Bike insurance or two-wheeler insurance acts as a safety for the vehicles. It is also mandatory by law. Under Motor Vehicles Act, 1988, every two-wheeler owner must have at least third-party insurance for the motorcycle or other two-wheelers.
It is a contract between the insurer and the insured which lays down the terms and conditions for the policy. The period for which the bike insurance or two-wheeler insurance shall be active, the insurance amount, the premiums, and the voluntary deductible are all pre-decided.
When the insured makes a claim, the surveyor(s) from the insurance dealers pay a visit. They look at the damage, estimate the cost, and approve the insurance money accordingly.
The claim amount cannot exceed the insurance coverage determined at the time of buying the policy. There are also certain exclusions and cases where the insurance cover will not be applicable such as:
Driving under influence of drugs/alcohol
Underage drivers/unlicensed drivers
Damage due to natural calamities, war, nuclear attack
Types of Bike Insurance Policies
The categorization of Bike Insurance Policies is on the basis of coverage. They are as follows:
Third-Party Bike Insurance Policy
The third-party bike insurance policy is also known as third-party liability. It is a mandatory policy, the most basic of all bike insurance covers, and with lower premiums than others. The third-party bike insurance policy covers against third-party liabilities, be it bodily injuries/death or property damage incurred by a third party.
Own Damage (OD) Bike Insurance Policy
Own Damage (OD) bike insurance policy, also known as a Standalone Own Damage bike insurance plan provides insurance cover only for damages incurred by the policyholders themselves.
It covers death, body injuries, and damage of the insured’s bike in a mishap. Thus, it does not provide coverage for third-party liabilities. One will have to purchase a third-party bike insurance policy if they purchase standalone own-damage cover.
Comprehensive Bike Insurance Policy
Bike owners go for a comprehensive bike insurance policy or two-wheeler policy so that they do not have to buy separate insurance covers for third-party and own damage. It includes both the coverages and hence, is a comprehensive bike insurance policy.
Why Get Bike Insurance or Two-wheeler Insurance Policy – Benefits
The major benefit of any kind of insurance is that it protects from unforeseen situations and damages due to it. It relieves the financial burden. Similarly, a bike insurance policy or two-wheeler insurance policy helps in:
Provides protection in case of an accident, collision, or theft of the bike or its parts. It takes care of the costs
Repair costs can also be covered in case of damage to the two-wheeler
A bike insurance policy or two-wheeler insurance policy protects the rider as well in case of bodily injuries or death.
The family receives compensation if the driver dies
There are add-on bike insurance policies that cover several other costs
You can claim NCB (No Claim Bonus) to avail of discounts in renewal policies
It is easy to get a bike insurance policy or two-wheeler insurance policy online as well as easy to renew it. Book a bike insurance policy on the Paytm app for a hassle-free experience
How to Apply Bike Insurance Policy Online with Paytm?
Follow the below steps to buy or renew bike insurance online with Paytm:
Go to ‘All Services’ and then scroll down to the ‘Insurance’ section
Among various insurance products, tap on the ‘Bike Insurance’
Add the bike number to get various bike insurance policy quotes. You can review the terms and conditions, coverage amount as well as the premium
Check if the bike has an existing policy. You can also see its tenure, expiry and buy an additional bike insurance policy
Paytm offers a wide range of options through several insurance providers of bike insurance policy and two-wheeler policy. You are free from unnecessary calls, no spam, and there is 24×7 claim support.