Planning to buy a new Bike? Know more about two-wheeler insurance

There are many people who are passionate about two-wheelers and out of their sheer passion; they only research about two-wheelers. Apart from two-wheelers, it is important that the owner of the vehicle also understands the nitty-gritty about two-wheeler insurance.

As per a Supreme Court order, it is mandatory for vehicle insurance companies to issue long-term insurance i.e. five-year insurance for all the new vehicles sold to the customers. This indicates that you have to buy long-term cover for the two-wheeler.

Many bike insurance policies are designed in such a manner that the owner has to renew the policy annually but with long-term insurance policy, you can renew the policy after a brief period of 3~5 years. If you consider the two wheeler insurance or bike insurance, there are two major categories of insurance - third party insurance and comprehensive insurance.

Third party insurance is a mandatory insurance policy for any type of two-wheeler. The insurance coverage and insurance premium will be decided based on the condition of the bike/two-wheeler. When you purchase a new vehicle, you have three options for buying the insurance for your vehicle - standalone third-party cover, bundled package, and long-term package. Third-party insurance cover comes handy when your vehicle hits another vehicle since it provides cover for accidental damage to the third party’s property or any kind of accidental injury (including death) to the third party. Getting third-party insurance is a simple task since you will need to submit a minimum amount of documentation/proof and the renewal process is also hassle-free since you can renew the policy offline, as well as online.

When compared to third-party insurance, comprehensive insurance provides more coverage to the drivers & vehicle against any kind of damage or unforeseen incidents. You can always opt for add-ons like NCB cover, Personal accident cover, Roadside assistance cover, etc. Based on your budget & requirements, you should select either third-party bike insurance or comprehensive insurance package. One thing that you need to keep in mind is that the premium will increase if the coverage is more. Hence, you need to choose the insurance company and insurance policy very wisely.

To summarize, whether it is third-party bike insurance or comprehensive insurance package, opting for a good insurance policy does give the rider peace of mind. The insurance premium should also be chosen in such a manner that you don’t over-spend on the insurance policy. Add-ons are an integral part of the comprehensive insurance package, so choose the add-ons that you feel are best for you. You should also consult your financial advisor in case you are a first-time bike/two-wheeler owner.

If you are still confused about the right kind of insurance policy for your two-wheeler, we recommend that you have a look at online two-wheeler insurance premium calculator. You have to enter the required details in the insurance calculator i.e. your personal details and the insurance that are planning to opt for & it would give you an estimation of the premium paid vis-à-vis sum assured. As a customer, you should go online and compare different insurance plans and make a detailed list of short-term & long-term benefits of the insurance plan.

It is illegal to drive a two-wheeler without insurance (at least third-party), so you should make it a practice to renew your bike insurance before its expiry. You need not visit the office of the insurance provider to renew the policy as you can always do the same by renewing it online. The details that you may need to renew online are personal details of the insurance policyholder, policy information, etc.

Even though you might be passionate about bikes, you need to remember that choosing the right type of two-wheeler insurance policy is equally important for you (rider) & your bike.