Whether you are a bike enthusiast or not, buying a bike can be one of the landmark moments in your life. You will likely cherish the occasion and remember it for years to come. Additionally, you will also receive wishes and pieces of advice about your bike ownership. Of all these, you may come across two most common pieces of advice regarding your bike. One always wears a helmet. And two, always have valid bike insurance.
Buying bike insurance online or offline is a simple process these days. But there are a few things you should be aware of when it comes to two-wheeler insurance if you decide to buy a bike. For example, two-wheeler insurance renewal is a process you may find yourself engaging in every year or so, depending on your chosen policy duration.
Let’s look at some of the bike insurance details (online and offline) that bike owners should be aware of.
Why Get Bike Insurance?
There are two primary reasons why getting your bike insured is essential. Firstly, it offers additional security to your motorcycle against theft, damage, mishaps, and several such possibilities. Secondly, and more importantly, the Motor Vehicles Act of 1988 requires all two-wheelers to be insured at least with a two-wheeler third-party liability insurance. However, getting a comprehensive insurance policy may benefit you long-term.
Another question that many bike owners wonder is whether they should get a two-wheeler insurance renewal if their bike is older than a few years. The answer is yes, two-wheeler insurance renewal is a necessity. If you own a bike and are going to play it on the roads, it is required for you to have at least a two-wheeler insurance third-party policy for as long as you have the bike.
But apart from a third-party liability cover, there are several other types of bike insurance, which you can apply for online and offline. *
Types of Two-Wheeler Insurance
Following are the few types of bike insurance available online as well as offline, which you could get for your two-wheeler:
Comprehensive two-wheeler cover
This policy covers several areas, such as theft, damage, and more. A comprehensive policy allows you to get add-ons such as a zero-depreciation cover. This policy is suitable for you if you want a comprehensive cover for your bike. *
Own damage (OD) cover
If you want to financially protect your two-wheeler against damages due to natural or artificial calamities, theft or robbery, or accidents, getting your own damage (OD) requires the cover. With this cover, you would not have to worry about covering the costs of damage caused by such mishaps. *
Third-party liability cover
With this policy, you could cover the damages caused by you to another vehicle. However, this cover does not offer financial protection for your vehicle. Hence, while this coverage is mandatory, it may be worthwhile to get additional coverage. *
* Standard T&C Apply
Remember that it is not a one-time purchase whether you buy bike insurance online or offline. You must know when your insurance expires and renew it within the renewal period. This can be done easily through online portals or offline means as well.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.