Major Types Of Bike Insurance Plans You Must Know

As per the guidelines of the Motor Vehicles Act of India, it is mandatory to purchase an insurance policy to make a vehicle road-legal. Apart from being a mandate, it also provides the necessary financial coverage in the event of an accident to both the rider and the associated third party.

Insurance providers have curated different types of bike insurance policies to meet the different needs of owners. Here are some examples –

Third-party insurance plans

Third-party insurance plans are purposefully designed to safeguard a policyholder’s financial interest from any third-party liability during an accident. It covers the cost of damages to the other vehicle, property, or treatment costs of injuries sustained by involved individuals.

Damages to the vehicle only

There are specific two-wheeler insurance policies that only cover the costs of damage to the insured vehicle during an accident. The damages can be due to any man-made event or a natural calamity. Moreover, this policy does not include any coverage for the rider or owner.

Comprehensive policies

This variant of motor insurance policies provides coverage against an array of incidents. They include third-party liability coverage, as well as accidental coverage to the rider as well as the insured vehicle. Insurance plans like these cover almost every aspect, and they are mainly preferred owing to their extensive nature.

Moreover, if you buy from a renowned insurance provider, you can also opt for add-on riders to customize your plan. Here are some details –

Roadside assistance: In case of any malfunction with your vehicle, you can contact a roadside assistance service to resolve that issue.
Zero depreciation cover: It will not take into account the depreciation of your vehicle, and you will get full compensation in case of a claim.
Cover for keys: If you lose the keys of your motorcycle, you can get reimbursed for the cost of replacement.

Irrespective of the bike insurance policy you opt for, read policy terms beforehand to make a knowledgeable decision.

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