All About Two Wheeler Insurance Policy Coverage
All About Two Wheeler Insurance Policy Coverage 09th May 2021
Two-wheeler insurance or bike insurance is one of the essential tools that you need to invest in, for your vehicle. Interestingly, many people consider buying an insurance policy, even before receiving the delivery of their motorbike. One of the most highly purchased insurance schemes, two-wheeler insurance, is protecting your scooter, bikes, or mopeds.
It acts as financial protection for covering the damages or losses that may arise if your vehicle gets into an accident or gets damaged under multiple instances. Interestingly, this type of insurances also covers the vehicle’s repairs, third-party damages, etc., that may arise due to a Force Majeure event.
The recent motor vehicles act 2019, has made it mandatory to have at least third-party insurance for your bike.
Types of two-wheeler insurance:
1. Third-party insurance - As the name suggests, this type of insurance covers the compensation that may arise as a loss to you if you injure or kill someone due to an accident. This basic category of insurance covers all types of third-party liabilities. Although, third-party insurance doesn’t cover any expense for the damages of the insured’s vehicle. According to MVA, 2019, it is mandatory to have this category of bike insurance at least.
2. Standalone - The name makes it obvious; this category of bike insurance covers only the losses incurred to repair the insured’s bike. This category doesn’t cover the third-party liabilities that may arise as a form of injury or death. This is not a preferred category of two-wheeler insurance.
3. Comprehensive - Comprehensive bike insurance covers everything, the damages for the insured’s bike and the third-party liabilities. This is the most popular among all of them and the most preferred one. The best services, will always advise you to purchase this category of insurance.
There is a long-term bike insurance policy as well, which is generally known as multi-year two-wheeler insurance. This insurance, as the name suggests, carries on for few years. This insurance category’s advantages are no claim bonus, no policy lapse charges, and many more. You can get a year-long or multi-year insurance for all the above types of two-wheeler insurance.
Benefits of two-wheeler insurance:
1. Psychological - The major benefit of having two-wheeler insurance is that you are psychologically relieved from the tension and stress of any unforeseen circumstance regarding your bike. You stay assured that you don’t have to bear the losses alone; you have support from your insurance provider.
2. Legal compliance - The government has made it mandatory to have third-party liability insurance for any of your vehicles. Thus, when you own this category of insurance, you are complying with the government’s regulations.3. Easy to buy and access - Everything related to two-wheeler insurance can be done online, which means that you can buy two wheeler insurance online in India as well as through the agent. You can also claim
two wheeler insurance online in India.
4. Third-party liability - We have already mentioned this point several times. When you get into an accident, the biggest thing that will bother you is the third-party damages and losses. Two-wheeler insurance covers all that.
5. Protection against natural calamities - Natural disasters are uninvited! Your vehicle could get caught under several such instances (fire, landslide, flood, cyclone, earthquake, etc.). Having two-wheeler insurance saves your money against such calamities and covers your ride over such instances.
What you need to understand is that this is not mere compliance with the authority. It is, in fact, a safeguard for your future. When you buy two-wheeler insurance from a good company, you ought to remain stress-free. And if you don’t, you might face multiple difficulties due to accidents. The biggest of them being the third-party liability, damage, and losses. Insurance can safeguard you from the pressure of the third party.
Tip: Before you decide to buy two-wheeler insurance, it is always advisable that you decide to have a pre-planned budget on your mind.