Every two-wheeler owner must have proper motor insurance in place to effectively manage the damage repairs and other legal liabilities in case of an accident. Also, with the advent of technology, now you can easily apply for your two-wheeler insurance online within minutes. The majority of individuals are not very aware of bike insurance plans. Be it third-party bike insurance or a comprehensive insurance policy, you need to examine the inclusions and exclusions before opting for it. Below mentioned are all you need to know about two-wheeler insurance in India. Read to know more!
Did you know? – Having third-party insurance is compulsory by law!
Many of us think that opting for bike insurance is unnecessary. Contrary to that belief, having proper two wheeler insurance has been made compulsory for every bike owner in India. As per the Indian Motor Vehicles Act, every vehicle running on the Indian roads must have a compulsory valid third-party insurance policy, if not they will be subjected to a stipulated fine of Rs. 2000 to imprisonment of up to 3 months. Driving without proper insurance is considered an offence in India.
Here is everything you need to know about two-wheeler insurance online:
Types of Policies:
Two-wheeler insurance online policies come in two different variants, and each has various features:
- Third-party bike insurance:
Law makes third-party bike insurance mandatory. This two-wheeler insurance policy offers coverage to users against any financial liability in case of an accident, bodily injury, or property damage. The third-party bike insurance liability is only for the third-party individuals or property apart and does not offer coverage to the policyholder and their vehicle. You can easily get this two-wheeler insurance online today!
- Comprehensive package policy:
This comprehensive bike insurance offers complete coverage to the users. It renders third-party coverage as well as protection to the policyholder and their vehicle. It is one of the best two-wheeler insurance online you can get.
It covers the mandatory third-party bike insurance liability for the damages inflicted on a property or a third party. Moreover, it also covers the damage repair costs suffered by the users and their bikes. The policy also pays for manmade and natural calamities. It also has a personal accident cover for the owner/ driver, which produces a benefit in case of accidental death.
Available Add-ons:
The comprehensive two-wheeler insurance online policies have various additional add-on features. These add-ons widen the scope of third party bike insurance policies. Some popular add-on features are as follows:
- Zero depreciation cover:
The insurance company pays the costs of the depreciated bike parts in case the bike parts get replaced. The zero-depreciation cover nullifies the effect of depreciation. The two-wheeler insurance online policy pays the entire cost of the repaired part.
- NCB Protect:
The users will receive a No Claim Bonus if they do not raise a claim in their third-party bike insurance policies. The earned premium discount gets applied to the renewal premium and goes as high as 50%. However, if the user claims in any year, he will lose the earned deal. If the user has an NCB Protect add-on, he will never lose the discount, even in case of claims.
- Passenger cover:
There is a personal accident cover in the two-wheeler insurance online only for the owner/driver. However, the passenger cover add-on covers the cost of the pillion passenger in case of accident or disability.
Discount in the policy:
The third-party bike insurance offers various discounts on the premium. The users may avail of discounts for:
- Purchasing the online policy
- Establishing safety devices
- Using the accumulated NCB
- Buying long-term policies
