An Overview Of Two-wheeler Insurance In India

By Author: Agastya Kaviraj
Total Articles: 5
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If you own a bike, you must take two safety precautions at all times –wear a helmet and invest in a good insurance policy. Riding without a license and insurance is a punishable offence and unsafe since these accidents are hazardous. Your two-wheeler insurance provides you with legal and financial protection if anything happens to you, to a third-party individual or their vehicle. 
Here is a guide on what the insurance is about, its benefits, types of add-on riders, and how premiums get decided.
Types of policies 
Your guide begins with the types of policies you can buy. There are two kinds:
Third-party liability insurance policy
This plan covers third party individuals, their vehicle or property. It covers the cost of hospitalisation if a third party gets injured or dies in the accident. The policy also covers the expenses concerning damages endured by the third-party person vehicle or property. This insurance is mandatory for all bike ...
... owners under the Motor Vehicle Act of 1988. A limited liability insurance policy does not cover the policyholder, and the premiums charged for these are relatively low. 
Comprehensive policies
Comprehensive bike insurance is an all-rounder that covers both the third party and the policyholder. Such a plan protects the insured party against natural and human-made disasters and covers the cost of hospitalisation should something happen to the vehicle driver. Since this policy offers broad coverage, the premium you pay is slightly higher and generally depends on the add-ons you opt for.
Types of add-ons you get
Having explained the types of two-wheeler insurance, here are the different types of add-ons available with it: 

Personal accident protection cover 
In-voice protection cover
Zero depreciation cover
Accessories protection cover
Engine protection cover
Medical cover
Cashless hospitalisation cover

Deciding the premiums and No Claim Bonus
Before buying two-wheeler insurance online, you should also understand how insurance premiums get determined. When you first buy insurance, the premium you pay depends upon the make, model, and type of bike or scooter you buy. As your vehicle begins to age, its value begins to depreciate, and so the premium increases. 
However, you receive a reward known as a No Claim Bonus for every claim-free year, under which you can get discounts on your annual insurance premium. This discount begins at 10% for the first claim-free and rises to 50% for five consecutive claim-free years, facilitating plenty of savings. 
Benefits of buying the policy
Here are the primary benefits of investing in an excellent 2-wheeler policy:

You receive protection from legal and financial liabilities
Financial coverage for repairing damages endured by the insurer
Your bike gets protection against natural disasters and human-made calamities 
You get access to various discounts as NCB
You get access to the insurance company’s helpline anytime
You get coverage against partial or complete loss of the vehicle

Since you now have clarity, remember to invest in a good one. Today, you can buy and renew two-wheeler insurance online but remember to compare before buying.