Learn about the features of bike insurance policy and its coverage

Like many, you may love your bike and look for the right motor insurance, but getting third-wheeler motor insurance has been made into a mandate by the government of India. It is wise to purchase a bike insurance policy after comparing features of different types of two-wheeler insurance policies as it is necessary for your safety.

You have mainly two options for Two Wheeler Insurance: a third-party and a comprehensive insurance plan.

Features of third-party bike insurance plan

Law mandates buying third-party insurance for every vehicle owner in India. This policy offers limited coverage and is available at a minimal cost.

It is a liability cover against damage/loss towards the third party caused by your bike riding. It can be damage to the victim's vehicle or property, bodily injuries, or demise.

The premium is based on the IRDA (Insurance Regulatory and Development Authority) guidelines.

Features of comprehensive bike insurance plan

A comprehensive bike insurance policy is the preference of most vehicle owners. It comes with extensive coverage that can cover most unforeseen events.

The policy combines third-party liability cover, personal accident cover of the bike owner, and cover for the bike from damages (own damage cover).

Personal accident cover: It covers the hospitalisation expenses of the insured bike owner if he meets with an accident. You can add on a cover for the co-passengers also.

Third-party legal liability: If you meet with an accident and injure a third party or damage their vehicle or property, it will cover all such costs to be paid to the victim.

Damage due to natural disasters: It covers the insured bike against any damage due to natural calamities like fire, explosion, self-ignition, flood, etc.

Harm due to human incidents: The policy covers the insured bike against accidental damage, loss, or damage incurred from other human-caused incidents like riots and strikes.

The insurance company calculates the premium based on numerous factors, including make and model, engine capacity, modifications, no claim bonus, and Insured Declared Value (IDV).

An insurance company allows you to add some beneficial covers to a comprehensive policy, like a zero-depreciation cover, outstation emergency cover, roadside assistance cover, key replacement cover, and others.

You can choose the right bike insurance plan based on these features.

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