A two wheeler insurance policy is an agreement between an insurance company and a bike owner wherein the insurance provider promises to cover any damage or loss sustained by the insured bike due to an accident, theft, fire, etc., based on the opted policy. Generally, the contract between insured and insurer is of a year which should be renewed every year.
Why should I purchase a two wheeler insurance policy?
No matter which bike you own, you need to comply with some laws to ride it. To carry a bike insurance policy is the most important rule to drive a motorcycle / scooter as you need to adhere to the legal requirement of carrying at least a third party cover. Besides this, a policy also covers your financial liabilities which you may incur towards a third party or own damages sustained by your bike due to an accident or any unfortunate incident.
What are the different types of bike insurance plan?
There are three types of two wheeler insurance plans such as third party two wheeler plan, standalone own damage, and comprehensive insurance plan.
What is the premium of different two wheeler plans?
The cost of the premium for different bike insurance plans are different. When it comes to the third party policy, its premium is set by the IRDAI which varies as per the bike’s engine capacity. But, the premium amount for own-damage and comprehensive plans varies from bike to bike due to various factors like bike’s make, model, and variant, engine capacity, fuel type, etc.
What if my bike insurance policy gets expired?
Every two-wheeler insurance policy has a date of expiry before which you should renew it to continue to avail it. However, if you fail to renew the policy on time, you still can renew it within the 90 days grace period from the expiry date. However, bike insurance renewal process is not possible after this period. As a result, you will have to buy a new insurance policy in that case.