It would be safe to assume that a two-wheeler vehicle is a widely popular means of transportation. With the jam-packed roads, rush hour traffic, a bike or a scooter can help you beat those traffic blues and also help save minutes on that ever moving ahead clock.
If you are planning on purchasing a two-wheeler or are an owner of one, bike insurance is a must. As per the Motors and Vehicles Act of 1988, it is mandatory that you get a third party insurance done right after you complete the registration process for your bike.
In the absence of bike insurance, you will be penalized and also be held legally responsible if a third party is harmed physically or their material assets are caught in the line of fire. With a number of motorcycle insurance companies available in the market, make sure to weigh the pros and cons before settling on one.
Types Of Bike Insurance Policies For Your Benefit
As two wheeler insurance is made mandatory, most people end up buying an insurance plan only to be on the correct side of the law rather than looking for its complete coverage benefits.
For this reason, there are two types of bike insurance
- Third party liability bike insurance
- Comprehensive bike insurance
This type of 2 wheeler insurance plan will only provide coverage against any damages or losses caused to a third party. No personal coverage, for the driver and the rider, or any loss or damage caused, will also be left out from this type of insurance plan.
Monetary wise, this plan will be the cheapest, as it provides minimal coverage. If you want to purchase a plan as an obligation to the mandate law, then do go for the third party liability insurance plan.
What Is Comprehensive Bike Insurance?
Under this insurance plan, the insured will be protected against loss, damage or theft. It will include personal coverage for the driver and the rider in case of an accident. Also, this plan will have all the benefits of a third party liability insurance plan. This plan can be further modified to include additional coverage benefits as per the policyholder.
Additional coverage can include:
- Towing assistance
- Roadside repair
- Legal assistance and cover
- Remote area cover and more
The formalities to be completed for purchasing a bike insurance is pretty straightforward. For a new two wheeler insurance plan, the application form and the registration papers of your bike should suffice. In case of renewal, the respective application form and the old insurance plan papers would be all that is required.
Compare Motor Vehicle Insurance Plans Online, Get The Best Coverage Possible
With the necessity for bike insurance, there are a number of vendors present in the market offering various vehicle insurance plans. To be policy owner, it would be in your best interest to compare the benefits of different third party liability or comprehensive coverage plans available.
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