As a signatory to the Brasilia declaration, India has expressed its intentions to significantly reduce traffic fatalities and road accident by half the current numbers. It is followed by frequent addressing of issues connected to road safety measures and bike insurance policies. The latter comprises two variants of insurance policies – comprehensive and third party bike insurance covers.
Third-party bike insurance cover
Mandated by the Motor Vehicles Act, 1988, a third party two wheeler insurance offers financial security in cases of liabilities arising out of injury, accidental damage, or death to a third party.
Benefits
Affordable premiums for higher risk coverage.
Mitigated financial obligations in cases of damages caused by the insured vehicle to the third party.
Hassle-free online processing with nominal documents.
Inclusions
Coverage of third-party damage can lead to a claim of up to Rs.1 lakh.
Injuries or death of third party leading to claims regarding medical expenses, disability, loss of income, death, etc.
Death of the owner or rider of the insured vehicle.
Permanent disability of the rider or owner of the insured vehicle.
Comprehensive bike insurance policy
A highly recommended umbrella insurance cover, comprehensive bike insurance policy cover offers wide coverage for the insured vehicle and individual.
Benefits
Convenient transfer of No Claim Bonus.
Available choice of coverage.
Additional covers in the form of – cover for accessories, for pillion rider, zero depreciation cover, etc.
IRDA approved discounts on the insurance policy for the bike.
A hassle-free online renewal process.
Convenient claims, etc.
Inclusions
Financial leverages extended by the third-party insurance policy.
Personal accident cover for the rider.
Damages caused to the insured vehicle.
Financial coverage of the insured vehicle against – lightning, self-ignition, fire, theft, explosion, terrorist activity, natural disasters, accident, damage in transit by road, etc.
Catering to the convenience of the potential insured individuals, the process to purchase such two-wheeler insurance covers has been made convenient with a hassle-free online procedure. All that individuals need to do is look for an insurance provider who best suits their requirements.
Read Also: All you need to know about Third-Party Bike Insurance and Comprehensive Bike Insurance Policy
