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It's a type of insurance that covers the expenses incurred by your two-wheeler in case of an accident or natural disaster.
Insuring against unforeseen events and unforeseen liabilities is part of risk covers, like car insurance. An accident, rain, or theft of a vehicle can cause anyone to get stuck behind their car. A car insurance policy is a lifesaver in any of these scenarios.
Bike insurance plans in India fall into three main categories: Third-Party Liability-Only Bike Insurance, Standalone Own Damage (SOAD) Bike Insurance and Comprehensive Bike Insurance.
Bike insurance policies that cover both the owner and the third party are called first-party policies. In addition, natural calamities that cause significant damage to human lives can cause havoc on vehicles as well. In addition to protecting your vehicles, first-party insurance covers financial losses as well.
In a nutshell, third-party bike insurance provides financial protection in the event that your insured two-wheeler damages someone, a vehicle, or property. Paying for all these costs from your pocket can be a huge financial burden.
If you have bought a brand new bike or scooter, it will be compulsory for you to opt for a 5-years third-party liability cover.
OD Insurance or Own Damage Coverage is a vehicle insurance policy that protects your automobile against unforeseen damages. It covers your car against damage sustained when you are involved in a road accident, a fire, a natural calamity or any other mishap.
Depreciation is not considered by the insurance company while settling claims when it comes to bike or scooter parts covered by zero depreciation bike insurance. Coverage for the two-wheeler is comprehensive without determining its depreciation value.
Insurance policies with bumper-to-bumper coverage cover vehicle parts without depreciation, whereas policies with package coverage or comprehensive coverage claim settlements, including depreciation on the replaced parts.
There is no need to buy two-wheeler insurance from a dealer when you buy a two-wheeler. To register a 2-wheeler, you must have at least a Third Party Insurance Policy.
Yes. In India, every bike owner must have at least a third-party bike insurance plan to ride the bike on the road. This is mandatory for every motorcycle, irrespective of who rides it.
Generally, bike insurance policies have a tenure of one year. Once you pay your premium, your insurance will remain valid during the policy period. So, you can buy a new policy or make changes to the existing policy at the end of the policy period and at the time of renewal.
You should consider a comprehensive bike insurance policy for full protection of your new bike. You can customize the policy by choosing add-ons you like. You can choose the basic third-party liability policy for older bikes with depreciated values.
Deductible refers to the amount you have to pay out-of-your pocket during claim settlement. It can be voluntary or mandatory. Choosing a higher deductible can help reduce the premium amount.
When you make changes to an existing insurance policy, such as modifications of personal data, vehicle details, or policy terms, it is called an endorsement.
You can check with your insurance provider or login to your account on the website to instantly view the policy details.
