Not only has the government made it mandatory to get insurance for every two-wheeler running on the road, but it also provides the following benefits:

– Covers medical cost incurred during an accident.

– It also covers the cost and repairs of vehicle parts.

– Provides financial protection against theft, fire accidents and natural
calamities.

There are two types of two-wheeler insurance plans offered by insurance companies:

– Third party insurance: This insures you of all the financial losses you cause to a third-party and their vehicle. This has been made mandatory by the government to take this bike insurance without exception.

– Comprehensive insurance: This includes third-party insurance, covers two-wheelers from accidents, fire, theft, natural calamities, and covers the medical expenses of the person. The comprehensive bike insurance cover doesn’t shield your bike against depreciation (wear and tear with time). You can save the depreciation by choosing a Zero-Depreciation add-on.

As compared to third-party bike insurance, the comprehensive insurance policy for bikes provides extensive coverage to the insurer, often the following are covered under comprehensive policies:

– Damages to the vehicle due to accident

– Theft, vandalism, natural disasters

– Legal liability to third-party

– Personal accident cover

– Damage to third party etc.

The Insured Declared Value (IDV) of your two-wheeler is the sum insured coverage provided under your bike insurance plan. It is fixed at the commencement of each two-wheeler insurance policy period for each insured vehicle. IDV under any bike insurance plan is fixed based on the manufacturer’s listed selling price of the brand and the model of the bike proposed for insurance at the commencement of insurance /renewal and adjusted for depreciation.