A bike insurance (sometimes known as two-wheeler insurance) is a form of insurance policy that gives you the financial cover on your motorcycle or scooter in case of its damages, theft, or an accident.
- It will assist you in affording costs that could occur due to:
- Accidents (damage to your own bike, or the property of other people)
- Theft (if your bike is stolen)
- Natural threat (such as flood, earthquake, storm, etc.).
- Artificially caused disasters (such as fire, riots, vandalism, etc.)
- Liabilities of a third-party (in case you cause harm to someone or destroy his property on the bike)
Types of Bike Insurance
- Third-Party Insurance
- Covers are damages or injuries on other individual or property.
- Compulsory as laid down under the Motor Vehicles Act in India.
- Does not include own bike damage.
- Comprehensive Insurance
- Insures against third-party, as well as your damage on the bike.
- Statistically covers more, such as theft, natural disasters, and fire.
- Own Damage (OD) Cover Only covers to your own bike (not third-party).
- Only available given that you have a third-party policy.
Benefits of Bike Insurance
- Monetary safeguard against repair and replacement expenses.
- Legal performance (evades fines and penalties).
- Individual accident cover of the owner- driver.
- Peace of mind while riding.
Coverages of Bike Insurance
Third Party Liability Coverage
This is the minimum insurance that is required.Injuries to the property of third parties (such as the wall, building, or another vehicle).Bike causes injury or death of a third party.
Personal Accident Coverage
Personal Accident cover within bike insurance covers the owner or the rider in case he or she gets injured or disabled or dies due to a road accident involving the insured two-wheeler.It is a significant and compulsory section of bike insurance as required by Indian law.
Legal Defense
Legal Defense Cover (also known as Legal Liability Cover) will insure against legal costs that can occur in case yourn case your bike is involved in an accident that injures, kills or damages the property of third parties.
Property Damage
The property damage in bike (two-wheeler) insurance means damage caused by your bike to the property of another individual such as a vehicle, building, or boundary wall of a different person or any other object of a person during an accident.