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What is Two-wheeler insurance?

Two-wheeler insurance plan is a general insurance product, which ensures an iron-clad protection for a two-wheeler and its owner/driver against unfortunate events, including road mishaps, accidents or natural disasters that may require an unforeseen expense for the owner. A two-wheeler insurance policy eases out the financial burden that may arise out of situations involving damages or loss occurred to the owner/driver, the insured vehicle, or any third party or their property.

Importance of Two-wheeler Insurance

As per the Indian Motor Vehicle Act, 1988, it is mandatory for any two-wheeler plying on the Indian roads to have a valid insurance plan. Two-wheeler insurance plans not only provide coverage against third-party liability but also offer comprehensive coverage to the owner/driver of the two-wheeler. These plans cover Death or Disability of owner/driver and the cost of repair incurred due to damages occurred to own vehicle.

Benefits of Two-wheeler Insurance

There are umpteen benefits of two-wheeler insurance plans. Here, we are listing just 5 of the top benefits of two-wheeler insurance plans for policy holders.

Check them out:

  • Personal Accident Cover - One of the major benefits of buying bike insurance is that you get personal accident cover of up to Rs. 1 Lakh for the individual driver and/or owner of the bike.
  • Cover against Third-Party Legal Liability- Buying two-wheeler insurance helps you get comprehensive coverage against third-party legal liability that may arise in the event of damages caused by the insured bike.
  • Protection against Natural Calamities- Buying two-wheeler insurance helps you ensure maximum protection against natural calamities and unforeseen situations such as Explosion, Fire, Earthquake, Typhoon, Theft, Burglary, Riot, etc.
  • Add-on Coverage: All popular two-wheeler insurance plans provide add-on coverage in order to provide policy holders with additional benefits and perks like zero depreciation etc
  • Online Services: Almost all two-wheeler insurance plans can be easily renewed or purchased online- even when the previous insurance has expired, the customers can renew online without inspection and documentation for most of the insurers on Policy Bazaar.

Types of Two-Wheeler Insurance

Basically, two-wheeler insurance plans are categorized into two types and each of these two types offer different set of benefits and perks to the policy holders.

  • Third-Party Insurance: Also called limited liability insurance, this plan covers the insured and the owner/ driver of the two-wheeler against third party liabilities arising out of an accident, which causes damage or loss to the third party or its property as well as Death/Disability of the Owner Driver arising out of the Accident.
  • Comprehensive Two-Wheeler Insurance: Also called package policies, this two-wheeler insurance offers comprehensive coverage to the insured two-wheeler vehicle. Apart from coverage for third party liability, this plan also covers Disability or the death of the owner/ driver and damage occurred to insured two-wheeler due to an accident.

Key Factors to Consider before Buying Two-Wheeler insurance Plans

The sheer multiplicity of two-wheeler insurance service providers and plans in the market can baffle even the most seasoned of investors. Therefore, it makes sense to consider a few vital factors when investing on two-wheeler insurance plans.

Here are 4 such factors that one must carefully consider before buying two-wheeler insurance plans in India:

  • Coverage: This is one of the major factors you should consider when buying two-wheeler insurance plans. Buying two-wheeler insurance plans helps you get personal accident cover of up to Rs. 1 Lakh. It also provides you comprehensive coverage against third party legal liability.
  • Online Services: Be vigilant of buying a two-wheeler insurance plan from an insurer that provides online services. This will help you renew your existing insurance plan easily and without any hassles from anywhere, anytime.
  • Premium: Premium is another key factor that you must consider when buying two-wheeler insurance plan. It is fairly easier to get premium quotes online. You can easily calculate the premium amount using premium calculator tools online.

Please Note*: The figures provided in the table above are indicative only and are subject to change from time to time.

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