and this helps to keep the premium costs down. If you are someone who doesn’t ride their bike a lot and only uses it for some daily chores, buying a third-party cover should suffice. The Insurance Regulatory and Development Authority of India regulates the premium prices for third-party policies on a yearly basis. The thing which might concern you is that it doesn’t offer any coverage for damages for your bike.
A third-party policy offers unlimited coverage for injuries and death of third-party individuals and coverage up to INR 7,50,000 for damages to properties.
As the name suggests, it offers better coverage when compared to a third-party insurance policy. The simplest way to understand a comprehensive plan is to think of it as a third-party policy along with own damage component. If during an accident, your bike is at the receiving end of damages which need repair, the comprehensive plan will take care of it.
It offers coverage against natural calamities such as cyclone, landslide, flood, earthquake and so on. The policy also has your back in cases of theft, burglary, vandalism, riots etc. If your bike gets stolen or catches fire, you need not worry about anything and can simply claim your policy. Another interesting aspect of a comprehensive insurance is that you can opt for riders along with it.
Riders are essentially additional features that you can plug into your policy by paying a nominal premium. For most bike owners who use their bike on a day to day basis or go on regular trips, having a comprehensive plan is recommended. Yes, it does cost a bit more than a third-party policy, but it offers so much more as well. If you are looking for complete peace of mind, you must opt for this policy.
And if you are someone who is concerned about premium prices, you can opt to buy your two wheeler insurance online. By going online, you can compare policies offered by different insurers, view the features and benefits of the policy, and then decide if you want to buy or not. Buying your two wheeler insurance online is quicker as well as affordable. Most insurers will email you the policy within minutes of online purchase.
In a country like India where vehicle count is constantly on the rise and rash driving is becoming more rampant, buying a comprehensive bike insurance policy is one of the best investments that you can possibly make.