Find your suitable insurance plan
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3 min read
Here are the main types of two wheeler insurance plans that you can choose from:
This is the most basic form of motor insurance available in India. This is also a compulsory type of bike insurance that all types of two wheelers’ owners must have. Third party bike insurance offers cover for all third party damages. If your bike is involved in an accident that causes damage to any third party vehicle, property or bodily injury (or death) to the third party, the insurance provider will compensate them on your behalf. Also, if you incur any legal expenses due to being dragged to court by a third party, the insurer will clear your legal bills. In this policy, however, you do not get any protection for your own vehicle.
In your own bike damage plan, you only get coverage for your own vehicle. There is no third party liability coverage included in such a plan. You can opt for a standalone own damage bike insurance plan only if you have a valid third party plan. All damages and repairs for your own bike would be covered under this plan.
The comprehensive bike insurance plans are very handy as they combine all the covers available in a third-party liability plan and an own damage bike plan. As the name suggests, the cover is comprehensive in nature and offers all-around protection. This apart, you also get to buy riders with a comprehensive bike insurance plan and this proves to be beneficial. With the help of the riders, which are add-on covers, your comprehensive plan becomes more customized and offers better and higher protection.
Thus, according to the IRDAI regulations of September 2018, a 5-year Third party two wheeler insurance plan is mandatory if you purchase a new bike. However, from Aug 1st, 2020, the 5-year comprehensive bike insurance plan has been discontinued. So, for a new bike, you have two choices:
Choose a type of two wheeler insurance plan according to the bike you have, your budget and other factors related to your insurer needs. Then, go online, compare the plans and buy the best online two wheeler insurance policy that you come across.
Wrapping it up
As you saw, there are different types of bike insurance plans to choose from. This is why you should first make a list of your requirements. Insurance requirements always vary from person to person. Make a list of your needs after assessing the age and model of your bike. Then, make a budget. It is important to be aware of your financial capacities as that will help you to buy bike insurance online in an affordable way. You should also consider adding some riders to the policy as that helps to make the cover more flexible. Keep all these points in mind and then choose the best type of bike insurance in India.
Also Read:
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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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