Bike insurance is an ideal solution to meet the exceptional cost that may arise due to the damages caused to the two-wheeler (Bike). There are several types of insurance for the bike, so being a bike owner, one must get their bike insured to avoid paying money for future losses. At the time, when you purchase the bike, it is mandatory by the law that the vehicle should get insured and the owner should buy the bike insurance plan according to their budget.
Bike insurance protects and economically safeguards the bike and rider, as well as the third party involved in the case of a road accident. There are several incentives provided by the bike insurance company. According to the bike insurance plan, the owner gets the facilities. One can also add-ons as per their budget.
Here in this post, we have described the details of the different types of insurance for a bike, so go through the details mentioned below. Before we talk about the types of insurance for a bike, first of all, get aware of the importance of having two-wheeler insurance.
Importance of Bike Insurance
Bike insurance policies include financial coverage against the unfortunate event or accident that could damage the condition of the two-wheeler. In case, if the rider gets seriously injured, then the expenses for the treatment of the rider are also covered in the bike insurance. Thus, the bike owners are recommended to purchase the bike insurance as well at the time of buying the two-wheeler.
- The bike owner having the bike insurance will be free of financial stress.
- Having bike insurance means that the rider will have a legal protection
- The rider will also be able to take benefits like No claim benefits
- The rider will receive a personal accident cover
So, these all were the importance of bike insurance. Hence, below, we have provided information on different types of bike insurance. Therefore scroll down and go through the details discussed below.
Different types of bike Insurance
There are mainly two types of 2 wheeler insurance policies.
- Comprehensive Insurance
- Third-party liability Insurance/liability-only insurance
- A comprehensive Insurance plan is the best suitable plan available for all bikers.
- It provides comprehensive protection against losses to the vehicle as well as losses to other vehicles or property of the third party.
- In also safeguard the policyholder towards the theft or loss of the two-wheeler.
- The comprehensive policy premium is much higher than that of the liability-only policy.
- For all inexperienced rider, it is advisory to opt for the comprehensive insurance policy.
The comprehensive Two-wheeler Insurance Cover includes the following details discussed below.
- Personal accident cover
- Offers protection for costs incurred due to damages
- Coverage against third-party liability
- Coverage against death or bodily injury
Third-party liability Insurance/liability-only insurance
- The Third-party liability Insurance/liability-only insurance offers coverage against the losses or the damages caused by the insured vehicle or the third party or his/her property.
- The coverage will be received in the form of a personal accident cover.
- In the Third-party liability Insurance/Liability-only insurance, no coverage will be provided for the theft or any damage.
Third-party liability insurance covers the following benefits mentioned below.
- Bodily injury or death to the third party.
- Property damage.
- Permanent total disability of driver or bike owner*.
- Death of driver or bike owner*.
- Personal accident cover for pillion rider.
Features of Bike Insurance (Two-Wheeler Insurance)
- The following are the characteristics of Bike Insurance, so go through the details discussed below.
- Bike insurance policies get categorized as the motor insurance policies that are a part of the general insurance industry.
- The bike insurance plan offers coverage against the natural disaster as well as the human-made calamities like earthquakes, storms, riots, theft, etc.
- The predetermined sum assured up to the Insured declared value will be provided to the bike owner in case of theft and loss of the vehicle.
This was the complete details regarding how many types of bike insurance are there, so if you are pleased with the details penned above, then do share this post with others. All bike riders must buy a suitable type of insurance policy for their bikes.
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