Two wheeler insurance/Bike Insurance refers to an insurance policy, taken to cover against any damages that may occur to your motorcycle / two wheeler due to an accident, theft, or natural disaster. 2 wheeler insurance provides protection against third party liabilities arising from injuries to one or more individuals. Bike insurance is an ideal solution to meet financial costs & losses that may arise due to the damages caused to the motorcycle. The bike insurance cover provides protection to all types of two wheelers like motorcycle, moped, scooty, scooter.
Bike insurance policy is a contract between the insurer & the bike owner in which the insurance company provides financial coverage to your bike against any loss or damages due to an accident. As per the Motor Vehicle Act 1988, third party bike insurance is mandatory in India. Bike insurance covers you from any accidental injuries caused while driving a two wheeler / motorbike on Indian roads. Buy or renew two wheeler insurance online upto 3 years within 30 seconds to avoid paying a fine of Rs. 2,000.
Below are the mentioned important facts which you can consider before buying two wheeler insurance online from Policybazaar.com and avail certain additional benefits:
Broadly, there are generally two types of two wheeler insurance policies offered by insurance companies in India. You can buy Third Party bike insurance and Comprehensive bike insurance. See below for more information:
As the name suggests, a third party bike insurance that safeguards the rider against all the legal obligations that arise out of causing damage to the third party. The third party, here, can be property or person. Third-party bike insurance covers you against any liabilities that you’ve landed upon yourself for causing accidental damages to someone else’s property or vehicle. It also covers your liabilities towards causing accidental injuries to a third party person, including his death.
Indian Motor Vehicle Act, 1988 mandates anyone who owns a two wheeler, be it motorcycle or scooter, to have valid third party bike insurance if plying on public roads in the country. Those who do not comply with the rule will be liable to pay huge penalties.
Comprehensive bike insurance that protects the rider against any own damage to his vehicle in addition to the third party legal liabilities. It shields your bike from incidents of fire, natural calamities, theft, accidents, man-made disasters and related adversities. It also provides you with personal accident cover in case you sustain any accidental injuries while riding your bike.
The following table illustrates the common difference between both comprehensive & third party bike insurance:
|
Factors\Types of Bike Insurance Plans |
Third Party Bike Insurance |
Comprehensive Bike Insurance |
|
Scope of Coverage |
Narrow |
Wider |
|
Third Party Liabilities |
Covered |
Covered |
|
Own Damage Cover |
Not Covered |
Covered |
|
Personal Accident Cover |
Not Available |
Available |
|
Premium Rate |
Lower |
Higher |
|
Mandatory of Law |
Yes |
No |
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