With the 2019 modification to the Motor Vehicle Act, it is even more important to understand the many components that influence you as a vehicle owner. Motor insurance is an important topic to be aware of. The only time you don't need insurance for your bike is if you don't use it. Simply park it in your backyard and neatly cover it. That is, after all, how you treat your prized motorcycle. If you're still riding your bike, don't take any chances by not getting two-wheeler insurance.

 

In India, there are now 25 general insurance companies that offer two-wheeler insurance coverage to policyholders. Each of these insurance companies has its unique set of features and offers various bike insurance plans depending on the needs and affordability of the consumer.

 

According to recent research, more than 75 percent of two-wheelers on Indian roads either do not have legal insurance coverage or have one that has expired. Because life is so unpredictable, you should always be covered with an insurance policy. If you failed to renew your two-wheeler insurance coverage, make sure you do it right away to avoid any unpleasant surprises. Some people purposefully do not renew their insurance policies to save a few dollars. Whatever your reason, be prepared to face the consequences if you are caught off guard, as riding a two-wheeler without a valid insurance policy is a punishable offense in India.

 

Two-wheeler insurance helps you satisfy financial obligations which may occur as a result of accidents or other catastrophes involving your motorcycles, such as fire, theft, earthquake, landslide, or other natural disasters, and so on. To lawfully ride a two-wheeler in India, every two-wheeler owner must have at least third-party bike insurance, according to the Indian Motor Tariff. Two-wheeler insurance is now offered by these 25 general insurance companies in India.

There isn't a single bike insurance provider that is best for everyone because everyone's demands are different. For some people, the best bike insurance provider is one with a larger network of cashless garages, and for others, the best two-wheeler insurer is one with the greatest claim settlement ratio. As a result, some considerations go into determining which bike insurance company is best for a certain individual. The variables to consider when picking a bike insurance company are as follows.

The claim settlement ratio of a Two Wheeler insurance company is the percentage of claims it settles out of the total number of claims it gets in a fiscal year. A higher claim settlement ratio is preferable. As a result, you should choose a motorcycle insurance company with a high claim settlement rate.

Add-on covers for two-wheeler insurance are optional extras that can be added to own-damage or comprehensive two-wheeler insurance policies to expand the coverage of a standard bike insurance policy. All add-ons can be purchased for a modest charge. You should double-check that the insurance company you chose offers the add-on coverages that would like in the standard Two-Wheeler insurance policy.

Another important factor to consider when choosing a Two Wheeler insurance provider is the company's availability and quality of customer service. You should choose a company offering customer assistance seven days a week, 24 hours a day. This facilitates the quick handling of your issues and provides you with timely service when required.

3 different types of bike insurance plans are available from various companies in India

According to the Motor Vehicles Act of 1988, this is mandatory insurance coverage. Every bike owner is required to get third-party bike insurance to cover financial losses caused by property damage, injuries, disability, or injury caused by their bike to another person. The maximum amount of property damage coverage is Rs.7.5 lakh. The insurance company's culpability is unlimited in the case of bodily harm or death, but the compensation is established by a court of law.

This coverage covers you for any losses or damages to your bike that occur as a result of, among other things, an accident, a natural disaster, or a fire. By acquiring both your damage and third-party liability insurance, you can have all-around coverage for your bike. In addition to your damage protection, you may choose from many add-ons to customize your insurance coverage.

Comprehensive bike insurance enhances bike insurance coverage because it is a package policy that covers both third-party liability and own damage.