Two-wheeler insurance protects you in the event of monetary losses due to car accident. For bike owners, it is mandatory (Motor Tariff 2002) to own at least, third-party bike insurance.
Types of Two-Wheeler Insurance
Based on coverage, there are 3 types of two-wheeler insurance plans:
Third-Party Insurance: Also known as liability-only two-wheeler insurance, this is the basic type that protects the policy owner from third-party liabilities including a third party’s death or injuries and property damage caused by a third party. This plan provides no coverage for damages caused by the policy owner’s two-wheeler.
Standalone Own Damage Insurance Plan: It covers damages caused by the policy owner’s two-wheeler in an accident. No coverage is included and the plan is best paired with the mandatory third-party insurance plan.
Comprehensive Two-Wheeler Insurance Plan: Also called package two-wheeler insurance, this plan covers all types of damages caused by a policy owner’s two-wheeler in an accident, which include third-party liabilities and damages sustained by the policyholder. This policy is a combination of the first two two-wheeler insurance plans.
Two-wheeler owners are entitled to buying add-on covers with their comprehensive and standalone plans.
Two-Wheeler Insurance Benefits
- Coverage for road accidents and natural disaster
- Coverage for legal liabilities
- Cashless claims at affiliated garages
- Safe driving and proper maintenance bonuses
- Long-term policies with fixed premiums throughout the insurance term
What to Consider When Buying Two-Wheeler Insurance
- Policy coverage
- Add-on coverage
- Premium amount
- Discounts & bonuses
- Terms and conditions
For relevant information, get in touch with Arthavidhi.
