Types Of Two Wheeler Insurance In India

While planning to buy bike insurance online with GMB Policy, you can choose from different types of bike insurance.

• Comprehensive Two Wheeler Insurance -- Comprehensive two wheeler insurance includes the third party liability and damages caused to the two wheeler and the owner of the two wheeler. Comprehensive two wheelr insurance can be opted with various add-ons such as Zero depreciation cover. These add-ons are very popular options as these provide a complete protection from financial losses.
• Third Party two Wheeler insurance -- Third party two wheeler insurance covers the third party liability which arises in the event of two wheeler accident. In this type of policy only the death, disability and injury liability of third party is covered. Third party cover is mandatory in India while driving the vehicle as per Motor Vehicle Act. In this way, this cover only protects you from the financial liability towards third party.
• Stand alone Third Party -- Standalone Own Damage Two-Wheeler Insurance policy is a type of insurance coverage that specifically protects your bike against damages caused by various perils such as accidents, theft, natural disasters, fire, and vandalism. If any person (rider/driver) gets his/her own vehicle damaged either due to any kind of unforeseen incidents such as fire, theft, or natural calamities, then all the expenditures are borne out by the desired insurance company if and only if the desired person is the policyholder of that specific insurance company or provider. Regular wear and tear damages of the vehicle are also borne out by the desired insurance company or insurance provider.

Reasons Why Two-Wheeler Insurance Is Important

Though there are numerous reasons for having two-wheeler insurance we rarely get a chance to find the main reasons behind its necessity. Let’s look at some of these reasons to understand why it’s important to have two-wheeler insurance.

• The foremost reason for getting a two-wheeler insurance is that it has been made mandatory to have at least third-party insurance for any vehicle before hitting on the road as per Motor Vehicle Act, 1988.
• The chances of road accidents have increased due to bad conditions roads and rash driving. Therefore it becomes necessary for vehicles to get insured properly in order to avoid any kind of unnecessary expenses incurred on their damage or loss including any medical contingency.
• In case a two-wheeler is affected by any natural calamities such as flood, earthquake, fire, etc. and the person is having an insurance policy cover then he or she can easily make financial claims under these critical circumstances.
• On having third-party insurance, the policyholder can make a claim for any medical contingency with respect to the third person who has been hit or injured by the vehicle of the rider (policyholder) while driving on the road.
• Taking prior protection of a two–wheeler through an insurance policy avoids the policyholder from carrying out any kind of financial burden as all the extravagant expenditures are borne out by the desired.

What Are The Benefits Of Two-Wheeler Insurance?

• Due to the sudden upsurge of two-wheeler on Indian roads, it has become quintessential to protect such vehicles through a two-wheeler insurance policy to combat with extravagant expenditures on their repairs.
• The increased usage of two-wheelers in the country has also made Indian roads prone to accidents. Therefore, it’s crucial to cover these vehicles under desired insurance policy plans to avoid spending money through one’s own pocket money in case of any damage or loss caused to these two-wheeler vehicles.
• Apart from the above, Two-Wheeler Insurance has numerous other benefits too which are helpful to policyholders in many ways. Let’s have a look at some of these benefits of two wheeler insurance.
• Getting Protection Against Any Third-Party Liabilities In case, while riding a two-wheeler, the rider hits any other person on the road, then he or she is entitled to bear all the medical expenses of that injured person which is carried on by the desired insurance company of which the rider is a policyholder.
• Getting Protection Against Any Theft In case any person has lost his or her two-wheeler anyhow while being parked on any interior location or somewhere at wrong parking zones, then the person can request for the desired claim amount from the respective insurance company or provider by filling out a separate claim form attached with an FIR (First Information Report) copy of the lost vehicle.
• Getting Protection Against Any Fire There might be many such scenarios when due to the high speeding of a two-wheeler, it would spark a fire in the vehicle and it would burn out into ashes in no time. Therefore, under such situations, the insurance company or provider provides an insurance policy plan to the rider. Under this policy plan, the rider (policyholder) can make a claim of his or her burnt-out two-wheeler which can no longer be used.
• Getting Protection Against Any Natural Calamities In case any person’s two-wheeler gets washed away by any extreme jet of floods or gets destroyed by any severe earthquake; and the insurance company or provider offers to bear out all such financial expenses, then a person is entitled to make a claim of this specified amount either to buy a new two-wheeler again or to spend the desired amount for any personal needs or requirements.