Six two-wheeler riders die every hour in India, according to the Union Ministry of Road Transport and Highways. The rising number of road accidents in India is alarming. Accidents lead to many negative consequences. Serious injuries and expensive medical costs are some of them. To mitigate the impact of road accidents, the government has made two-wheeler insurance. mandatory.
There are different types of two-wheeler insurance options in the market that you can choose from.
Advantages of two-wheeler Insurance
While there are different types of bike insurance policies available, with varying features, they all share some common benefits which are explained below.
• Legal coverage: If you are caught riding a two-wheeler without acquiring the mandated insurance policy, the legal consequences could be grave. Additionally, if you were to injure any third party in an accident, they could sue you for damages. A valid two-wheeler insurance policy legally secures you in such scenarios.
• Personal accident cover: Road accidents could be fatal. In the unfortunate event, if you were to suffer from a permanent disability, the insurance company could provide some monetary relief through the sum assured amount. Additionally, in case of your demise due to a road accident, your nominees would be provided with the insured amount.
• Financial aid: Automobiles are expensive to buy, and any repair requirements may put a burden on your pockets. There are types of two-wheeler insurance policies that cover such repair costs.
Types of two-wheeler insurance policies
Broadly, there are three types of two-wheeler insurance policies that you can choose to buy which are as follows:
• Third-party insurance: It is the most basic and a compulsory two-wheeler insurance policy. Under this type of insurance policy, coverage is primarily for the damages that occur to any third-party in an accident. It is usually taken by holders of inexpensive or used vehicles who aren’t much concerned about damages that may occur to vehicles. These policies are for the benefit of third parties and to relieve you of compensation for their bodily injuries or damages to their vehicles.
• Comprehensive insurance: This is an all-encompassing policy which is highly advised for a newly purchased two-wheeler. It provides for damages that may occur to your own vehicle as well as the third-party vehicle. However, it is important to note that no claims will be entertained if the damages or accident occurs because of your carelessness, or under the influence of intoxicants.
• Standalone own-damage bike insurance: While it’s not a compulsion to purchase this type of policy, it is commonly purchased to cover damages that may occur to your own two-wheeler. These damages could be by way of natural calamities, theft, accidents etc. It is important to note that these kinds of policies offer no compensation to third parties that may occur due to an accident.
A comprehensive two-wheeler insurance policy seems to be the smartest policy to buy, considering the range of benefits it offers. However, buying insurance is an individual choice and situations could vary. It is highly advised that you look to compare policies and quotes to land the best deal for yourself.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.