Two Wheeler Insurance


Know What Two-Wheeler Insurance Is All About

29th August 2022 8min read 377 views

When you buy a vehicle in India, you also purchase motor insurance. Most of us don’t question the need for insurance. We accept the policy offered and renew it every year for financial protection. Let’s learn about the importance of a two-wheeler insurance plan.

Is Bike Insurance Mandatory?

Yes, bike insurance is mandatory in India. The Motor Vehicles Act of 1988 states that every vehicle owner must have at least a third-party liability policy. Such plans protect you against the financial liability of paying for damages to another person or their property after an accident involving your vehicle. Having two-wheeler insurance also provides you with:

Financial Safety

Your insurance plan will help with the cost of repairs after an accident. You won’t have to worry about diving into your savings.

Personal Accident Cover

Your bike insurance policy offers personal accident cover. It provides you or your nominee with a payout in case of a fatal accident or if you get permanently disabled after an incident.

Legal Protection

A two-wheeler insurance plan ensures you meet your legal obligation. Without the policy, you risk attracting a fine for riding without the required coverage.

Types of Bike Insurance

When you purchase a policy, you have to choose between the following bike insurance types:

Third-Party Liability

Insurance companies offer third-party liability-only policies. These plans only cover damages to a third party and their property. If your two-wheeler gets damaged, you cannot file a claim against this policy. The law makes third-party plans mandatory. You cannot ride your two-wheeler in India without third-party liability coverage.

Own Damage Coverage

You can opt to purchase own damage insurance for bike, which helps take care of repair costs for your vehicle. These policies also look after damages caused by natural disasters such as earthquakes and flooding. An own damage policy ensures you can repair your two-wheeler without constantly worrying about the cost.

Comprehensive Policies

A comprehensive plan offers both third-party and own damage coverage. Most two-wheeler owners prefer a comprehensive plan as it provides coverage for third parties and their vehicle under one policy. All insurance companies offer comprehensive policies that you can customise with add-ons. You can explore comprehensive plans if you’re looking for a new bike insurance policy for better protection.

Common Add-Ons for Two-Wheelers

Add-ons increase your bike insurance premium, so you must pick wisely. Many two-wheeler owners opt for these common add-ons:

Zero Depreciation

The value of your vehicle and all its parts depreciates over the years. Your insurance policy only covers the depreciated value of your two-wheeler's parts. However, you must pay the full price when you purchase a replacement. The zero-depreciation add-on protects you from the financial loss incurred due to the depreciated value of various vehicle parts.

Loss or Theft of Key

Two-wheelers today come with specialised keys. You cannot easily replace the key at a locksmith. If your bike keys get stolen, you may have to replace your two-wheeler’s entire lockset. The cost of getting a new key or replacing the lock could put a dent in your wallet. You don’t have to worry about high costs when you purchase this add-on with your policy – your insurance will help take care of it.

Roadside Assistance Cover

We can’t think of anything worse than getting stranded on the side of the road when something goes awry with your two-wheeler. With this add-on, you can call for the required assistance and claim the costs from your insurance company.

Today, you can buy 2-wheeler insurance online in just a few minutes. Browse the Edelweiss General Insurance website to find the ideal plan for your needs. You can customise your cover with our wide range of add-ons for enhanced protection. You can complete your  bike insurance renewal online in under ten minutes at the end of your policy term. Now that you better understand two-wheeler insurance, you can make informed decisions about your policy.

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