Driving your bike without two-wheeler insurance is a punishable crime. Driving a two-wheeler without an active insurance policy may lead to penalties. Hence, the best thing to do after buying a two-wheeler is to get a two-wheeler insurance. It not only provides coverage for the damage to the insured vehicle, but also takes care of the vehicle in case of theft.
Types of Two-wheeler Insurance
In India, you will find two types of two-wheeler insurance policies. One of them is mandatory, while you can also add on the other policy to increase the coverage. The types of two-wheeler insurances that are available are enlisted below:
- Third-party Liability Insurance –This is the basic coverage and protects against the damages caused to the third-party physical injuries and damage to the vehicle.
- Comprehensive Insurance –As evident from the name, this insurance policy provides complete coverage, i.e. it covers the damage caused to the insured vehicle and the damage caused to the third-party vehicle. Own damage can be because of natural calamities or theft, or burglary or riots. This policy will not cover the loss of personal belongings, accidental loss or damage to the vehicle if you are driving under the influence of drugs or alcohol.
Tabular representation to differentiate third-party two-wheeler insurance from comprehensive insurance
|Factors||Third-party two-wheeler insurance||Comprehensive two-wheeler insurance|
|Coverage||Limited coverage||Wider coverage|
|Third-party liability||Covered as a part of this insurance||Covered as a part of this insurance|
|Own damage coverage||No||Yes|
|Personal accident coverage||No||Yes (add-ons)|
|Mandatory by law||Yes||No|
|What does it cover||This insurance policy provides coverage for:
Bodily injury or the death of the third-party
Damage to the property Total disability of the bike owner, or the death of the driver Personal accident coverage for the pillion rider
|This policy provides personal accident coverage. It also protects against the cost that one incurs because of the damage. Coverage against bodily injury or death.|
This briefly highlights the key aspect of both comprehensive insurance policy and third-party insurance. While third-party insurance is mandatory, one can also choose comprehensive coverage to ensure complete protection of their vehicle and cost coverage in case of damage. One also has the leverage to choose the add-ons to make the comprehensive coverage more suitable for their particular needs.
Applying for the Two-wheeler Insurance
The process of application of two-wheeler insurance has become simplified. One can easily complete the process online. But for successful completion of the formalities, one needs to submit a certain set of documents that include:
- Identity proof- It included voter ID, Aadhaar card, driving licence, passport and ration card. Either of these is going to be helpful
- Address proof- It includes voter ID, Aadhaar card or passport.
- Registration certificate or the bike
- In the case of NCB, one needs to have the old policy number handy.
These are some of the key documents that you need to upload to apply for the two-wheeler insurance.
Finding the Best Two-wheeler Insurance Provider
You will come across various companies offering two-wheeler insurance, but when it comes to narrowing down the option to just one, then there are certain basic parameters that you need to stick to:
- Credibility of the company- The first thing you must consider is choosing a credible insurance provider. You must check the public review about the insurance provider before making the final decision
- Claim settlement ratio- One of the key aspects that should not miss your eye is the claim settlement time. The insurance providers often take a long time, and their list of protocols is endless, leaving the policyholder confused. Hence, you must check the claim settlement ratio of the two-wheeler insurance provider before making the decision.
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