How Does Two Wheeler Insurance Work In India?

Harley Davidson Motrocycle at garage

Be it urban locations or remote rural areas, bikes are easily spotted on every road and can be found in almost every household; mainly because of its cost and ease of maintenance. People in India are very much dependent on their bikes for both personal and commercial use which makes it a very crucial mode of transport for them. Given the condition of most roads and drivers today, anything can go wrong at any time while being out on the road. To avoid getting caught off-guard and to be better prepared for a two wheeler insurance third-party claim or other personal damages, every bike rider must get their bike insured from a trusted company that offers best bike insurance policies at reasonable prices.

The fact that most two-wheeler insurance policies don’t have fixed premiums and are entirely dependent on factors like the age of the bike, the current market value of the bike, claim history and chosen add-ons. The premiums of two-wheeler insurance are also dependent on the type of insurance plan buyers intend to opt for a personal or commercial bike.

Laws Regarding Insurance

As per regulations, a two-wheeler must be insured under the Motor Vehicle Act. This urges people to get their two-wheeler insured against injuries or other damages during a fire, theft, man-made and natural calamities that may occur to the rider or the two-wheeler. If a rider uses their bike for both personal and commercial purpose, then they should get additional commercial two wheeler insurance for their bike.

To know more in details about the prevailing laws regarding two wheeler insurance in India and to learn how one can select the most suitable insurance policy for their two-wheeler, they can visit a trusted website of a famous vehicle insurance company like Bajaj Allianz General Insurance and get their facts corrected in a hassle-free way.

Types of Policies and Coverage

When it comes to two wheeler insurance, typically there are two major types. The following explains the two and also points out their coverage.

  1. Third-Party or Act Only Policy: The Third-party two wheeler insurance is made mandatory by the law. The policy tends to cushion the policyholder against the financial loss that they may cause to a third-party, their property or vehicle. This also tends to exclude policyholder’s bodily injuries or damages to their vehicle. In short, it mainly focuses on meeting the two-wheeler third-party insurance claim.
  2. Comprehensive Policy: This particular policy not only deals with the third-party but also covers a policyholder’s two-wheeler against accidents, theft, fire, natural and man-made calamities and their life against death and injuries. Policyholders can also enjoy add-ons like engine protection, zero depreciation and passenger cover. Issues that are not covered by the comprehensive plan include riding without a license, riding under the influence of alcohol or other intoxicating substances, aging of the bike and tire issues.

Many two-wheeler insurance companies also offer their customers with a long term two wheeler insurance plan where the two-wheeler policyholders aren’t required to renew their insurance plan at the end of each year.

To avail the best bike insurance, research and compare the benefits and features of the popular two-wheel insurance policies before selecting a suitable policy. Pay proper attention to the inclusions and exclusions mentioned under each two wheeler insurance plan before finalizing it.

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