8 Things to Know For Buying the Best Two Wheeler Insurance Policy

Bikes are considered as the first love of all the men around the world. Rides even without any destination have become one of the most sought after local adventures. It is hard to believe only on the verbal things, therefore, look at the graph shown below:

 Buying Two Wheeler Insurance Policy

From the graph shown above, we can see that a vast section of people have motorbikes, therefore, we can deduce from this figure that motorbikes are more prone to accidents than cars. As per a study, it was deduced that motorcyclists are twenty-six times more prone to deaths in road accidents as compared to the car drivers.

Above all, one must not buy motor insurance out of sheer threat of meeting with accidents rather they need to know that it is mandatory as per Indian Motor Vehicle Act. Each state has different insurance requirements for motorcycles, which might match with that for the cars. . There are numerous differences when it comes to what and how to cover, in cases of motorcycle insurance and car insurance.

Basics of Motorcycle Insurance

Motorcycle insurance depends on the state one resides in, as one is required to pick from the type of insurances offered, such as Comprehensive Insurance, Own Damage Cover, and Third-party Liability Cover.

  • Personal Injury Protection (PIP): PIP is needed in states where one has “no-fault” laws because this one is formulated in a way to pay out, irrespective of what sort of legal liability they have. This plan offers coverage against lost wages, medical expenses, and other damages.
  • Liability Insurance: This has been fragmented into two parts, i.e. Bodily Injury and Property Damage. As the Term Liability means that being legally responsible for something, this insurance offers coverage when one hits some other car and caused injury to them or damage to their property. Therefore, this type of insurance is essential for everyone, no matter in which state of India they reside in.
  • Underinsured and Uninsured Motorist Insurance: There are several cases when one driver hits another, and on the top of it, they do not even have insurance or a considerable insurance amount. This is where one needs to use their underinsured and uninsured motor insurance.

Buying the Best Two Wheeler Insurance Policy

Those who like liability coverage might get the following…

Comprehensive Coverage

We come across several cases of stealth when it comes to motorbikes. Apart from this, there are several natural disasters that might take down one’s motorcycle. In such cases, those who have purchased comprehensive coverage can replace their motorbike. This is the reason why purchasing a comprehensive coverage is a good idea. It is believed that having a comprehensive coverage is quite expensive, but this is a sheer misconception.  In fact, it is cheaper as compared to self-insuring, particularly if one owns an expensive bike.

Guest Passenger Liability Insurance

Guest passenger liability insurance is a unique bike insurance policy, specifically designed for motorcycles. This insurance sector specifically covers bodily injuries suffered by the co-rider. There are several states that demand coverage more than that of the standard Bike Insurance liability coverage.

Custom Parts and Equipment-specific Coverage

This is another unique insurance type designed for motorcycles. Though a comprehensive plan offers coverage against several events, there are people who wish to have specific coverage for individual parts of their bike. If one wishes to get insurance for specific parts, then they need to purchase additional coverage at additional premium.

Collision Coverage

One must know that not all the motorcycle collisions occur between two vehicles. There are times when one’s bike gets to bump into things in the surroundings. Collision coverage pays one against the damages to the bike and the property.

Parting Thoughts!

Before finalizing a two-wheeler insurance policy for your dream bike, you must consider the aforementioned things. These will help you make a well-informed and wise decision.

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