As a bike owner, you need to buy a good insurance cover for your vehicle. It is a compulsory thing to do in India. This is why all the major motor insurance companies offer bike insurance plans. These plains are very good and effective. However, there are many options available within bike insurance as there are different types of policies to choose from. What are these types and how should you choose the perfect option? Read on to know more.
Types of two-wheeler insurance – based on coverage
Contents
To begin with, you need to choose the correct type of cover for your bike. There are broadly two types of bike covers available in India. They are:
- Stand alone third-party liability only plan-
The third-party liability cover is compulsory to have. This type of bike insurance covers all the third party expenses in case a third party vehicle gets damaged in an accident. If you are responsible for the accident, you will also be responsible to pay for the repairs to the vehicle and also for the medical costs of any person injured. When you buy a third party liability plan, you get all these covers. However, you do not get any coverage for your own vehicle or for yourself. A third party bike plan is cheaper than a comprehensive cover. This type of plan has been mandated by the Government of India to ply your bike on Indian roads. - Comprehensive plan- Third Party + Pwn Damage
The comprehensive plans have all the covers that you get in a third party plan. Along with that, you also get wholesome coverage for your own bike and also a cover for yourself. If you and your vehicle are injured and damaged in an accident, you can make a claim and get the expenses covered. The comprehensive bike insurance plans are more expensive than third party liability plans since they offer a much larger scope of cover. - Bundled plan- Third Party (5 years) + Pwn Damage (1 year)
New bikes need to have a mandatory long-term coverage for third-party liability for 5 years. However, along with the same, you can now opt for a 1 year own damage policy as a Bundled Plan (1+5).
- Standalone own-damage plan
This type of plan is available only if you have a valid third-party only insurance plan for your bike.
Whether you choose to buy a third party liability cover or a comprehensive bike plan, make sure you compare the available options and then make a purchase.
Types of two-wheeler insurance – based on tenure
- Regular –
You can buy the bike insurance plan for a regular duration of one year. Such a plan will offer coverage for 365 days, at the end of which, you will need to renew the plan. You need to pay the premium on time and renew the policy else your bike cover will lapse. - Long term –
You can also buy a bike insurance plan for a longer duration. The long-term two-wheeler insurance policies are valid for two or three years. You can get the policy for a period of two or three years by paying the premium upfront. There are many advantages you get when you buy a long term bike plan. For starters, you get a lot of peace of mind. Since the policy remains intact for two/three years, you don’t have to worry about forgetting the renewal date. Then, the long term cover proves to be economical as the premium doesn’t increase for the entire duration.
Check your bike insurance requirements, work out a budget and then select the correct duration of your bike cover. Whether you choose a regular tenure or a long term tenure, you should always have the protection of a good two-wheeler insurance policy.
Types of two-wheeler insurance – based on the mode of purchase
- Online –
You can easily buy your bike insurance plan online. There are many online two-wheeler insurance policies available these days. All you have to do is go online, compare and find the best policy. You can save money as the online plans are cheaper and there are no insurance agents involved. As a result, you get to make an unbiased choice. The online plans can also be accessed at any time through the app of your insurance provider. These are some excellent advantages that make online bike plans so popular nowadays. - Offline –
There are plenty of good offline plans available as well. If you like to buy insurance the old-fashioned way, you can certainly do so. Buy your offline bike plan from a good insurance provider and keep your bike safe and protected.
There are many advantages of buying your bike insurance plan online. From being able to compare to getting a good price, the online plans offer many benefits indeed. However, this does not take away the credibility of the offline plans either. If you prefer buying your bike cover offline, do so by all means. Just ensure you have a good bike insurance plan to keep your vehicle secured at all times.
The final word
As you can see, there are many important decisions you need to make when you choose the correct type of bike insurance plan in India. Keep the points mentioned above in mind, evaluate your needs and then choose the option that is best suited for you.