Instant two wheeler Insurance Checklist

Written by Sharad Bajaj

Updated On Apr 01, 20212 min read

Purchasing insurance is an important step of being a bike owner. Read all about the different things to keep in mind when doing so, so that you make an informed decision about your bike insurance.

Purchasing a new bike is an exciting and fulfilling moment. However, it is also a responsibility. As per law, you are required to have your bike insured and this is enforced by the Motor Vehicles Act. Not only this, it is a huge benefit to you personally and financially to have a wide ranging bike insurance policy for your bike that can protect you in future situations of damage or liability. Read about some important pointers to keep in mind when purchasing insurance for your bike.

Insurance Checklist for Two Wheelers

Make sure to check these things and keep them in mind when buying your bike insurance.

1. Extent of Coverage

While long term third party cover is mandatory by law, it is recommended that you purchase either comprehensive insurance or a standalone own damage insurance policy in addition to your third party cover. Third-party bike insurance has limited coverage and would not protect you in case of fire, theft, etc., and would only cover the damages and liabilities affecting any third party. To protect yourself and your bike you should invest in standalone own damage cover, or buy comprehensive insurance which is a combination of standalone own damage and third party insurance.

2. Add-On Covers

Available with your comprehensive insurance or your standalone own damage insurance, add-ons are additional coverages that can strengthen your insurance cover. A standard policy will not cover you in every possible scenario and thus with add-ons you may tailor your policy to your own needs and circumstances and ensure that you are protected in the maximum number of scenarios. Examples of add-on cover include engine protection cover, accessories cover, etc. These are available to you at an additional premium. Make sure to buy add-on covers that are relevant to you. For example, a pillion cover may not be beneficial to you if you ride your bike alone.

3. Personal Accident Cover

The mandatory personal accident cover got increased from Rs. 1 Lakh to Rs. 15 Lakh recently, with the Bike Insurance premium increased marginally. This is definitely beneficial for you as it gives you extra protection in case of any accident befalling you.

4. Online Insurance

It may be tempting to go with whichever insurance offer is recommended to you by the bike dealer, but it is in fact in your interest to check online and compare the different options available to you. By purchasing bike insurance online, not only do you save yourself a lot of effort and paperwork but you get to do the crucial step of seeing all the different policies simultaneously and comparing their coverages and premiums to decide which is best for you.

Takeaway

When buying insurance for your new bike, these are some of the steps and pieces of information to keep in mind. Make sure you not only follow the law by purchasing insurance but protect your interests by making sure that you get the one that is right for you and gives you a wide ranging coverage.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.