A bike or two-wheeler insurance assists the policyholder in case his/her bike/ two-wheeler meets with an accident on road. This is the least that the Motor Tariff 2002 law has required owners of two-wheelers to have: third party bike insurance.
Types of two-wheeler insurance
Based on coverage, two-wheeler insurance is categorized into 3 primary plans, which are:Based on coverage, two-wheeler insurance is categorized into 3 primary plans, which are:
Third-party insurance plan: They come as Third party or Liability Only where it is a type of insurance coverage. They cover the policyholder from legal forwards that may involve injuries for the third party or even third party death or property damage. Nonetheless, it does not cater for losses and expenses arising from an accident involving the policyholder’s two-wheeler.
Standalone own damage insurance plan: This plan protect the losses arisen as a result of accident occurred involving the policy holder’s two wheeler. It does not have coverage; therefore, it is recommended to be taken together with the third-party policy that is required by law.
Comprehensive two-wheeler insurance plan: The above plan is also known as the package two-wheeler insurance. It provides coverage for any and all losses that are incurred due to an accident involving the policyholder’s two-wheeler, comprising third party losses, as well as losses sustained by the policyholder.
It is a merger of Third Party and Stand Alone Own Damage Insurance policies Like the name indicates this insurance is basically the merger of two types of insurance plans:
It is also possible for owners of two-wheelers to get add-on covers on their standalone and comprehensive plans.
Benefits of two-wheeler insurance
- Insurance for acts of nature, and vehicle and motor accidents.
- Legal liabilities Insurance
- Safe driving and good maintenance bonuses are the bonuses that are given indirectly to the driver.
- Receipt of claims by its affiliated garages without the use of cash
- Business plans with premium payable for the whole term of the plan
Tips and points to ponder when selecting two wheeler insurance
- Premium amount
- Policy coverage
- Add-on coverage
- Discounts offered
- Terms and conditions
Need more information about two-wheeler insurance to determine which plan is best for you? Login, sign up or call to book a free consultation with your friend and financial advisor, Policyinserv, today.
