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Buying a new bike is an exciting experience, but choosing the right two-wheeler insurance is just as crucial. Before you start riding a bike, it's essential to have the right insurance policy in place. This not only meets legal requirements but also protects you financially in case of accidents or other unexpected events. A good two-wheeler insurance plan can cover everything from accidental damage to third-party liabilities, ensuring your safety and peace of mind. Don't overlook this important step—make sure to secure an appropriate insurance policy before you start driving on the road.
Bike insurance is a type of policy that provides financial protection for you and your motorcycle in case of accidents, theft, or other unexpected events. It covers the costs of repairing damage to your bike or covering others if you cause damage or injury while driving. Bike insurance helps you manage the expenses and liabilities that can arise from unforeseen incidents, giving you peace of mind while you're on the road.
Owning a two-wheeler in India comes with the responsibility of protecting both your vehicle and yourself from possible road accidents and financial losses. Here's why having two-wheeler insurance is important:
Under the Motor Vehicles Act of 1988, it's mandatory for every two-wheeler on Indian roads to have at least a third-party liability insurance policy. Driving without insurance is illegal and can cause fines or other penalties. Depending on your preference, you can choose a basic third-party plan for minimum legal compliance or a comprehensive plan for an enhanced protection.
Accidents can cause major repair costs for your own bike or damages to others. Without insurance, these expenses could be financially troubling. Two-wheeler insurance acts as a financial protector, covering costs related to accidents, theft, or unexpected events.
Your bike is prone to damage from natural calamities like floods, earthquakes, or man-made incidents. Two-wheeler insurance helps cover the repair costs in these situations, and if your bike is beyond repair, it provides money for the total loss.
In case your bike is stolen, insurance offers financial coverage after the police report is filed and the investigation finishes. This coverage helps ease the financial loss of losing your vehicle to theft.
Accidents don't just damage vehicles, they can also cause serious injuries or even death. Two-wheeler insurance policies often include personal accident cover, which provides financial protection to the owner or the driver in case of injuries or fatalities resulting from an accident.
Buying a two-wheeler insurance online instantly on INSURE24 is easy and simple, just follow the steps mentioned below:
These are the documents needed to buy a two-wheeler insurance policy:
If you're looking to buy bike insurance online, here are some important things to keep in mind to ensure a great experience:
Buy bike insurance online to save on extra fees and commissions.
Choose insurers with instant policy delivery for quick.
Find insurers that offer an online claim settlement process.
Choose a digital insurer that securely stores your KYC documents online
Choose an insurer with reliable customer service for a smooth, hassle-free experience.
With INSURE24, easily buy, compare, and renew bike insurance online, saving time and offering convenience.
Even if two bikes are looking the same, their insurance policy might be very different. It’s essential to understand your specific needs before selecting the right policy. Here’s a closer look at the three main types of two-wheeler insurance policies:
This type of bike insurance covers damages or injuries caused to another person or their property by your bike. If your two-wheeler is involved in an accident that results in harm to a third party, this policy will cover the respective costs. Third-party liability insurance is mandatory under the Motor Vehicles Act, making it essential for all bike owners to have this basic coverage to protect against legal and financial liabilities involving third parties.
A comprehensive insurance plan provides extensive coverage, including both third-party liability and damages to your own two-wheeler. This policy covers a wide range of things, such as:
This policy is designed to cover damages only to your bike and not to third-party liabilities. It provides financial protection in case your two-wheeler is damaged due to accidents, natural disasters, theft, fire, or other things. If you already have third-party liability insurance and wish to add coverage for your bike’s own damages, this standalone own damage policy can be a great choice.
All three two-wheeler bike insurance policies are curated, keeping in mind the varied needs of bike owners. While a comprehensive plan covers all the basic requirements (the third-party losses and own damage), a third-party policy only covers the loss/damage of a third-party person or property. On the other hand, own standalone damage covers only the damage/loss of the insured vehicle.
Different bike owners may prefer different bike insurance plans. In order to know which one is best suited for your needs, here is an easy way to compare:
What is Covered? | Comprehensive two-wheeler insurance | Standalone own-damage two-wheeler insurance | Third-Party liability two-wheeler insurance |
---|---|---|---|
Third-party liabilities | |||
Own damages | |||
Personal accident cover | |||
Protection against fire | |||
Cover against theft | |||
Cover against disasters | |||
Add-ons available |
The table above clearly mentions the coverage provided under different bike insurance plans. So, now you need to assess what covers you really need and then purchase the respective plan.
Comparing bike insurance plans online is simple with INSURE24, allowing you to find the best policy that fits your needs at the best price. When comparing different two-wheeler insurance options, check the following:
Disclaimer: The above mentioned prices are for a 2 year old Suzuki Burgman Street 125, registered in Navi Mumbai & previous policy has not expired.
To attract and retain customers, insurance companies offer a number of features with their two-wheeler insurance plans. Here are some of them:
Bike owners can choose either third-party liability insurance, which is required by law, or a comprehensive plan. Third-party insurance covers damages to other people and their property, while a comprehensive policy also includes coverage for damages to your own bike, along with personal accident cover.
If you have not made any claims in the previous year(s), you are eligible for a No Claim Bonus. This bonus can be transferred when you buy a new bike, as it is related to the policyholder, not the bike. NCB can offer major savings, sometimes up to 50% on your premium.
Bike insurance policies typically include personal accident cover, which provides financial compensation of up to ₹15 lakhs in the event of an accident. This coverage is mandatory, as per the Insurance Regulatory and Development Authority of India (IRDAI).
Many insurance companies offer discounts to lower your premium. These can include discounts for having anti-theft devices installed, maintaining a claim-free record, or being a member of recognized automotive associations.
Insurers offer the ability to buy or renew bike insurance policies online. This can be done easily through their websites or mobile apps, making the process quick and worry-free.
Filing a claim for two-wheeler insurance is straightforward, with options for both cashless and reimbursement claims
You need not pay a single rupee, the money is given to garage by the insurance company
You can pay the money first, incase of claim & later get it reimbursed by insurance company
Having two-wheeler insurance is a critical part of owning and operating a motorbike or scooter. It not only provides financial protection to the owner but also safeguards them from potential legal liabilities that may arise due to an accident or other damage caused by their vehicle. So, if you are planning to buy a new bike, make sure you invest in the right coverage as well.