Now-a-days there are several general insurance companies that offer various types of insurances. It has become almost inevitable that you would purchase some type of general insurance at some point. Of the various categories of insurances available, the most prominent ones are for your business premises and your vehicles. Gone are the days when there was only one type of vehicle insurance for all your vehicles; now bike owners can opt for a separate two wheeler insurance policy in order to abide by the laws of the country.
First Step to Buy the Right Insurance Plan
Once you decide to buy insurance for your bike or scooter, you need to scout different two wheeler insurance plans available through various insurance companies. The reason for this exercise is two pronged; firstly, you get a fair idea of the different advantages as well as drawbacks that they offer and secondly, since it is not mandatory for you to be loyal to one insurer for the duration of the policy (which is the case for a life insurance policy), you can easily switch to a different policy the next year and hence it is vital that you know about the different players in this market.What Does The Insurance Cover?
With respect to coverage and the calamities or perils covered by the policy, it can be divided into two types.Third Party Insurance Policy
The first is the third party insurance plan; this covers the damage done to the other person who is not the owner/rider of the bike. Although the premium for such two wheeler insurance plans is less, it does have an inherent disadvantage; the owner/rider is not covered by the insurance.Own Damage Policy
This plan safeguards against damages caused to a two wheeler on account of:- Natural disasters like fires, floods, earthquakes, etc.
- Burglary, theft, riot, strike, malicious acts
- Accident on account of self-ignition or man-made disasters
- Accident by external means
- Damage occurred in transit during travel by air, rail, road, water
- Damage, injury or death caused to the body of the insured
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