Indian citizens depend on personal two-wheelers to avoid unreliable public transport, time-consuming cab-hailing trips, and overcharging auto-rickshaws. Bikes and motorcycles are preferred transport modes due to their easy maneuverability and seamless parking.
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However, owning a bike comes with several responsibilities, such as obtaining proper insurance. A two-wheeler is also susceptible to risks and damages from unfortunate incidents like other vehicles.
In such a scenario, an owner needs to pay for the damage repair costs, resulting in financial liability. To avoid paying hefty repair bills, one must obtain proper bike insurance from a reputed insurer.
The following segment explains the types of insurance policies one can purchase in India.
Table of Contents
Several insurance providers in India offer a range of attractive deals on bike insurance plans tailor-made to an owner’s needs. Moreover, they also provide various types of insurance plans based on coverage limits. They are as follows:
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As per the Motor Vehicles Act, 1988, every vehicle owner must at least obtain a third-party insurance plan to avoid hefty traffic penalties. Under this policy, one can get coverage benefits against third-party damages caused to a person, property, or vehicle during a collision or other accidents. Additionally, a third-party bike insurance plan also covers litigation issues and other legal liabilities arising from such incidents. So, one should obtain this basic insurance plan and avoid third-party liabilities.
Policyholders of third-party insurance can obtain their own standalone damage two-wheeler insurance policy and cover damages caused to their insured bike. This plan covers damages caused to an insured two-wheeler from natural and man-made disasters, bike theft, and damages beyond repair. However, this policy does not cover third-party damages. So, owners should purchase this policy only after obtaining a mandatory third-party insurance plan.
This is a well-rounded insurance plan covering both third-party and own bike damages. As the coverage limit for this plan is more, it is available at a higher premium. Policyholders of comprehensive plans do not need to purchase a separate third-party and own damage cover. Additionally, one can get an add-on facility against additional expenses over and above a comprehensive insurance policy.
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After knowing about the three bike insurance plans, one can consider comparing them to make an informed decision.
| Third-party insurance | Own damage bike insurance | Comprehensive insurance |
| Covers damages inflicted on a third party due to a collision with an insured bike. | Also known as first-party coverage, this plan covers own bike damages. | This is an overall policy covering both third-party and own bike damages. |
| It is mandatory to obtain this plan. | Optional | Optional |
| IRDAI fixes the premium rates for this plan annually. | An insurer fixes the premiums for this policy. | The premium rates are fixed by combining IRDAI-specified rates and insurer-specified rates. |
| A vehicle’s IDV is not essential to consider while deciding the sum assured amount. | IDV is a vital attribute to factor in for determining the sum assured. | IDV is necessary to calculate the sum assured for the own damage coverage part of the policy. |
| Premium rates are standard. | Premium rates are slightly higher. | Optimal costs of premium |
| Add-ons are not available. | Add-ons are not available. | One can include add-ons against additional charges. |
| The Motor Accident Tribunal decides the amount payable under a third-party claim. | The insurer determines the amount payable under an own damage claim. | The insurer finalises the amount payable under its own damage claim based on the surveyor’s report. Third parties receive claim reimbursement under the Tribunal’s final award. |
| Coverage for own damages is not available. | Available | Available. |
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Choosing an insurance plan for a bike might seem daunting considering the number of options available. A well-rounded insurance plan must offer an extended coverage limit and be cost-effective.
With this in mind, one can purchase a comprehensive bike insurance policy and enjoy additional coverage. As the coverage limit for this plan is more, it is available at a higher premium rate.
So, individuals looking for a budget-friendly option can consider the other two plans.
Additionally, one can opt for a seamless procedure of policy comparison by going through the aforementioned section.
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