How To Buy The Best 2 Wheeler Insurance Policy

Motor insurance is one of the most important types of insurance that come under the umbrella of general insurance. While motor insurance has been made mandatory by the Government of India for all 2-wheeler owners, this should not be the only reason for you to stay insured.

Road accidents and adverse circumstances are unpredictable and can happen at any point in time. They can also have far-reaching consequences for you and any other people involved. Getting 2-wheeler insurance can help you safeguard yourself financially up to a certain extent in the event of accidents or other damages that are incurred by your 2-wheeler.

However, to avail the 2-wheeler insurance policy that suits your needs best, there are some important things that you should take into consideration.

Buying the Right Insurance Plan

When you decide to get insurance for your 2-wheeler, you must make sure that you consider your options properly. Comparing different insurance policies is one of the prerequisites for the same. When you compare different insurance policies, you can ensure that you buy the one with maximum benefits and that it falls within your budget as well. Getting the right two wheeler insurance plan can help you in dealing with any damages that might be incurred by your vehicle.

Choose Insurance According to the Type of Vehicle

Since the make and model of different 2-wheeled vehicles can differ vastly from each other, buying an insurance cover to suit your specific vehicle is extremely important. Since the specifications of 2-wheeled vehicles vary from each other, insurance companies offer various insurance plans at different premiums, based on the vehicle being insured. For example, a more powerful bike with a higher calibre engine will have a higher insurance premium. So, before finalising any policy, you should ensure that the details of the vehicle to be insured are accurate and that the policy is for your make and model of bike.

Components of a 2-Wheeler Insurance Policy

Different insurance companies offer different types of insurance policies, but all of them have some components in common.

Coverage Against Damage

Any standard comprehensive 2-wheeler insurance policy provides coverage for your vehicle against liabilities that may arise due to several natural or man-made causes, some of which have been listed below:

 

Storm

 

 

Explosion

 

 

Self-ignition

 

 

Earthquake

 

 

Flood

 

 

Hurricane

 

 

Inundation

 

 

Fire

 

 

Typhoon

 

 

Frost

 

 

Rockslide

 

 

Cyclone

 

 

Hailstorm

 

 

Lightning

 

 

Landslide

 

 

Terrorist activity

 

 

Burglary

 

 

Theft

 

 

Riot

 

Accidents caused by external means

 

Coverage against third-party liability

The minimum insurance coverage that a vehicle must have to be able to ply on Indian roads, as has been mandated by the government, is a third-party cover. This coverage offers you protection against liabilities that may arise in an accident where a third-party is injured or dies or if third-party property is damaged.

Personal accident cover

With a personal accident cover, you are provided coverage for medical costs that you may incur in case you get in an accident while riding, or even mounting or dismounting your bike. The personal accident cover, even though not compulsory, can save you a lot of hassle and money in the long run.

Types of 2-wheeler insurance you can avail

There are basically two types of 2-wheeler insurance policies that you can avail in India. They are:

  • Third party 2-wheeler insurance –

    With a third party 2-wheeler insurance, the damages caused to a third party or third-party property due to an accident involving your vehicle are covered. This insurance is mandatory under the Motor Vehicles Act and is the first thing that you should invest in after getting a 2-wheeler. With this insurance, you can safeguard yourself from legal liabilities that might occur during an accident if a third party is injured or even accidentally killed. However, this insurance does not have any personal accident cover or own damage cover.

  • Comprehensive 2-wheeler insurance –

    With comprehensive 2-wheeler insurance, you can safeguard your own interests as well as protect yourself against third party liabilities in the event of an accident. This insurance also covers theft, natural calamities, explosions, and various other man-made calamities that might befall your vehicle. Comprehensive insurance includes a third-party cover in the benefits offered.

With the right type of 2-wheeler insurance, you can make sure that you are protected against most of the problems that might occur with regards to your 2-wheeler. That is why it is extremely important for you to get proper insurance as early as possible for your vehicle! It is not just important for your safety, but also crucial if you want to safeguard your financial interests in the future!