Best Bike Insurance Plans

  • Author :
  • TATA AIG Team
  • Published on :
  • 09/02/2023

Two-wheelers remain a popular means of transportation due to their ease of use on bumpy and narrow roads as well as low cost. It's no surprise that two-wheelers - gearless scooters and gear bikes - are the favoured form of transportation for millions of Indians. They're simple to use, come in a variety of types, and are reasonably priced.

Having said that, two-wheelers are more prone to road accidents than four-wheelers and other means of transportation. Mopeds, scooters, and motorcycles account for the vast majority of automobiles on Indian roadways. Therefore, you need to protect your loved two-wheeler with the best two-wheeler insurance policy.

Also, the 1988 Motor Vehicles Act mandates that all two-wheeler owners should ply on the road with valid third-party insurance for bikes. Customers may simply acquire bike insurance from several insurance companies in India online. But, because there are so many bike insurance providers in the market, choosing the best bike insurance in India may be a difficult chore for two-wheeler owners.

At Tata AIG, we offer insurance plans at pocket-friendly rates for our customers to keep themselves as well as their loved two-wheelers protected against any sort of legal and financial liabilities. With easy and no-fuss options of a two-wheeler insurance claim, renewal, or purchase, we make lives a bit easier for every motorist in India.

Now coming straight to the point regarding the best two-wheeler plans in India. In this blog, we have listed some of the best bike insurance options that you can choose from in order to secure your bike as well as you financially and legally. But first, let's learn about the kinds of two-wheeler insurance policies available in India. Continue reading to learn more.

Kinds of Two-Wheeler Insurance Plans

In India, the best bike insurance policy is the one that covers your bike/scooter/moped in the event of damage caused by an accident or natural calamity. There exist three different kinds of two-wheeler insurance plans in India:

Standalone Own Damage Insurance:

This bike insurance plan covers any damages to the covered two-wheeler caused by a natural disaster, man-made activities, theft, accident, and fire. A standalone own damage coverage allows consumers to select their preferred insurance carrier.

Policyholders can choose whether to purchase their own damage or third-party insurance from the same insurance company or a separate one. An insured can improve the coverage advantages of their own damage insurance plan by obtaining add-on coverage. However, with all that said, standalone owd damage covers do not compensate for third-party liabilities. Therefore, it can and should only be bought if you have valid third-party insurance for your bike.

Third-Party Two-Wheeler Insurance:

In India, third-party two-wheeler insurance is required for riding a bike. It covers permanent or temporary impairment, physical harm, as well as the death of a third party person caused by an accident which involves the policyholder's two-wheeler.

Third-party two-wheeler insurance also covers costs associated with property damage caused by a third party for a maximum of ₹1 lakh. However, it doesn't cover damage caused by the insured individual or the insured's motorcycle.

Comprehensive Two-Wheeler Insurance:

It is also called a long-term two-wheeler insurance policy. This is by far the most opted and preferred bike insurance by millions of Indians. It provides complete (360°) coverage by covering every potential financial liability of yours to third parties and paying you for expenses related to your two-wheeler's own damage. This sort of coverage protects your two-wheeler against damage caused as a result of self-ignition, man-made or natural calamities, explosions, accidents, theft, and accidental damages.

You may also supplement the standard coverage advantages of the comprehensive two-wheeler insurance plan by including additional riders/add-ons, such as Roadside Assistance Cover, Zero Depreciation Cover, engine insurance, and so on, by just paying an extra premium amount. You can easily purchase this comprehensive bike insurance online from leading insurance providers like Tata AIG and several others.

How to Select the Best Two-Wheeler Insurance Plan?

Selecting the finest bike insurance coverage should be a deliberate procedure. It demands thorough research and comparison of different insurers and online two-wheeler insurance policies. Use these suggestions to choose the best bike insurance coverage:

Understand Your Requirements

Before you start shopping for insurance, you should do a needs and budget evaluation. There are two forms of bike insurance depending on coverage: third-party and comprehensive. Choose a policy that provides enough coverage depending on how you use your two-wheeler, your costs, and any other responsibilities you may have.

Compare Policies Online

Another important step in buying insurance is evaluating various plans so that you can make an educated selection. Online, you may compare bike insurance policies based on their coverage, features, exclusions, cost, and other variables. It is vital to make an informed selection rather than simply accepting the cheapest plan available.

Understand the Insured Declared Value

Your motorcycle's insurance stated value (IDV) represents its current market worth. The Insurance Declared Value is the predetermined maximum sum insured when the policy is acquired. It is the amount your insurance company will pay if your bike is stolen or lost. The IDV is one of the most important factors in setting two-wheeler insurance prices. As a vehicle ages, its IDV decreases. This has an immediate effect on the premium for your motorcycle. As a result, insurance premiums for newer models of the same two-wheeler are more than for prior ones.

Choose the Most Affordable Premium Rate

The amount paid for your insurance coverage is known as a premium, and it is one of the most essential variables to consider when purchasing bike insurance. Before purchasing insurance, compare the premium cost, the IDV, and the policy coverage.

Choose a Reputable Insurance Company

Always seek a reliable insurance provider. To measure the efficiency of the insurer's claim procedure, look at the company's claim settlement ratio. Choosing reliable insurance guarantees rapid and easy claim payout. Also, before choosing a two-wheeler insurer, make certain that you understand the terms and limitations of your two-wheeler insurance.

Wrapping Up

Two-wheelers are a convenient way of transportation. They are extensively utilised by commuters due to their ease of movement. There are numerous households that own two or more motorcycles.

Also, the inherent dangers of riding a motorcycle can be mitigated by selecting the finest two-wheeler insurance coverage from renowned insurers like Tata AIG. All you need to do is select the finest coverage that provides 360° protection to you as well as your two-wheeler, ensuring mental satisfaction. It is recommended that you get an appropriate comprehensive two-wheeler insurance plan from us. Over to you now!

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Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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