What is Two-Wheeler Insurance?

A bike or two-wheeler insurance is a type of contract between the insurer and an individual to provide financial cover if the insured vehicle and the policy holder are involved in theft, an accident, or if the vehicle gets damaged due to natural calamities, such as storms, floods, earthquakes, landslides etc. Furthermore, it also offers insurance protection against damage in case of riots, fire and explosions. It is mandatory to have a two-wheeler insurance policy in India. A two-wheeler insurance policy falls under the category of General Insurance. An active bike insurance policy protects the insurer from serious damages to the vehicle and the owner/driver as well as the pillion rider against injuries. The policy also covers injuries to the third person and third person property. Most of the General Insurance companies offer two-wheeler insurance policies to the insurer.

Benefits of purchasing a Two-Wheeler Insurance Policy

Purchasing an insurance cover for your two-wheeler insurance policy ensures not just financial protection in natural calamities, but also peace of mind in the need of filing a claim. With a valid insurance policy on your two-wheeler vehicle, you will remain stress-free about any financial constrain that may occur due to accidents or any other untoward incident. Moreover, riding a bike or scooter without a valid insurance policy is considered to be illegal in India.

What is bike Insurance

With a proper two-wheeler insurance policy, you will have:

The minimum coverage you are required to have depends on the state you live in. However, most states require at least liability insurance.

In case of the theft or damage to the insured vehicle, you do not have to worry about the financial strain to get it repaired or to replace the vehicle. The insurance company will compensate the charges incurred, depending upon the insurance plan purchased by you.

The two-wheeler insurance policy offers you financial protection against the liabilities of the third-party. This is most important reason why it is mandatory to have a two-wheeler insurance under the Motor Vehicles Act, 1988. If an injury occurs to the third-party in person or the property of the third-party gets damaged with the insured vehicle, it is considered as third-party liability. In such a case, the insurer compensates the damages.

Purchasing a two-wheeler insurance policy is not a financial burden as it a usual notion. It is not essential that you would have to pay the full premium every time you renew your policy. If you have not made any claim within the insured period, you will be getting No Claim Bonus (NCB). Your NCB begins with the first renewal of your bike or scooter insurance. When you renew your policy the second time, you will be able to avail discounts up to 25% that may rise up to 50% with every consecutive claim-free year.

Types of Two-Wheeler Insurance

There are two types of Two-Wheeler Insurance Policies:

  • Comprehensive Insurance:

    Comprehensive insurance policy offers financial cover against damages to the rider/owner and the third party in case of physical injuries. The insurer also compensates the policyholder for burglary, theft, fire, explosions as well as natural calamities such as cyclones, storms, earthquakes and man-made calamities such as terrorist activities, riots. If the insured vehicle gets damaged when the owner/rider is under the influence of alcohol or drugs at the time of accident, the insurance company will not provide insurance cover.

  • Third-Party Two-Wheeler Insurance Policy:

    The Third-Party Insurance Plan provides protection against legal liabilities as is mandated by the law of India. It is essential to have third party insurance for your bike/scooter. The policy covers any damage or physical injuries incurred to the third-party and their property.

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