What Does Bike Insurance Cover? Is it Expensive?

If a person owns a two-wheeler, then it’s necessary for him/her to purchase bike insurance. Bike insurance provides cover against third-party liabilities and own damage.

In case the policyholder meets with an accident, then the insurer can provide him/her with cover against third-party liabilities. Two wheeler insurance can also offer financial assistance to repair the policyholder’s bike. Furthermore, bike insurance can cover expenses arising due to injuries to the third party and insured person.

What Does Bike Insurance Cover?

Primarily, there are two types of two wheeler insurance- third-party bike insurance and comprehensive bike insurance.

Let’s understand the types of bike insurance and what they cover-

Third-Party Two-Wheeler Insurance

Third-party two-wheeler insurance provides cover against third-party liabilities.

Third-Party Bike Insurance Coverage

  • Third-Party Property Damages

Expenses arising due to damages to a third-party property caused by the policyholder are covered in this insurance.

  • Injury, Disability, or Death of a Third Party

In case the policyholder meets with an accident and causes injuries, disability, or death of a third party, then the medical expenses that might arise are covered in this policy.

Comprehensive Two-Wheeler Insurance

Comprehensive two-wheeler insurance provides enhanced financial protection. Apart from cover against third-party liabilities, this insurance also covers own damages.

Comprehensive Bike Insurance Coverage

  • Third-Party Liabilities

This insurance provides cover against expenses arising due to third-party property damages caused by the policyholder’s bike. Comprehensive insurance can also cover medical expenses if the third party suffers from any injuries or disability. It can also pay for expenses arising due to the death of the third party caused by an accident with the insured person.

  • Own Damages and Injuries

Apart from third-party liabilities, comprehensive insurance also covers own damages and injuries. If the policyholder’s vehicle gets damaged due to an accident, then the insurer can pay to repair the damages. Furthermore, the insurer can cover medical expenses caused by injuries in the accident.

  • Theft Cover

The insurer can cover the cost of the loss of the vehicle in case it’s stolen.

  • Manmade and Natural Calamities

Comprehensive insurance policy also covers damages caused to the vehicle due to natural and manmade calamities. It can cover natural calamities like storms, floods, etc. Some of the manmade calamities that it covers are riots, terrorist activities, etc.

Two-Wheeler Insurance Cost

There are various factors that impact the premiums of two wheeler insurance, such as the cover amount, bike model, location, age, etc. People can easily check the price of bike insurance online to understand which plan is affordable.

Furthermore, the cost varies based on the type of bike insurance. For instance, as third-party insurance doesn’t cover own damages, its premiums are lower compared to comprehensive insurance. Therefore, third-party insurance can be a cost-effective option. However, bike owners should keep in mind that they will have to pay for the damages caused to their bikes. The repair costs can be expensive. Hence, it is recommended to opt for a comprehensive insurance plan to get enhanced financial protection.

Purchase Bike Insurance for Financial Security

Two-wheeler insurance is essential if you own a bike. Compare different bike insurance online and select the one that fits your requirements and budget.

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