Two-wheeler insurance has become a mandatory must-have essential according to the Indian motor vehicles act. So, you need to choose your bike insurance policy prudently after analyzing all the factors involved. To get adequate coverage, you need to determine your requirements and choose the type of insurance that fits you perfectly. You can also opt for the best insurance providers like Acko, Bajaj Allianz and hero insurance, which are the top brands in the Indian market. Below mentioned are all the detailed advantages, disadvantages and types of two-wheeler insurance. Read to know more!
Types of Two-wheeler Insurance
There are two standard formats for categorizing two-wheeler insurance:
- Third-party Insurance:
This type of insurance protects the insured person from financial loss if a third party sues for damages related to injuries they sustained or damage to their vehicle or property as a result of an accident involving the insured person’s two-wheeler. This type of insurance does not cover any injuries to the insured person or damage to his two-wheeler; the insured person is responsible for these costs. However, third-party bike insurance covers bodily injuries and vehicle damage repair costs of the third parties involved.
- Comprehensive insurance:
In addition to providing coverage to a third party, comprehensive insurance protects the insured for injuries sustained while operating a two-wheeler in a collision. It also includes coverage for two-wheeler theft losses. Apart from providing third-party damage cover, it also covers natural and man-made damage to the insured vehicle. With the payment of an additional premium, this sort of insurance may also cover the injuries sustained by the owner-driver in an accident.
Advantages of Two-Wheeler Insurance
- Third-party liability insurance
Protection from third-party liabilities is one of the main advantages of two-wheeler insurance. When you don’t have third-party coverage, accidents and damages force you to pay for the losses caused by the injuries and face legal repercussions. Accidents are unforeseen and unintentional, but they can nevertheless affect other people.
- Law-abiding
It is required by law for all two-wheeler vehicle owners to have a third-party bike insurance policy. By opting to get bike insurance, you can be a law-abiding citizen and avoid fines and imprisonment.
- Offers Complete protection
Either a complete policy or third-party coverage is an option. A comprehensive approach compensates for a third-party plan’s limited coverage for liabilities brought on by third parties by broadening its coverage to add damages. Whatever the damage is, the coverage will be implemented in protecting your damages or that of the third parties according to the type of insurance that you possess.
- Higher discounts using NCB
When renewing two-wheeler hero insurance, insurance firms give customers a discount in the form of a no-claim bonus for these periods without a lawsuit. This no-claims bonus is a renewal benefit subtracted from the payment due when your bike insurance plan is renewed. For the entirety of the policy tenure, claims may occasionally go unfiled.
- Peace of Mind
Aside from everything else, the most significant benefit of a bike insurance policy is peace of mind. You won’t have to worry about substantial financial repercussions if you have an unlucky accident, which no one can predict or prevent. Due to these factors, two-wheeler insurance is the most crucial and essential product for all two-wheelers.
The disadvantage of Two-Wheeler Insurance
The insured would not be able to benefit from changes in the premium price; thus, if the premium decreases, they would not be able to do so. This is one significant disadvantage of two-wheeler insurance. Apart from this, a bike insurance policy has no other disadvantage.
