Bike insurance is an essential financial safety net that protects you from unexpected expenses due to road accidents, theft, fire, riots, or natural disasters. It also helps you ride stress-free by covering third-party liabilities, which is a legal must under the Motor Vehicle Act 1988.
Whether you own a motorcycle, scooter, or moped, having insurance helps you avoid heavy repair costs and legal issues. With the increasing use of electric vehicles, EV insurance for two-wheelers is now easily available.
For new bike owners, getting insurance for up to 5 years is mandatory to stay worry-free and avoid a ₹2,000 fine. Having the right insurance plan ensures financial security and complete peace of mind while riding on Indian roads.
Types of Bike Insurance Policy in India
There are three types of bike insurance policies offered by insurance companies in India. As per your need & budget, you can buy third-party bike insurance, comprehensive bike insurance, and own-damage bike insurance policy. See below for more information:
1. Third-Party Bike Insurance
Third-party bike insurance covers the policyholder against legal obligations that may arise from causing damage to a third party in a road accident, whether a person or their property. The Indian Motor Vehicle Act, 1988, mandates all two-wheeler owners to have valid third-party insurance while riding on public roads.
2. Own Damage Bike Insurance
The own damage bike insurance is also known as a standalone own-damage (OD) cover. It provides financial coverage for the damages caused to the insured bike against theft, accidents, fire, etc. It is advisable to have this policy in addition to mandatory third-party insurance for extensive protection.
3. Comprehensive Bike Insurance
Comprehensive bike insurance protects you against any damage to your vehicle in addition to third-party legal liabilities. It shields your bike from fire, natural calamities, theft, accidents, man-made disasters and related adversities.
