Bike Insurance in India

The benefits of having a two-wheeler are immense. They're affordable, convenient and require low maintenance. In terms of production and sales, the two-wheeler Industry in India is one of the largest in the world. Indian two-wheeler market is growing at a rate of 9.5% through the years 2006-2014. This implies that there is a large number of wheelers on the roads. With the rising number of vehicles on the road, the risk of accidents also rises. This calls for the need for comprehensive insurance plans for these vehicles.

Insurance policy is an excellent investment. It covers you from all kinds of damages from accidents/natural or human-made calamities. Indian Law also states that it is mandatory to have a vehicle license. The Motor Vehicle Act covers a broad range of expenses which you require in case of a two-wheeler accident. Moreover, the legal liability to the injury and damages to the third party and property damage that arises from the accident is also covered with the insurance.

So, why take a comprehensive insurance cover for your vehicle and not a basic insurance cover? Things like loss of bike accessories, the legal compensation to be paid by the rider, personal accident cover for the pillion/passengers of the vehicle are covered under the comprehensive cover. Damage caused due to a neglectful driver or driving the vehicle under the influence of drugs/alcohol isn't covered in the basic insurance policy. It is preferable to pay a little extra amount for getting a comprehensive coverage which could cover more expenses as compared the expenses covered by the basic insurance coverage.

How Does A Bike Insurance Protect You and Your Bike?

A two-wheeler is more exposed to dangers both off and on the road as compared to other vehicles. A motorcycle insurance policy could help in financing the losses caused due to accidents, natural and human-made calamities. Additionally, if a loss/damage is induced to a third person/pillion/passengers or their properties, this insurance policy serves as a shield from the liabilities which emerge from such unprecedented accidents. A third-party insurance cover is basic insurance which is legally enforced in India. Although, it is wise to get a sound insurance policy for financially backing up the liabilities.

What Is Covered Under A Two-Wheeler Insurance Policy?

There are different types of risks which your policy covers. Some of the reasons are explained below:

Harms Or Losses Caused Due To Natural Calamities

Disastrous events, such as storms, tremors, floods, earthquakes, etc. They are usually unanticipated and wreak havoc in people's lives. A massive loss of life and property happens. A small portion of the loss of property could be mitigated if you have an insurance policy. Insurance policy would cover you against accidents, natural and human-made calamities, etc.

Coverage Against Human-Made Calamities

Sometimes, the damage caused to vehicles is human-made. For instance, robbery, theft, riots etc are covered under a comprehensive insurance policy. However, damages caused due to a human-made assault or attack by a different nation aren't covered in this policy.

Cover For Accidental Injuries

Accidents are unprecedented in nature and people don't have control over it. Many times, such accidents aren't your fault, however, you might get into events that could cause medical injuries. All types of medical expenses are also covered under these insurance policies.

Partial Disability Caused Due To An Accident

Sometimes, people get involved in severe accidents which result in partial or total disability. With a two-wheeler insurance policy, you'll be financially secured against any such misfortune, depending on the coverage provided by the policy.

Total/Permanent Disability Due To Accident

Failure to walk or losing vision are examples of permanent disability. Two-Wheeler insurance covers the costs of treatment for permanent disability as well.

Demise Of Policyholder

A severe accident that leads to the death of the policyholder or a passenger/pillion, the insurance policy also offers compensation to the nominees listed in the policy.

How Can You Buy A Bike Insurance Policy Online?

Buying two protection today isn't as difficult as it was before. With digitization growing immensely in India, you'll now be able to buy an insurance policy online as well. All you'll be needed to do is log into the website of your insurance company, fill in the necessary details and buy the policy. Additionally, there are a large number of third-party websites which you can use to compare the features of different policies offered by all these companies.

If you aren't used to an online interface, you can also buy policies through brokers/policy agents.