Riding a two-wheeler is a standard and affordable mode of transport for many people in India. However, bike accidents are also common on Indian roads. Having adequate bike insurance protects you financially in case of theft, damage, or an accident.
Choosing the right two-wheeler insurance policy can seem confusing if you buy it for the first time. Read on to learn about the different types of bike insurance available and how to pick the ideal policy for your requirements.
Importance of Getting a Bike Insurance
Adequate two-wheeler insurance coverage is advisable and legally mandatory in India for several vital reasons. Bike insurance policies cover repair bills if your vehicle is damaged in an accident or has to be replaced entirely if stolen.
It also provides financial assistance for medical expenses arising from any injuries you or your pillion rider suffer. Another major benefit is coverage for third-party liability—if your bike causes any loss or damage to another person’s property or vehicle, your insurance policy pays for it. This third-party cover is mandated by law for all vehicle owners.
Bike insurance also offers financial protection to the insured individual or their family for permanent disability or death due to a road accident. One of bike insurance’s most attractive incentives is the No Claim Bonus reward for those who possess policies but do not file any claims during the policy’s term.
Types of Bike Insurance
There are the following main types of bike insurance policies available in India:
1. Third Party Insurance
This is the most basic and mandatory bike insurance cover in India. A third-party policy covers the following:
- Bodily injury or death of a third-party person
- Property damage caused to a third party
However, this policy will not cover damages to your bike. IRDAI fixes third-party premium rates, which depend on the bike’s engine capacity.
2. Standalone Own Damage (OD) Cover
This policy covers only damages/losses to your two-wheeler due to:
- Accidents
- Theft
- Natural calamities
However, third-party liabilities are not covered. This policy is ideal for bikes that already have valid third-party coverage.
3. Comprehensive Insurance
A comprehensive third-party bundles third-party coverage along with coverage for own damage. Comprehensive insurance is the ideal bike policy offering complete protection. It provides third-protection covering:
- Third-party liabilities
- Loss/damage to own bike due to accidents, theft, natural disasters, etc.,
Choosing the Right Bike Insurance
Analyse your specific needs and riding habits to decide the optimum level of bike insurance:
- Ensure your bike always has the legally mandatory third-party liability cover.
- For new or expensive bikes, comprehensive coverage is best to get complete protection.
- If your bike is prone to frequent damages, comprehensive cover with add-ons like zero depreciation is ideal.
- Third-party cover is usually sufficient for bikes used infrequently within the city.
- Parking the bike in risky areas with high theft rates warrants a comprehensive policy.
Purchasing Bike Insurance Online
Buying or renewing two-wheeler insurance online is very straightforward:
Provide basic personal and bike details. Choose a suitable insurance plan according to your needs. Opt for additional covers like zero depreciation. Pay premiums online via card, UPI, etc. An instant policy copy is issued online!
When your bike policy expires, renew it on time to enjoy uninterrupted coverage. Timely renewal also helps you retain accumulated No Claim Bonus premium savings.
Conclusion
Having insurance coverage is essential to protecting yourself financially against bike theft, damages, and liabilities. Ensure you choose an adequate policy according to your needs and ride responsibly. Check out ACKO’s quick, online, and convenient plan when purchasing or renewing bike insurance.
