India has a huge population of 2 wheelers. This can be in the form of Mopeds, Scooters, Motor cycles or ElectricVehicles. The number of registered 2 wheelers on Indian roads is 6 times the registered Passenger vehicles in India ! Infact, india is the second largest 2 wheeler market in the world.
However, 2 wheeler owners have been always skeptical of taking insurance, as it is viewed by some as unnecessary expence. It is a fact however that 2 wheeler accidents and damage are the most common in India. It is therefore important that you go through the details on two wheeler insurance and take a informed decision about which insurer to go with.
To start with, 3rd party insurance is compulsory in India, and it has to be carried with you whenever you drive your two wheeler. Not having 2 wheeler insurance can land you in trouble with government agencies, specially traffic police. On the other side, this two wheeler insurance also saves you a lot of troubles, in case there is a damage done by your 2 wheeler to any third party. A more sound option is to buy the comprehensive insurance. If this is not taken, then in case of accident, either you will have to pay dearly from their pocket, or take your vehicle to sub standard service stations for 2nd hand spare parts. This leads to a higher lifecycle cost of the vehicle.
Types of 2 wheeler Insurance:
Similar to Car Insurance, for 2 wheelers too, there are 2 broad categories of insurance cover/policies.
- Third Party liability cover or Act only Cover.
This 2 wheeler insurance covers the cost of damage or injury caused by your 2 wheeler to people/property. This is compulsory as per 2 wheeler Vehicle Act, 1988. It is also mandated to keep these papers at all times, in your 2 wheeler.
- Comprehensive Coverage.
Naturally, this one is highly recommended. Considering the rate of accident of 2 wheelers, it is imperative that you would be needing more than third party liability cover. It covers cases like theft and personal accident cover. You can include personal accident cover at a small incremental cost. This would cover accidental death as well as cases of total disability. Both scenarios are avoidable, but worthy to be kept some preparation for.
Hope you find this article helpful, in case you wish to ask any specific questions, please write to us. If you need any assistance in selecting the best insurance for your two wheeler vehicle, please fill in the form above and get the best insurance quote.