There are three types of Two-wheeler insurance policies which bike owners can find in the market. These include the following –
Liability only Policies
These policies are also called third party liability only policies. They cover only third party
liability which is faced when due to an accident when any third party – Person dies or
Physically injured or Property is damaged.
Comprehensive Package Policies
Comprehensive plans gives wider scope of coverage. They cover Third Party liabilities as well as the damages
suffered by the Bike in an accident. It also provides a Personal Accident cover for the owner or driver of the bike.
Long Term Two-wheeler Policies
Long term Bike insurance plans are Comprehensive Policies which are offered for multiple years.
Thus, these policies need no annual renewals. It saves on hassles of renewing as well as on the premium costs too.
Add-ons available in Two-wheeler insurance plans
Comprehensive Two-wheeler insurance policies not only offer a wide scope of coverage, they also offer a range of additional coverage benefits called add-ons. These add-ons help in increasing the scope of coverage of the policy. Some popular add-ons which are available include the following –
Roadside assistance add-on
Under this Add-on cover, the insurance company provides 24*7 assistance in case the bike breaks down in the middle of the road and assistance is required to take it to the nearest garage.
Zero depreciation cover
Through this add-on, there is no effect of depreciation on the bike’s parts. In case of a claim, you get complete cost of the parts repaired or replaced rather than the depreciated costs.
No Claim Bonus discount is earned if there is no claim in a policy year and this increases every claim-free year. But a single claim can wipe out all discount. With this add-on, the accumulated discount is given even after a claim.
under this cover, costs incurred on the consumables used in repairing of the bike, like engine oil, lubricants, etc. are covered under the plan.
Accident cover for Pillion rider
This add-on provides a personal accident cover for the person riding the bike with the owner/driver. A lump sum benefit is paid under the add-on if the pillion rider dies or gets permanently disabled in a bike accident.
Return to invoice
under this add-on, in case of theft or total loss of the bike, the invoice price of the bike is paid as claim.
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