two wheeler

Benefits of Bike Insurance

Two wheeler insurance provides a wide array of benefits to its policyholders. The key benefits are as follows:

1. Helps You Comply With Law

A bike insurance helps you comply with the law. According to the Indian Motor Tariff, every bike owner is compulsorily required to hold at least a third-party bike insurance plan. Driving without a valid third-party bike insurance plan attracts a penalty of Rs. 2,000 and/or imprisonment of up to 3 months.

2. Protection Against Third-Party Liabilities

A bike insurance plan covers the financial liabilities that you may incur towards a third-party like bodily injuries, disability, death and property damage. The coverage for property damage is limited up to Rs. 1 Lakh.

3. Protection Against Own-Damages

A bike insurance plan covers the own-damage expenses of your bike which may incur due to accidents, fire, theft, natural and man-made disasters, etc. Such coverage is provided under standalone own-damage plans and comprehensive bike insurance plans.

4. Coverage Against Theft

A bike insurance plan gives you coverage even if your bike gets stolen. In such cases, your insurer will provide you with your bike’s Insured Declared Value (IDV) which will be equal to the market price of your bike at the time of policy purchase.

5. Personal Accident Cover

You can include a personal accident cover of up to Rs. 15 Lakh in your bike insurance plan to cover bodily injuries, disability or death of the bike insurance policyholder.

A Complete Guide to Two-wheeler Insurance Plans

In India, the Motor Vehicles Act, 1988 governs the traffic rules which every vehicle has to follow if it is to run on Indian roads. One such rule specified in the Motor Vehicles Act is the requirement of a valid third party insurance cover on every vehicle, whether private or commercial, which runs on Indian roads. As such, if you are a vehicle owner, you need to buy a vehicle insurance policy on your vehicle to comply with the insurance rules contained in the Motor Vehicles Act, 1988.

Third-party Bike Insurance Plan

Third party Bike Insurance is mandatory in India. It protects you against financial liability if you accidentally damage someone else’s vehicle or property or injure someone in an accident. However, it doesn’t offer financial protection against damages or losses to your bike.

Personal Accident Cover (PA Cover)

It is an additional cover to enhance your bike insurance plan. It is mandatory by law to own a PA Cover in India. While your bike insurance policy covers damages to your bike, the PA Cover provides financial protection in the event of disability/death while riding a two-wheeler.

Why Do You Need Two Wheeler Insurance in India?

As mentioned above, a two wheeler insurance plan is a form of insurance cover for your motorbike. In India, it is mandatory by law as laid down in the Indian Motor Vehicles Act, 1988 to have a basic third party liability only two wheeler insurance plan. To help you understand better, think about the following situation:

  • A bike accident can cost a fortune!
  • Indian roads are not rider friendly at all!
  • There are strict traffic penalties!
  • You can also win a free trip to jail for 3 months
  • There might be legal consequences for unsafe riding!
  • Hospitalization for medical and accidental treatment is expensive!

Therefore, It is better to stay protected at all times.

Documents required for bike insurance claims

Here are the documents which should be submitted to get the settlement of your bike insurance claim –
  • Claim form
  • Policy bond
  • Driving license
  • RC Book of the bike
  • Identity proof of the claimant
  • PUC certificate of the bike
  • Police FIR for theft and third party claims

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