What Are The Three Major Two Wheeler Insurance Plans In India?

Having two-wheeler insurance is very important not just for legal reasons but also to protect you against any financial or legal troubles. Though, having a third party insurance cover is mandatory in India, you must opt for an insurance that can offer you complete protection in case of an accident or mishap. In India, there are three major bike insurance plans and you must know the details of each to be able to choose the right one that fits your needs.

Read on to discover the three major two wheeler insurance plans.

A Note on Bike Insurance

Plying your two-wheeler on public roads is a risky affair. Road mishaps can happen anytime and this might leave you burdened with repairing costs or legal hassles. Having the right bike insurance cover can protect you against any legal or financial troubles caused by an accident. 

With a two-wheeler insurance policy, your insurer takes responsibility for compensating for any expenses or liabilities arising due to the accident. An insurance policy is a contract between a policyholder and insurance company states that the former provides insurance coverage in return for periodic premium payments by the latter. As per the bike insurance plan you opt for, you get coverage for unwarranted expenses that arise due to calamities.

Various Types of Two-Wheeler Insurance Plans in India

Here are the three types of main bike insurance plans in India.

• Third-Party Liability Cover

The Motor Vehicles Act of India mandates bike owners to purchase third-party insurance coverage. Such plans provide coverage for any losses or damage that a third party suffers because of an accident wherein the insured bike is responsible. In such cases, the insurance company has the onus of settling any claims relating to loss or damage to third-party property or vehicle.

You should know that third-party bike insurance does not cover any losses or damage to the insured bike or the owner. If you want coverage for expenses for damages to your bike, then consider opting for a comprehensive bike insurance policy or a standalone damage plan.

• Standalone Own Damage Cover

As part of the coverage of a standalone own damage bike insurance policy, any damages caused to the insured two-wheeler are included. Bike theft, total vehicle loss, and damages because of natural and manmade mishaps are covered under such plans.

Remember, such policies do not offer coverage for third-party liabilities. Nonetheless, you can purchase these plans coupled with the legally mandatory third-party two-wheeler insurance. You can also opt for necessary ad-ons to protect your expensive bike accessories.

• Comprehensive Two-wheeler Insurance

Armed with comprehensive two-wheeler insurance, you enjoy coverage for both your own vehicle damage expenses and third-party liabilities. Moreover, the bike owner-driver receives personal accident cover with these insurance plans.

In addition to that, you, as a bike owner, have the option of buying various add-ons for extra coverage along with such plans. Among add-ons you can opt for, with comprehensive bike insurance plans, are roadside assistance cover, zero depreciation cover, accessories add-on cover –to list a few.

Conclusion

Make your riding experience hassle-free by opting for the right bike insurance. Having the right insurance plan can offer you complete coverage that you will need in case of any mishap. While it is important to include the necessary ad ons, remember having unnecessary ad ons will increase your premium.