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The reasons to buy bike insurance are many. While it is an obvious investment that significantly lowers financial liability for you, the right two wheeler insurance policy is also about convenience. There are two basic kinds of two wheeler insurances to suit varied preferences of policy holders. You would want to be fully aware of the types to make a well-informed decision before you buy a two wheeler insurance policy.
1. Third-party liability insurance
The one mandated by law, this policy ensures you’re free of the financial liabilities that result from damages caused to a third party in an accident. Be it a damaged property or an injured bystander, having a third-party two wheeler insurance ensures you have one less thing to worry about when you’re dealing with the aftermath of an accident or simply, a damaged vehicle.
2. Comprehensive two wheeler insurance
The benefits of having a comprehensive bike insurance policy are many. While it includes a third- party liability cover, the main highlight would be that it covers for vehicle damages as well as provides a financial compensation for the rider, if injured. If you’re looking to buy or renew two wheeler insurance online, it is advisable to opt for a comprehensive cover. With a host of add-ons that can enhance your financial cover; a comprehensive two wheeler insurance policy is often the best option.
What is the basic difference between the two?
In terms of money, the premium for comprehensive bike insurance is significantly higher. A third-party liability two-wheeler insurance policy will only cover damages to third party property, and not you or your two-wheeler. Hence, it is preferred for bike owners to go for comprehensive bike insurance because it covers for thefts, accidents, and damages to your bike as well. Another upside of having comprehensive two-wheeler insurance is the option of customizing it with add-ons.
The sheer convenience offered by most of the add-ons is reason enough to opt for the comprehensive bike insurance cover. For example, when you find yourself stranded in a strange area on a long journey, would you rather go hunting for a garage or stay put while help arrives? You can do the latter when you have Roadside Assistance as an add-on.
Another great example for a comprehensive two-wheeler insurance add-on would be Return in Invoice. In case of total damage or theft of the insured vehicle, you’re insured for the cost at purchase as well the amount spent on road taxes and registration. Without this, the bike insurance company covers only for the depreciated value of the vehicle, which could be significantly lower.
Similarly, to the above two, there are different types of add-ons to suit the varied preferences of policy holders.
While the maintenance of a bike might not cost as much compared to bigger vehicles, a proper financial cover helps you avoid burning a hole in your pocket. And investing in two wheeler insurance is the way to go for hassle free bike ownership.
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Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.
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