Types of Bike Insurance Plan
Before knowing the inclusions and exclusions of a bike insurance policy, you must know the types of policies offered by the insurers in India.
In India, usually, all the general insurance companies offer two types of bike insurance plans-
- Third-party liability bike insurance
- Comprehensive bike insurance
In India, third-party bike insurance is mandatory for all two-wheeler owners. If you are looking for extensive coverage, then a comprehensive bike insurance plan is the perfect policy as it covers both third-party liabilities and own damages caused to the insured vehicle.
Third-party Bike Insurance Coverage
Under Motor Vehicles Act 1988, third-party insurance is mandatory for all bike owners. It is a type of cover that offers protection against damage to the third-party vehicle, physical injury, or personal property due to the insured vehicle in an accident. However, it does not provide any coverage for the own damages.
Although it is basic coverage, but it gives peace of mind. As it gives you sufficient coverage against the damage that you might cause to other people in an accident.
Inclusions of Third-Party Bike Insurance Plan
Here is what is covered under your third-party bike insurance plan-
- If your bike has caused any bodily injuries to third-party, your legal and financial liabilities will be covered
- It covers the damage caused to the third-party property in an accident
- The amount of compensation provided to victims will be decided by the Motor Tribunal Court. If the compensation amount is less than the coverage offered by the plan, you need not pay anything from your pocket.
Exclusions of Third-Party Bike Insurance Plan
Here is what is not covered in a third-party bike insurance plan-
- Any damage caused due to non-collision remains uncovered under the third-party plan. Also, you have to bear all the expenses of repairs on your own
- The damages to your vehicle in an accident will not be covered. You have to pay from your pocket to repair your damaged bike
- Any damage caused to the vehicle due to natural disasters or theft is not covered under this plan.
However, all these exclusions are clearly mentioned in the policy document, but you need to check them before buying a third-party bike insurance policy.
Comprehensive Bike Insurance Coverage
Comprehensive bike insurance is an extensive type of coverage that provides financial protection against both own damages and third-party liabilities. It covers any damages caused to the insured vehicle in unforeseen events, such as accidents, theft, fire, natural calamity, or man-made disasters.
The policy offers higher scope of coverage to both the parties (insured party and third party) involved in an accident, thus the insurance premium is higher in comparison to a third-party. You can even add an extra layer of protection by buying a few add-on covers with your comprehensive bike insurance plans. The add-ons are optional and you can avail their benefits by paying a little extra premium.
Inclusions of Comprehensive Bike Insurance Plan
Check out the coverage benefits offered under a comprehensive bike insurance plan-
- It covers damages caused to your own vehicle during an accident
- It also covers third-party liability that arises out of an accident situation, so you can get relief during this troublesome situation
- You get coverage against damages caused to your insured bike due to natural disasters like earthquakes, tsunamis, cyclones, or heavy rains, and man-made disasters such as strikes, vandalism, etc.
- It provides financial coverage against incidents like theft or fire explosion.
Exclusions of Comprehensive Bike Insurance Plan
Here are the limitations under a comprehensive 2-wheeler plan-
- If you are involved in an accident and you do not hold a valid driving license, RC, or bike insurance policy, your claim request will be rejected by the insurance company
- No coverage for riding the vehicle under the influence of alcohol during an accident
- You will not get coverage if your insured vehicle meets with an accident outside the geographical location specified in the policy
- There is no coverage for the wear & tear of the vehicle
- There is no financial assistance for the electrical & mechanical breakdown of the insured bike
The plan does not provide any coverage for instances that are not mentioned in the policy documents. Therefore, it is advised to read the policy documents carefully, so you do not miss any points.
Add-on Covers Available with a Comprehensive Insurance Plan
There are several add-on covers available with a comprehensive 2-wheeler policy. If you want to avail additional advantages, you can consider these after understanding their benefits.
However, make sure that you get in touch with the customer support team of your insurer, or you can connect with the 24x7 customer support team of Policybazaar.com at 1800-208-8787 to know different types of add-on covers available with the comprehensive bike insurance plan.
Here are the common types of additional covers offered under the comprehensive two-wheeler insurance plan-
- Roadside Assistance Cover
- NCB Protection Cover
- Zero-dep Cover
- Engine Protection Cover
- Return to Invoice Cover
- Personal Belongings Cover
Note-All these covers are optional and you need to pay extra money to avail them.
Which Bike Insurance Policy is Best for You?
Now you must have understood the basic difference between the two types of insurance plans available in the market. You can opt for the one that fulfills your insurance expectations and fits into your budget.
If you looking for an affordable bike cover then third-party bike insurance is the one.
However, if you can afford to spend more and are looking for extensive protection, then you should go for comprehensive coverage.
The third-party cover saves you from legal liabilities when your vehicle is involved in an accident and causes damage to third-party property or life. Note that it does not compensate for damages done to your own bike.
However, a comprehensive policy offers enhanced protection and even covers damages caused to your own bike along with third-party liabilities.
If you are planning to buy one now, you can visit the official websites of insurance brokers like Policybazaar Insurance Brokers Private Limited and get online bike insurance quotes. Here you get multiple plans offered by top insurers in India. Based on the search results, you can consider the option that fulfills your insurance expectations and fits into your budget.
Summing It Up!
Make sure you go through the bike insurance inclusions and exclusions before buying. This will help you choose the best deal that suits your expectations and fits into your budget. Additionally, it will help you to understand the coverage offered by the policy, and you can avail it whenever required.
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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis