If you own a two wheeler, then it is mandatory to get it insured as it is a legal obligation
. At the time of buying a bike or a scooter, selling agency takes care of registrations and insurance but you should know about coverage of your insurance agreement. Motor insurance as it is called provides financial assistance is case of accident or any breakdown to the insured and insured has to pay policy premium in order to obtain these benefits from the insurance company. Two wheeler insurance includes bike insurance, scooter insurance and scooty insurance. Below is the coverage of a normal two wheeler insurance policy:
Comprehensive Personal liability: A complete policy protects the two-wheeler against burglary, loss and damage, as well as provides accident cover to the possessor/rider in case of an accident. It also takes care of third-party liability, or the amount payable to the other party in case of an accident. The comprehensive personal liability is very necessary at the time of buying a two wheeler. It provides financial assistance in the event of death or any sort of disability to the owner or third party. It provides for legal liability arising out of bodily injury to third party and property damage of other people in event of an accident.
Third Party liability: Two wheeler insurance also covers third party liability. A third-party liability policy does not protect the vehicle against loss or damage, but only pays the aggrieved party in case of an accident. Third party liability is generally cheap as compared to comprehensive insurance liability.
Two wheeler insurance policy has some exclusion as well. Scooter insurance and bike insurance policy does not provide any assistance for the depreciation of the vehicle. The normal wear and tear cost of the bike and scooter is also not covered under two wheeler insurance policies. It also does not support in the event of any damage or loss to the vehicle or the person in case driver was without license and under the influence of any drug or alcohol.
Two wheeler insurance renewal is required after one year as most of the insurance plan covers for a single year. There are two ways of renewing your two wheeler insurance with easiest being online insurance renewal. Two wheeler insurance renewal can also be done through direct agents as well or through other offline ways. One can use various insurance aggregators to compare various insurance plans at the time of renewing their bike insurance as it helps you buying a suitable policy with maximum coverage.