Two-wheeler insurance saves your two-wheelers against damages caused to it by an accident or unforeseen events like natural disaster or theft or loss. In case of an accident, where another vehicle causes it, this insurance will protect you against the concerned party and will hold the party liable. It can also safeguard you against the financial liabilities it puts on you.
The best part is that bike insurance considers all kinds of two-wheelers and the two-wheeler can be used for any purpose- personal, commercial or mixed.
Types of Two-Wheeler Insurance Policies
There are three types of Insurance Policies available for two-wheelers-
Liability Only Insurance Policy: This insurance covers you against damages and loss as well as death and injuries caused during an accident against the third-party and also includes the owner of the two-wheeler making it a beneficial option for all. It is mandatory to have this insurance in India.
Comprehensive Insurance Policy: Along with the Liability Only Policy, this brings you extra protection in case of damage or theft. This is not mandatory but has additional benefits.
Own Damage Policy: This can be done to protect yourself and your two-wheeler under four circumstances- Natural Calamity, Malicious Acts (Burglary, Theft, Terrorist Activity etc.), Accident by external means and damage by air, rail, road and water.
Benefits of a Two-Wheeler Policy
It is essential to have a two wheeler insurance policy, mainly because it is mandatory in India. But there are more reasons for it. They are enumerated below:
Liability Only Insurance Policy and Comprehensive Insurance Policy safeguard you financially against the third party.
This will enable you to get free of cost repairs from individual garages in case of damage from an accident. You have to ensure that you are vigilant enough to contact your insurance company as soon as possible and the contact of the concerned garage.
A Comprehensive Insurance Policy can help you with covering your medical expenses in case of an injury.
There are a lot of add-ons with these insurance policies which vary from company to company. This includes Zero Depreciation Cover, Medical Cover, Personal Cover for the rider and pillion.
You get a No-Claim Bonus (NCB) every time you surpass a year of no claim which reaches you via secure transfer.
You can get online bike insurance with quick registration and a super-fast process due to the availability of digitally signed copies.
The renewal and purchase of policy have become easy due to the availability of online facilities available.
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