A Two-wheeler insurance plan is a general insurance product that ensures iron-clad protection for a two-wheeler and its owner/driver against unfortunate events including road mishaps, accidents, or natural disasters that may require an unforeseen expense for the owner.
Two-wheeler insurance policies ease the financial burden that may arise out of situations involving damages or loss occurring to a third party or its property or the owner/driver or the insured vehicle.
Importance of Two-Wheeler Insurance
As per the Motor Vehicle Act in India, a two-wheeler insurance plan is mandatory for anyone riding a motor vehicle. Two-wheeler insurance plans do not only provide coverage against third–party liability, but they also offer comprehensive coverage to the owner/driver of the two-wheeler.
These plans cover medical expenses incurred due to the hospitalization of the owner/driver and the cost of repair incurred due to damages that occurred to their own vehicle.
Benefits of Two-wheeler Insurance
There are umpteen benefits of two-wheeler insurance plans. Here we are listing just 5 of the top benefits of two-wheeler insurance plans for policyholders.
Check them out:
- Cashless Garage Services: Almost all two-wheeler insurance plans offer the facility of cashless repair to the insured vehicle at network garages, in the event of an accident or damages caused to the insured vehicle.
- Roadside Assistance: A large number of bike insurance plans provide the option of roadside assistance in case the vehicle breaks down.
- Towing Facility: Popular two-wheeler or bike insurance plans also offer a free towing facility, in case the two-wheeler’s engine stops working or breaks down.
- Add-on Coverage: All popular two-wheeler insurance plans provide add-on coverage in order to provide policyholders with additional benefits and perks.
- Online Services: Almost all two-wheeler insurance plans can be easily renewed or purchased online.
Types of Two-Wheeler Insurance
Basically, two-wheeler insurance plans are categorized into two types and each of these two types offers a different set of benefits and perks to the policyholders.
- Third-Party Insurance: Also called limited liability insurance, this plan covers the insured and the owner/ driver of the two-wheeler against third-party liabilities arising out of a bike accident, which causes damage or loss to the third party or its property.
- Comprehensive Two-Wheeler Insurance: Also called package policies, this two-wheeler insurance offers comprehensive coverage to the insured two-wheeler vehicle. Apart from coverage for third-party liability, this plan also gives coverage for the expenses incurred due to an injury or the death of the owner/ driver and damage that occurred to the insured bike due to an accident.
Key Factors to Consider before Buying Two-Wheeler Insurance Plans
The sheer multiplicity of two-wheeler insurance service providers and plans in the market can baffle even the most seasoned of investors. Therefore, it makes sense to consider a few vital factors when investing in two-wheeler insurance plans.
Here are 4 such factors that one must carefully consider before buying two-wheeler insurance plans in India:
- Coverage: This is one of the major factors you should consider when buying two-wheeler insurance plans. Look out for plans that offer comprehensive coverage against third-party liability, personal accidents, and own vehicle damage. Make sure that you aren’t compromising on any of this coverage to ensure complete peace of mind.
- Benefits: Look out for the number of cashless garages provided by the insurer when buying two-wheeler insurance policies. Remember, an emergency may strike anytime and a two-wheeler insurance plan with a considerably large number of network garages comes in handy in such situations. Also, be heedful to check if your policy provides a towing facility, in case the insured vehicle meets with a breakdown.
- Online Services: Be vigilant about buying a two-wheeler insurance plan from an insurer that provides online services. This will help you renew your existing insurance plan easily and without any hassles from anywhere, anytime.
- Premium: Premium is another key factor that you must consider when buying a two-wheeler insurance plan. It is fairly easier to get premium quotes online. You can easily calculate the premium amount using premium calculator tools online.