Are there types of two-wheeler insurance andwhat are they?

Yes, there are two types of bike insurance plans you can buy in India. The first type of plan is known as third party insurance. It is the most basic form of coverage you can buy for your motorcycle and it is also mandatory as per Indian law. Without a valid third party insurance policy, you could face heavy fines and jail time of up to 6 months.

Third-party plans provide only 2 elements of protection - third party liability cover & personal accident cover. Third-party liability cover ensures that you do not have to compensate for injuries or damages that you may inadvertently cause to others in an accident. The second element, which is personal accident cover, provides compensation in case the accident leads to disability or death of the policyholder. However, third party insurance does not offer any cover for your vehicle.

The second type of insurance you can buy for your motorcycle is known as comprehensive insurance. These plans provide third party insurance and also offer cover for your vehicle. They will provide compensation in case of damage or total loss of your vehicle due to accidents, theft and various other natural & man-made calamities. You can also purchase add-ons with a comprehensive two-wheeler insurance policy. Add-ons are optional extras that you buy to widen the coverage of your comprehensive two-wheeler insurance policy.