The Motor Vehicles Act of 1988 makes two wheeler insurance mandatory in India. If you have two wheeler insurance in your name then you will not have to worry about your bike getting stolen or damaged.
There are two types of policies offered by all insurance companies:
- Bike Insurance from a Third-Party
- comprehensive bike insurance
Physical damage coverage is a type of bike insurance policy that provides financial protection to you in the event of a bike accident. It is important to note that purchasing a physical damage policy is not required by law. On the other hand, buying this coverage for your bike will ensure that you suffer the least amount of financial loss in the event of a loss. As a result, many bike owners opt for protection against physical damage.
Driving a two wheeler is not easy. You should be able to focus on multiple tasks at the same time. You must maintain the balance of your bike while focusing on the road and following the traffic rules. Failure to perform any of them may result in an accident, which may result in personal injury and damage to your bike. Hence buying a physical damage policy is beneficial.
How can I get bodily damage coverage?
Physical damage bike insurance reduces your financial liability in the event of a bike accident. Physical damage insurance can cover a wide variety of things.
A comprehensive bike insurance policy offers a wide range of coverage including third-party liability and own damage coverage. The best part about a comprehensive policy is that you can customize it with additional coverage and add-ons. Third-party liabilities are the cost of reimbursement to a third party for damages caused by you. Injury, death and property damage are examples of such damages.
- own damage policy
This plan comes into play when you choose a long-term third-party liability plan and want to buy your own damage protection separately. The coverage of a standalone policy is similar to that of a physical damage policy. In the following sections, we will learn about it in more detail.
What is covered in a bodily damage bike insurance policy?
Coverage There are instances in which the insurance company will cover the cost of repairs if the terms and conditions of the policy are met.
Personal Accident: This is an optional add-on that must be purchased in addition to the bike insurance policy. It covers the bodily injuries of the rider. Compensation is also available in the event of death or disability.
Accidental damage to your insured bike: Coverage to repair damages to your insured bike in the event of an accident.
Theft: In case the bike is confirmed theft, compensation up to the Insured Declared Value (IDV) is available. Natural and man-made disasters include floods, earthquakes, sabotage, riots and other natural and man-made disasters.
Overall loss: The total loss of the vehicle is covered. If the cost of repairing your bike exceeds 75% of the IDV, it is considered a total loss.
Fire: Protection against damage to the bike by fire or explosion.
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