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Two Wheeler Insurance
Attention! Third Party Insurance Premium is expected to increase from 1st April, 2022.
Two wheeler insurance or bike insurance covers you from the damages owing to accidents, natural calamities, theft, and burglary. It acts as a safety net for your valued two wheeler and protects you from the financial loss and liabilities as consequences of an unfortunate event such as an accident with a third-party vehicle, person, and property. Two wheeler insurance covers all types of two wheelers such as motorcycles, moped bikes/scooters, electric bikes/ scooters, and more. It is advisable to opt for comprehensive two wheeler insurance as it provides overall all-rounded coverage which includes cover against damages to your own vehicle or damages to a third-party person/property. However, if you find third-party bike insurance suitable and your policy is nearing expiry date, then it is wise to buy it now, as the Insurance Regulatory and Development Authority of India (IRDAI) has proposed to hike the third party premium rates for private two-wheelers with effect from April 1, 2022.
Covered Under Two Wheeler Insurance:
- Accidents: Been in an accident? Keep calm, we cover damages your bike sustains in an accident.
- Fire & Explosion: We won’t let a fire or an explosion burn your finances to ashes, be rest assured your bike is covered.
- Theft: Your bike getting stolen could be your worst nightmare come true, but we ensure your peace of mind is not disrupted.
- Calamities: Calamities can wreak havoc and your bike is not immune to them, but your finances are!
- Personal Accident: Your safety is our priority, in case of injuries due to a two wheeler accident we cover your treatment charges.
- Third Party Liability: Damaged a third party property or person? We cover damages to a third party property or injuries sustained by a third party person.
Why Do You Need Two Wheeler Insurance Policy?
In the last decade, India has witnessed a tremendous sale of Two-wheeler units where the sale reached 21 million units in the year 2019. The numbers are quite descriptive for the volume of Two-wheelers in the country.
With so many two-wheelers on the streets of the city will certainly create chaos and accidents so accidents are bound to happen and that is the reason why the Indian government has mandated the purchase of Third-party bike insurance at the time of purchase so that you and your damage is covered financially in case you run into a third party vehicle or someone bumps into you.
On purchase of comprehensive policy, you can get a personal accident cover as an add-on, which will help you or your family financially in case of the accidental death or injuries. You can also purchase this cover for a pillion driver. Getting a personal accident cover is mandatory and one can now purchase the same as a standalone policy.
Every insurance company offers two types of insurance policy for two-wheelers. The third-party cover is the bare minimum policy which is mandatory by the Indian law and covers only third-party damage. The comprehensive cover policy provides all round protection and provides coverage against theft, natural and man-made mishaps, and accidents along with third-party damage. Considering the benefits it offers, the premium for a comprehensive cover will be more as compared to the premium for third-party cover.