Know More about Two Wheeler Insurance
Two-wheeler Insurance: -
In India, buying two-wheeler insurance is mandatory by law. Two-wheeler insurance technically called a bike insurance, is an ideal tool to get financial protection against the damages that may occur due to accident. Apart from accidents, it also provide financial security from incidents like thefts, natural disasters, man-made disasters etc. and third party liabilities.
Key Benefits: –
- Reduces Financial Stress
- Get Personal accident cover for PA owner driver of sum insured 15 Lakhs
- Get Legal liability driver cover
- Get Personal accident for passengers
- Get legal protection
Types of Bike Insurance: -
The type of cover you get depends on the type of insurance plan you choose.
There are 3 types of bike insurance plans as explained below:
- Third Party Bike Insurance Plan: A Third-party bike insurance policy will safeguard you from property damage, physical injuries and death of third-party on the roads. Bike claim is not covered under this plan
- Comprehensive Bike Insurance Plan: A comprehensive bike insurance plan provides coverage for all types of own damages that may occur due to accident. It provides coverage for both third party liabilities as well as own damages suffered by the insured’s bike. Own Damage incidents could be natural calamities, burglary, theft, riots or terrorist activity or damages caused during travel.
- Standalone Own Damage Bike Insurance Plan: A standalone own damage bike insurance plan provides insurance cover only for own damages incurred by the insured’s bike due to accident.
Add-On Covers: -
Add-Covers are available with standalone own-damage covers and comprehensive plans. The add-on covers come at an extra cost that is added to your overall premium. Here are some useful add-on covers:-
- Zero Depreciation Cover
- Roadside Assistance Cover
- Passenger Cover
- Consumables Cover
- Engine Protect Cover
- Return to Invoice Cover
What is Covered
An insurance company provides coverage for the own damage incurred by the insured’s bike under a comprehensive and standalone own damage covers:
- Road Accident
- Natural Calamities – Floods, Earthquakes, Cyclones, etc.
- Fire/Explosion
- Riots, Strikes
- Terrorist Activities
- Damage during Travel by Air, Rail, Road, Water.
What is Not Covered
- Wear & Tear
- Loss or damages under influence of drugs or liquor.
- Any Consequential loss
- Wear & Tear of tyres and type
- Mechanical or electrical breakdown
- Loss or Damages due to war, nuclear risk.
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Note: – Refer to the policy documents for further details on the list of inclusions and exclusions.
