Two-Wheeler Insurance

There are several aspects to buying, owning, and maintaining a two-wheeler. One of them is being prepared for any unfortunate event involving your two-wheeler. For example, how much can you afford to pay if your vehicle is damaged in an accident? Similarly, what happens if another person’s vehicle suffers damage due to your driving?

To be prepared for such situations, you must buy a 2-wheeler insurance policy. We will explore how two-wheeler insurance covers everyday risks in this article.

Ways Two-Wheeler Insurance  Covers Risks

2-wheeler insurance  provides financial security for driving your motorcycle or scooter. It can cover costs associated with damage to your vehicle or injuries to third parties. The extent of coverage depends on the terms and conditions of the policy, and add-ons, if any.

Here are some ways two-wheeler insurance policy covers the everyday risk of a rider:

1. Fulfil Legal Obligation

Buying third-party insurance is compulsory as per the Motor Vehicle Act of 1988. Third-party insurance protects a third party from damage inflicted by your vehicle. Do note that it does not provide any protection to you. If you want coverage for yourself, you can opt for a comprehensive insurance plan.

2. Hassle-Free Renewal Process

A frequent reason individuals skip renewing their bike insurance is the complicated renewal procedure. However, this issue has largely been addressed, as bike insurance online has streamlined the process significantly. Now you can renew your insurance from the comfort of your home without having to go anywhere.

3. Protects Against Third-Party Liabilities

One significant advantage of having bike insurance is the financial security it provides. Regardless of whether you opt for a comprehensive policy or a third-party coverage plan, you are protected against any damages caused to others in an accident. Additionally, if a third party decides to take legal action against you for the damages they suffer, your bike insurance can cover legal expenses and other related costs associated with a lawsuit.

4. Protection Against Own Damage

If you buy a comprehensive or own damage insurance plan, it will cover damages to your own vehicle. Given that repair costs can sometimes reach substantial amounts, investing a modest premium for this coverage is highly advantageous.

Comprehensive bike insurance is flexible and can be tailored to your needs. You have the option to include various riders in your policy for a slight increase in your premium, allowing you to enhance your coverage based on your specific requirements.

5. Coverage Against Natural and Man-Made Disasters

Natural disasters such as floods, earthquakes, and storms can cause significant damage to your vehicles. But an insurance plan can give you much-needed coverage against such disasters. Similarly, insurance can protect you against man-made disasters such as theft and vandalism.

6. Peace of Mind

Even the most cautious drivers can face unexpected incidents on the road. To ensure your financial security in such situations, having the right insurance is essential. Two-wheeler insurance serves as that safeguard. By investing in a bike insurance policy, you secure both your finances and your peace of mind.

7. No-Claim Bonus

Insurance companies offer discounts to insurers on renewal if they don’t file any claims during the policy term. Thus if you maintain a clean track record throughout the policy period, you will get a discount on the renewal premium.

8. Cashless Claim

If your vehicle sustains damage, you can take it to any garage within your insurer’s network. The costs associated with the repairs will be directly handled between the garage and your insurance company. Thus, you won’t have to worry about covering the expenses out of pocket.

9. Cancel Policy Anytime You Want

What happens if you find the services of your chosen insurance company unsatisfactory? Fortunately, you have the flexibility to cancel your policy at any time and choose a different insurer. When you decide to switch, the original insurer will refund any unused premium.

Types of Two-Wheeler Insurance

Following are the major types of two-wheeler insurance you can buy:

1. Third-Party Insurance

It covers the loss, injury, or damage suffered by a third party because of your two-wheeler. However, it does not cover damage suffered by your vehicle during an accident.

2. Comprehensive Bike Insurance Policy

A comprehensive plan includes all the protections available in a third-party two-wheeler insurance policy. In addition, it also safeguards against damages or losses to your two-wheeler. It can protect your vehicle against damage due to accidents, natural disasters, or events such as riots and thefts.

3. Standalone Own Damage Insurance Policy

Own Damage insurance protects your motorcycle from damages, but it does not extend to third-party liabilities. If you already possess a third-party insurance policy for your bike, opting for an own damage insurance plan can be a smart choice to enhance your coverage.

Final Words

To conclude, two-wheeler insurance is critical for your financial security. It is important to be prepared for the worst when it comes to riding a two-wheeler. While third-party insurance is compulsory for a two-wheeler owner, you can opt for a comprehensive plan for more thorough coverage.