back

Preferred Language

Preferred Language

Different types of bike insurance

Riding a two-wheeler is one of the most convenient modes of transport, especially to avoid traffic. However, you must ensure to buy a two-wheeler insurance policy to stay financially secure. Such policies provide you financial coverage against any damages or losses caused to your vehicle or a third party due to any untoward incident.

An insurance policy is an agreement between the insurance company and the policyholder, wherein the former extends financial coverage against the premium amount paid by the latter. The nature and extent of the coverage provided under two-wheeler insurance policies will depend on the type of two-wheeler insurance one opts for.

Read about the different types of two-wheeler insurance policies in details.
 

Types of two-wheeler insurance in India

There are primarily three types of two-wheeler insurance policies in India:

  1. Third-party two-wheeler insurance policy
    As per Motor Vehicles Act, it is mandatory for vehicle owners to buy a third-party insurance policy. It covers you against third-party liabilities in case of any untoward incident has occurred. You will get financial coverage for compensating any damages or losses caused to the third party or their property, even in case of accidental death. Third-party two-wheeler insurance policies can be purchased online from leading insurance companies’ websites.

  2. Stand-alone insurance policy
    This own-damage policy covers your vehicle against loss or damage caused due to accidents, natural calamities, burglary, etc. It is one of the essential policies as it takes care of the expenses you incur depending on the nature of the damage. Hence, if you own a third-party insurance cover that secures your vehicle from third-party financial liabilities, it is wise to purchase stand-alone two-wheeler insurance as an add-on cover to get financial coverage for your own damage.

  3. Comprehensive two-wheeler insurance
    As the name denotes, a comprehensive two-wheeler insurance policy provides ‘360-degree’ coverage to you and your vehicle along with the advantages of a third-party policy. You will get coverage for own damages caused due to accident, burglary, fire, natural or man-made disasters etc. The policy also covers third-party liabilities in case of any accident occurred.

Additionally, under two-wheeler comprehensive insurance, one can avail of additional coverage by including them on his/her base policy. Such add-ons include roadside assistance, zero-depreciation cover, and more.

To sum it up, having a valid third-party insurance plan is imperative to riding your motorcycle on public roads. However, choosing for a comprehensive plan will ensure that you get safeguard your vehicle against own damages from man-made or natural calamities apart from third party coverages, customers can choose a comprehensive two-wheeler insurance plan. On that note, one must always gauge his/her requirements and affordability before moving on with insurance policies.

Did you know, a good CIBIL score can help you get a better deal on loans and credit cards?