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Aug 18, 2022

Is Two Wheeler Insurance Policy Going To Cover The Full Two-Wheeler?

Bike insurance is a mandatory compliance for all two-wheeler owners and is a straightforward purchase only if you know what to expect from it. Specific damages are covered by the policy depending on the policy's scope, while some are excluded. You need to know what forms part of its coverage before buying one. Insurance companies have certain conditions based on which the coverage is offered for the different parts. Some parts are covered in full, while a few others are only partially covered. All these specifics are described within the policy’s terms and you must read them before buying one. This article describes what is covered in your bike insurance plan, helping you select a suitable insurance cover. Read further to know more.

Do all insurance plans offer coverage for all kinds of bikes?

When choosing a bike insurance plan, there are two alternatives — a third-party cover or a comprehensive cover. So, depending on your requirement, you can buy suitable insurance cover.

Third-party bike insurance:

A third party bike insurance policy is the minimum required bike insurance cover stipulated by the law. The Motor Vehicles Act states that it is mandatory for all bike owners to have at least third-party cover that protects the policyholder against liabilities arising due to accidents and injuries to a third person. This way, a third-party policy protects the policyholder by paying compensation to third-parties. For instance, a third-party plan offers death as well as disability coverage along with cover for property damage for a third person. So, if a third person is involved in an accident, the insurance cover compensates for these expenses. Not having a third-party insurance cover not only attracts legal penalties, but also will require you, the policyholder, to pay for such damages and injuries from your own pocket. However, despite being covered by a third-party cover, it offers no coverage to your vehicle. So, you will be required to pay for the full cost of repairs to your bike. * Standard T&C Apply

Comprehensive bike insurance:

An alternative to third-party insurance cover is the comprehensive policy that provides a wider coverage and more benefits. This plan comprises not just third-party cover, but also an own damage cover and a personal accident cover. In addition to third-party coverage, a comprehensive policy provides protection for the repairs required by your bike under the own-damage cover. This way, you need not worry about repairs for your own vehicle with a comprehensive plan. In addition to that, injuries faced by you, the policyholder, are also included and compensation is awarded in that case. Thus, financial coverage offered by a comprehensive policy is broader. * Standard T&C Apply

Are all repairs covered by a comprehensive policy?

The repairs that are covered under an insurance plan are mentioned in its policy terms. While most of the repairs are covered by a comprehensive cover, there are a few exclusions under the standard comprehensive policy. Depreciation, repairs to the engine, consumable spares, etc. are some to name a few. Even if the coverage of a standard comprehensive plan is limited in this sense, it can be extended using add-ons. Add-ons are additional covers that can be combined with comprehensive plans or standalone own-damage covers to enhance the policy’s scope. Since they are optional features, they also impact the bike insurance price. * Standard T&C Apply So, not all repairs are included in an insurance cover. The coverage of a policy depends on the type of insurance plan and the add-ons chosen therein. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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