Clarify All Doubts Related To Two Wheeler Insurance
In India, the rules for vehicles running on the road are governed by the Motor Vehicles Act, 1988. The Act specifies that every car and two-wheeler should carry a valid third party insurance policy if it is to run on Indian roads. So, if you own a bike or a scooter, you need a two wheeler insurance plan on it to run your vehicle legally.
Benefits of Buying Bike Insurance Policy
A two wheeler policy is a mandatory cover that is needed when you drive your bike on the road. Besides being a mandatory cover, a two-wheeler insurance policy provides you with complete financial security when using your bike. There are other benefits of a two-wheeler insurance policy that makes the policy a useful addition to your portfolio. Let’s have a look at the various benefits that you can avail from a two wheeler insurance policy:
Coverage against unforeseen contingencies
A two wheeler insurance policy covers the unforeseen contingencies that you might suffer in an emergency. When using the bike, you might suffer emergencies when using the bike on the road. Moreover, theft is also a contingency that causes considerable financial loss. A bike insurance policy covers these contingencies and gives you security in the face of emergencies.
The main benefit of a bike insurance policy is financial protection. By covering unforeseen contingencies the policy gives you financial protection. It ensures that the financial losses suffered in contingencies are compensated so that you don’t suffer the loss yourself.
Covers all types of Two Wheelers
Two wheeler insurance plans allow coverage for all types of two-wheelers. Whether you have a scooter, moped, bike, whether new or used, you can avail of coverage under the policy.
Fulfils the legal mandate
Since a third party coverage is mandatory, a two wheeler insurance plan becomes a must. You need the policy to cover the legal mandate specified under the Motor Vehicles Act, 1988. If you drive your bike without a valid cover, you face legal consequences. When you invest in a bike insurance plan you can avoid legal consequences and drive without violating any rules.
Types Of Two Wheeler Insurance Plans
There are various types of two-wheeler insurance plans. These include the following:
Features Of Two Wheeler Insurance Plans
Two wheeler insurance plans have some notable features that differentiate them from other insurance plans available in the market. These features are as follows:
Add-ons Under Two Wheeler Insurance Plans
In a comprehensive bike insurance policy, there are various add-on covers that help increase the scope of protection offered by the policy. Add-on covers are additional coverage options that come at an additional premium. The following are the various add-ons available for you:
Coverage Inclusions & Exclusions In Two Wheeler Insurance Plans
- Financial loss due to theft of your two-wheeler
- Third party legal liability suffered in the following cases:
- If you cause bodily injury to any individual
- If an individual dies in an accident involving your two-wheeler
- If you damage any individual’s property
- Damages to the two-wheeler due to natural disasters like flood, earthquake, landslide, hurricane, storm, cyclone tempest, typhoon, lightning, etc.
- Damages to the two-wheeler due to man-made calamities like fire, explosion or implosion, riots, malicious acts, strikes, etc.
- Damages suffered by your two-wheeler when in transit through air, land or water.
- Personal accident coverage against death or disablement while riding your two-wheeler.
- The expense of regular wear and tear of your two-wheeler
- Loss from mechanical or electrical breakdowns
- The depreciation caused by everyday use of the two-wheeler
- Any damages or losses sustained by the usage of the bike outside of the scope of the policy
- Any damages sustained by the two-wheeler while being ridden by a person without a valid driver’s license.
- Any damages or losses sustained by the usage of the bike by a person under the influence of drugs or alcohol
- Damages sustained when driving the bike outside the geographical boundaries of India.
- Any damages due to war, mutiny or nuclear attacks.