A valid two-wheeler insurance or bike insurance covers you from damage owing to accidents, natural calamities or theft, and burglary. It acts as a safety net for your beloved bike or scooter against financial loss due to circumstances that you may not have anticipated. As per the Motor Vehicle Act 1988, all two-wheelers on the road must be covered at least by a basic third-party insurance policy. Meaning if you own a bike or scooter it is mandatory for you to get it insured.
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Buying two-wheeler insurance online from HDFC ERGO is very simple and can be bought in no time. With our vast range of plans, you can buy a bike insurance policy that best suits your need. Isn’t that convenient in today’s time!
Two Wheeler Insurance
Two Wheeler Insurance or Bike Insurance is a plan that protects the owner of a bike from any possible damages in case of an accident, theft, or natural disaster. Currently, a third-party two-wheeler insurance policy is mandatory under the Motor Vehicle Act 1988.
It is advisable to buy Bike insurance as it will help you to cover any unforeseen expenses arising out of the damage caused to your two-wheeler due to accidents, natural calamities, or third-party accidents or liabilities.
What is Bike Insurance?
Bike insurance, technically called two-wheeler insurance, is an ideal tool to safeguard yourself against the financial losses which may arise due to an unfortunate event like a road accident involving a two-wheeler. According to the Indian Motor Tariff, 2002 it is mandatory for every bike owner to have at least a third-party bike insurance cover.
What Are The Types of Bike Insurance
On the basis of coverage, there are 3 types of bike insurance plans as explained below:
- Third Party Bike Insurance Plan: A third party bike insurance plan also known as liability only bike insurance plan is the most basic of all bike insurance covers. It insures a policyholder against only but all third party liabilities be it bodily injuries/death of a third party or property damage incurred by a third party. Thus, it provides no insurance cover for damages incurred by the insured’s bike.
- Comprehensive Bike Insurance Plan: A comprehensive bike insurance cover provides for all the shortcomings of a third party bike insurance cover. Also known as a package bike insurance policy, a comprehensive bike insurance plan provides coverage for all types of damages incurred by the insured’s bike in an unfortunate event. Thus, it provides coverage for both third party liabilities as well as own damages suffered by the insured’s bike.
- Standalone Own Damage (OD) Bike Insurance Plan: As the name suggests, a standalone own damage bike insurance plan provides insurance cover only for own damages incurred by the insured’s bike in a mishap. Thus, it does not provide coverage for third party liabilities. Thus, if you purchase a standalone own-damage cover, you need to purchase a third party cover as well to meet the legal requirements established by the Indian Motor Tariff, 2002.
Coverage Provided by Different Bike Insurance Policies
|Type of Loss||Third-Party Plan||Comprehensive Plan||Standalone OD Plan|
|Bodily injuries of the third party||✔️||✔️||❌|
|Death of the third party||✔️||✔️||❌|
|Property damage of third party||✔️||✔️||❌|
|Own Damage of Insured’s Bike||❌||✔️||✔️|
|Theft of Insured’s Bike||❌||✔️||✔️|
Which Bike Insurance Plan Should I Buy?
The answer to this To question entirely depends upon the requirements and budget of the bike owner. While a third-party bike insurance cover is a mandatory requirement, a comprehensive bike insurance cover is a recommended plan as it provides complete insurance coverage for your much-loved bike.
Here are some factors which are crucial to consider while choosing the right bike insurance policy:
- Policy Coverage
It is vital to confirm the coverage of a policy before opting to buy. Based on the coverage, you can pick different three types of bike insurance policies such as third-party bike insurance policy, standalone own-damage bike insurance policy, and comprehensive bike insurance policy. Hence, select the type of policy based on your budget and requirement as the price of the policy also varies with its coverage.
- Add-on Cover
The bike insurance add-on covers are the additional benefits that you can opt for by paying additional charges to extend your policy. Some of the popular bike insurance add-on covers include zero-depreciation cover, personal accident cover, passenger cover, roadside assistance cover, and so on. It is quite significant for the policyholders to check the add-on covers which are offered by the insurance company which can help you in different scenarios.
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