What Does Bike Insurance Cover? Is It Expensive?

Your two-wheeler is a thing of pride and joy for you, and getting bike insurance online for it is more than just a legal responsibility. It is a practical thing to do, given the number of bike thefts and the possibility of man-made and natural calamities. But what about the expenses of such an insurance policy? What coverage will it offer? Here’s your answer!

What do two wheeler insurance plans cover?

What your bike insurance covers depends on the type of insurance policy you opt for. So, you have two choices in this regard:

Third-party insurance: As per the Motor Vehicles Act, 1988, a third-party insurance policy is mandatory for all vehicle owners. As the name suggests, this is a policy that protects the third party involved in an accident with your two-wheeler. So, you will not receive any financial aid for the damages to your bike.

Comprehensive insurance: This is the type of insurance policy that covers both third-party insurance and the damages done to your vehicle.

It is always better to get comprehensive two wheeler insurance rather than a third-party one, especially if you have a really expensive bike. It will help you recover some of the cost in case there is accidental damage to the vehicle.

Coverage for damages done due to calamities

Under a bike insurance policy, you also get coverage for the damages done by man-made or natural calamities. So, if your two wheeler is damaged due to floods, storms, landslides, or rockslides, then expect to recover the costs through insurance.

Man-made calamities include damages done to the bike due to riots, fire, malicious acts, and terrorist activities. It also involves any damage to the vehicle during transitioning by elevators, lifts, railways, air, waterways, or roadways.

Is a two wheeler insurance policy expensive?

The cost of bike insurance varies from one insurer to another and depends on a host of factors, such as:

The model and make

If you have a premium or sports bike that needs expensive repairs and replacements, then your insurance premium will cost more. On the other hand, standard bike models can be insured for much less.

Your location

Your location determines the possible risks to your car. So, from thefts to road accidents, the risk is greater in a city or a metropolis than in a town or a rural area.

The driving history

Keeping a spotless record as a driver is helpful in getting a lower premium. When you do not make any claims in a year, you can get a discount known as the no-claim bonus that lowers your premium.

The age of your two wheeler

With a new model, the replacement parts are costlier. Additionally, there is a high chance of the vehicle getting stolen. So, an older bike will attract a lower premium for bike insurance online than a new one.

Hopefully, you have a complete idea about the coverage and expenses related to bike insurance now. Go ahead and apply for the policy!