Many people enjoy biking without having a specific destination in mind. They ride where the road takes them. Eating up the miles with the wind in their hair – it’s all about the ride! Bikes offer the freedom to explore the world in a unique way, and their riders love it!
Your bike needs two wheeler insurance if you want to guarantee its comfort and convenience. Any unforeseen accident has the potential to destroy your two-wheeler and injure you, as well as any other parties involved. This leaves you with a sizable financial hole. Therefore, select the right two-wheeler insurance policy to lower the cost of damage caused by any accident.
Are you mulling over different bike insurance quotes from various auto insurance companies? Do you also want to confirm that you only pay for insurance that fits your needs and your budget?
Let’s look at the 6 things that a person needs to be aware of before choosing the best two-wheeler insurance policy:
- Various types of policies: The cost of two-wheeler insurance varies by state of residence. Two different types of two-wheeler insurance policies are the most common: comprehensive policy and third-party liability are two examples of insurance. The third party bike insurancepolicy for a bike is the fundamental coverage required by the motor vehicle insurance law. It is designed to assist third parties who may be harmed in the event of an accident. While comprehensive insurance can provide extensive coverage, it also protects your bike from accidents, theft, and other natural disasters in addition to the mandatory coverage. As a result, you can select the two-wheeler insurance plan that best suits your needs.
- Insurance for third parties: Two wheeler third-party insurance essentially covers property damage and bodily injury. When a vehicle collides with another, causing bodily harm or property damage to the occupants or damage to their vehicle, this insurance policy provides coverage. As a result, this insurance policy is required in India.
- Complete protection: There are numerous instances of accidents and natural disasters that could harm your vehicle. Those who have comprehensive coverage in such a case are able to fix their motorcycle. People mistakenly think that this is an expensive policy. If one owns a pricey two-wheeler, it is actually less expensive than self-insuring.
- Insurance for uninsured and underinsured drivers: An uninsured driver is someone whose insurance company rejected their claim or was unable to pay it, or who did not have any two wheeler insuranceor had insurance that did not satisfy the minimum liability standards set by the state. Protection against injuries sustained in an accident where the at-fault party’s insurance limits are insufficient to cover your costs is provided by underinsured motorist coverage.
- Insurance for guests and passengers: This insurance plan is distinctive because it is intended exclusively for motorcycles. It covers physical harm sustained by the passenger.
- Customised coverage for equipment and parts: Additionally, there is a special type of insurance for two-wheeler vehicles. Even though a comprehensive plan offers protection from a variety of risks, some people still want specific coverage for certain two-wheeler parts. The cost of the premium goes up by adding the extra coverage.
All these benefits are there for you only if you get insured. But if it lapses, you may be stuck paying for all the damage yourself. This can cause a sudden heavy strain on your budget. You may even need to sell off your two-wheeler to cover the cost. Therefore, to avoid having your insurance coverage expire and to ensure that you continue to benefit from your policy, set reminders for your bike insurance renewal.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
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