Find your suitable insurance plan
1986
5 min read
Two-wheeler insurance policies are the plans that offer protection for bikes against damages. These plans protect you financially against the cost incurred in the repair work of your two-wheeler in the event of accidental damages, thefts, natural calamities etc. The insurance companies offering such motor vehicle insurance online are called Bike Insurance Companies.
In India, there are over 25 companies of general insurance offering offline and online two wheeler insurance policies at present. Each of the insurers offer policies that are unique in terms of their features and benefits and individuals pick them as per their budget and needs.
Two wheeler insurance policy is required because it supports the policyholder in incurring the financial responsibility that may occur because of any mishap or accident. Further, the Indian bike Motors Act also makes it compulsory for every bike owner to have bike insurance cover (at least third party) to be able to ride freely on Indian roads.
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Every bike insurer is unique and different from each other and each one offers policies with unique features and terms. Since the need of each bike owner is different, thus the policies are also equally different.
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Below are certain factors that needs to be considered while opting for a bike insurance company:
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The following are the different types of vehicle insurance for two wheeler offered by different companies.
The third-party insurance is the most basic and the most essential vehicle insurance policy, which is made mandatory by government for every vehicle owner. This policy allows coverage against any third-party damages caused by your insured bike for up to Rs.7.5 lakh. In case of death or disability, the amount is decided by court.
A standalone cover offers protection against losses caused to your bike due to accident and other factors. So, if you include third-party and standalone cover, you can have all-inclusive coverage. Moreover, you can also opt for different add-ons covers with this plan.
Comprehensive plan of bike insurance is a complete package that enhances your bike insurance as it includes both third-party and own-damage or first party two wheeler insurance coverage.
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Below are some of the benefits of two wheeler insurance policy:
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Below are the steps that can be availed to buy two-wheeler cheapest insurance plan in India by following these easy steps:
Here is a list of the best online two wheeler insurance company in India as per their Claim Settlement Ratio FY20.
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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