Types of two-wheeler insurance in India
Having a well rewarding two-wheeler insurance is very important considering the dynamic road scenario and ever-increasing traffic jams. There are different types of insurance plans available in India for customers to purchase. You should also process your two-wheeler insurance renewal on time to make the most out of it. By purchasing from one of the best insurers like Bajaj bike insurance, you can be assured of its reliability
Here are the types of two-wheeler insurance in India for your perusal.
Third-party two-wheeler insurance:
Suppose a two-wheeler rider met with an accident and caused damage to any other traveler on the road. In that case, third-party bike insurance covers the legal liability of the rider and the injury incurred to the third party. Having third-party bike insurance is compulsory in India. It also covered the damage incurred to the third-party vehicle. If you don’t have third-party liability cover, you might be unable to. Bajaj bike insurance provides reliable two wheeler insurance renewal.
Key factors of third-party bike insurance policy:
- With the Indian Motor Vehicles Act, it is mandatory to have third-party liability-only bike insurance for riding a bike on Indian roads.
- Insurance rates for two-wheelers are set by RBI’s Insurance Regulatory and Development Authority (IRDAI).
- Sometimes the bike gets damaged due to natural calamities, theft, or riots. This doesn’t cover under the third-party policy, and you must buy a separate comprehensive policy.
- Policy modifications are not available while making third-party two-wheeler insurance renewals.
Standalone two-wheeler insurance:
Every mature two-wheeler rider owns an insurance policy for their bike. It is obvious when there is an accident, and both riders have their insurance; here, the concept of standalone own damage two-wheeler insurance comes. The act of calamities damages is covered under this insurance policy. If you already have a third-party insurance plan and need extra coverage to protect your bike, you can opt for this own damage coverage insurance plan.
Key factors of standalone bike insurance policy:
- It covers the cost of repairing your bike in case of an accident. The new standalone policy from Bajaj bike insurance check offers a high sum insured of Rs. 15 lakh for a small premium.
- Check the clause of reimbursement when you go for a two-wheeler insurance renewal.
- The cost will be a little higher if you buy a standalone own-damage policy.
- Policy modifications are available while making third-party two-wheeler insurance renewals.
- The insurer waives standalone bike coverage, which means you can rest easy.
- Any reputed insurance provider like Bajaj bike insurance provides this policy at affordable rates.
Comprehensive two-wheeler insurance:
Two-wheeler insurance is a must to protect you and your bike against any third-party liabilities. But that’s not all. Whether an accident or a natural calamity, Bajaj bike insurance provides comprehensive two-wheeler insurance renewal. We have two-wheeler insurance covers for you and your bike. It covers third-party liabilities, personal accident cover, and risk mitigations. This all-inclusive policy offers you the benefit of both third-party and own damage insurance plans. Although the premium of this comprehensive insurance is a little pricey compared to other plans, it is highly beneficial and well-rewarding.
Key factors of comprehensive bike insurance policy:
- (IRDAI) has set comprehensive two-wheeler insurance premium rates for various categories under this policy.
- Overall, comprehensive two-wheeler insurance has become very affordable in India.
- The central government has decided to reimburse the third-party insurance premium and the premium paid to the insurer under the comprehensive two-wheeler insurance policy.
- It covers all-natural calamities like fire, earthquake, floods, etc. including man-made damages like theft, burglary, etc.
- Carefully read all the terms and conditions during the two-wheeler insurance renewal.