Over the years, driving a two-wheeler on the road has become increasingly difficult. The number of vehicles such as cars, buses and auto rickshaws plying our roads has increased exponentially due to increasing urbanization. In some locations, the quality of the material used for the development of the roads has also decreased, not only making your bike ride uncomfortable but also increasing the risk of getting into an accident. So, how can you protect yourself and your bike against financial expenses caused by such damages? It’s simple! You need to get a bike insurance policy for your bike.
Read on to know more about what are the different types of bike insurance policies!
Types of Bike Insurance Policies
There are two main types of bike insurance policies that you can choose from-
Under Third Party bike insurance, you are protected against expenses arising from damages to a third party. This means that if you, unfortunately, get into an accident while driving your bike and if the other person faces any kind of damage to their bike or themselves then the liability of that expense is taken up by your insurance company.
Bike insurance has some exclusions where you are not protected against such damages. These are-
The Indian government has made it mandatory for all bike owners to equip themselves with a basic bike insurance policy and in this case, it would be the third-party bike insurance. But is this type of insurance recommended? No!
A comprehensive bike insurance policy is generally recommended as it gives you overall protection from expenses arising from any kind of damages, including damages to self and properties. Under this type of bike insurance, even if your bike suffers any damages or if you face any bodily harm, then the expenses to make good such situations are covered by the insurance company.
What makes a third-party insurance policy different from comprehensive insurance?
If you opt for comprehensive bike insurance then you are also given the choice of opting for various add-ons. Add-ons are extra clauses that you can add to your existing policy to give you extra protection in specific situations. This choice is not available to you if you choose third party insurance.
People choose to go ahead with third party insurance policies because they are cheaper than comprehensive bike insurance. The amount of premium that you are liable to pay to keep your insurance policy valid is the monetary sum for the risk the insurance companies undertake on your behalf. So, the higher the coverage provided, the higher will be the premium you have to pay.
As mentioned above, the coverage provided by comprehensive bike insurance is wider than that of third-party bike insurance. Third party bike insurance only protects you from third party liabilities whereas comprehensive policy insurance covers damages as well.
Getting bike insurance is one of the most important steps that you need to take after you buy a two-wheeler. It forms a safety net for you to fall back on, financially, in case any emergencies arise in the future. Visit Chola MS to know more about insurance for two-wheelers