A two wheeler insurance policy provides you with the financial shield against the losses or damages incurred on or by your two wheeler. If you do not have a valid two wheeler insurance policy, the cost of all the financial losses, which may incur on or by your bike, would have to be borne by you. So, it is advised to stay legally and financially protected with the shield of good two wheeler insurance policy at all times.
All the motor vehicles plying on the Indian roads must have a valid motor insurance policy as per the Indian Motor Vehicles Act, 1988. It is illegal to ride your two wheeler, bike, scotty, scooter, or moped on Indian roads without having a mandatory third-party liability cover.
It is mandatory to have a valid bike insurance policy as it provides financial protection against unfortunate accidents, which may damage to third-party property, and/or cause bodily injuries to the third-party driver or rider, pillion rider, and/or pedestrians. In such cases, having a liability cover provides financial coverage, the insurance company pays compensation on behalf of the bike owner.
It is the fixed amount that you need to pay to the insurance agency to keep the policy in effect.
The premium amount of the policy will depend upon the Insured Declared Value (IDV). This affects how high or low that amount will be. Many insurance firms have contacts with the manufacturers and provide you with the optimum value.
This section includes protection against the following phenomenon: landslide, self-ignition, lightning, explosion, earthquake, flood, typhoon/hurricane, inundation, and hailstorm.
Under this, you will be covered against threats like burglary, theft, damage during transit, an accident caused due to external agents, terrorist activities, riots, and strikes.
A valid two wheeler insurance policy provides you with financial coverage in case of bike theft or any damage caused by or to your vehicle.
It is mandatory to have a valid two wheeler insurance policy for your bike, scooter, sports bike, cruiser, etc. to ride them on Indian roads, so having a valid bike insurance policy keeps you legally protected.
In case the policyholder meets an accident, which causes a partial or total permanent disability or dies due to an accident, the insurance company covers the insured up to the sum of Rs.15 lakh.
You can enjoy your ride without having any worries about riding your bike illegally, paying a hefty penalty, or paying from your pocket in case of third-party bodily injury or property damage.
Third-party liability bike insurance policy is mandatory in India as per the Indian Motor Vehicles Act, 1988.
Third-party two wheeler insurance policy covers only the damages or loss caused by the insured bike to the third-party either bodily injuries or property. In addition to that, a third-party bike insurance policy also provides a personal accident death cover of amount up to Rs.15 lakh for the policyholder.
However, you need to keep in mind that a TP policy offered by any of the insurance company will not cover any loss or damages incurred to own bike, or theft of the insured bike.
Third party Liability Coverage: In case of third party bodily injury or death due to the insured two wheeler, the insurance company provides liability cover.
Third party property Damage Coverage: In case of any loss or damage to a third party property, the policy provides coverage up to an amount of Rs. 7.5 lakh.
Personal Accident Coverage: A third-party two wheeler insurance policy covers an owner-driver and optional pillion rider cover.
| Accidental Event | % of Sum Insured |
|---|---|
| Death | 100% |
| Dismemberment of both the limbs or loss of vision in both eyes or one limb and one eye | 100% |
| Dismemberment of one limb or loss of vision in one eye | 50% |
| Permanent Total Disability | 100% |
To protect your two wheeler completely, you will require a comprehensive two wheeler insurance policy. Because it provides a complete financial protection against own bike damages and also any third party loss or damages caused due to the insured vehicle.
You don't have to worry, if your two wheeler gets stolen, as a comprehensive policy also covers bike theft to the limit of the IDV (Insured Declared Value) in the insurance policy. Moreover, the damage caused to your two wheeler, bike, scooter, or moped, in an accident will be borne by the insurance company.
Coverage and Exclusions of Two Wheeler Comprehensive Cover
Own Damage: A comprehensive two-wheeler insurance policy provides financial protection against any damage that may incur due to any man-made or natural calamities.
For instance, if your bike gets burned due to malicious act or gets stolen, you will be compensated under a comprehensive bike insurance policy.
A comprehensive bike insurance policy not only covers bike own damage repair costs but also protects you against third party liability. With a comprehensive two wheeler insurance you are compensated for both own damage and third party losses.
