As per the latest data, over 15 million (Source taken by News18) new two-wheelers were sold in India in FY21, even through the lockdowns. The Indian two-wheeler market is currently one of the largest in the world. There are many reasons for this increase in the popularity of two-wheelers, the most important being the convenience and affordability they offer. Owning a two-wheeler is no longer a luxury but a necessity for many. Despite the many advantages of owning a two-wheeler, they are also associated with a certain amount of risk. Two-wheeler insurance can be the solution to all of this.
Types of Insurance
- Accidental Coverage
Two-wheeler insurance also provides cover in the event of an accident. Whether it’s a single-vehicle accident or a collision with another vehicle, your insurance company will reimburse the repair costs. If the accident results in death or injury, the insurance company will also provide compensation. This cover is vital as accidents can happen anytime, anywhere.
- Comprehensive Coverage
A comprehensive two-wheeler insurance policy provides coverage against third-party liabilities and own damages. So, if you are at fault in an accident and damage someone else’s vehicle, then your insurance company will pay for the repairs. If your own two-wheeler is damaged in the accident, then the insurance company will also reimburse the repair costs.
- Third-Party Liability Coverage
Two-wheeler insurance also provides cover for third-party liabilities. So, if you are at fault in an accident and damage someone else’s vehicle, then your insurance company will pay for the repairs. This cover is important as it protects you from financial losses in the event of an accident.
Two-wheeler Insurance Benefits
Two-wheeler insurance protects against financial losses that may arise due to damages to your two-wheeler or in the event of an accident. It offers financial coverage for third-party liabilities as well as own damages. Some of the key benefits of having two-wheeler insurance are as follows:-
- Protection from Natural & Man-made Disasters
It protects your two-wheeler against damages caused by natural and man-made calamities such as fire, explosion, earthquakes, floods, hurricanes, landslides, etc. For example, the insurance company will reimburse the repair costs if your two-wheeler is damaged due to an earthquake. You can never be sure when these things will happen, so it’s always better to be safe than sorry.
- Cashless Claim Settlements
In case of an accident, you can get your two-wheeler repaired at any of the network garages of the insurance company without paying anything from your pocket. The insurance company will directly settle the account with the garage. However, this facility is only available if you have comprehensive two-wheeler insurance.
- No Claim Bonus
If you have not made any claims during the policy period, then you are eligible for a no-claim bonus at the time of renewal. This bonus is a discount on the premium and is available for both comprehensive and third-party liability insurance plans. The discount will increase for each claim-free year. For example, if you have not made any claims for five years, you are eligible for a 50% discount on the premium.
- Protection from Legal Liabilities
Two-wheeler insurance provides financial protection against damages to your two-wheeler and protects you from legal liabilities that may arise in the event of an accident. The insurance company will bear the expenses if you accidentally damage someone’s property or injure another person while riding your two-wheeler. However, this benefit is only available in a comprehensive insurance policy.
Factors to Keep in Mind While Purchasing a Two-Wheeler Insurance Policy
A two-wheeler insurance policy is a must for every bike owner in India. It is a serious decision because it involves financial protection against any damages or losses that may occur while riding your bike. There are many factors to consider when choosing a two-wheeler insurance policy.
- The most important factor is the coverage that you need. Different types of coverage are available, and you should select the one that best suits your requirements.
- Another factor to consider is the premium amount. The premium is the amount you will have to pay yearly for the policy. You should compare the premium rates of different insurers before choosing a policy.
- The third factor to consider is the claim settlement ratio. The claim settlement ratio is the percentage of claims the insurer settles. A higher claim settlement ratio means the insurer is more likely to settle your claim.
- Finally, you should also consider the customer service of the insurer. You should choose a responsive and helpful insurer if you need to make a claim.
- You should also check the reviews of the insurer before buying a policy.
It is always better to be safe than sorry, and having two-wheeler insurance provides peace of mind in an accident. Thus, a two-wheeler insurance policy is a must for every bike owner in India. It protects your vehicle from damages caused by accidental collisions and offers financial coverage in case of theft or natural disasters. In addition, third-party liability cover is mandatory by law. So, if you are planning to buy a new bike, don’t forget to insure it. Now that you know all about two-wheeler insurance, what are you waiting for? Get started and compare different bike insurance plans to choose the best one for your vehicle.