Biking is extremely popular in the country both because of its affordability and the passion it inspires in its fans and riders. This two-wheeled machine has crisscrossed the nation and sometimes traversed where even cars have been unable to go. So, it’s necessary to be aware of what you need in order to ride a bike.
If you ride a bike, you must have a bike insurance policy. After the Supreme Court’s order, you will have to buy long-term third-party insurance. According to an order from the Supreme Court, all insurance companies must give new two-wheelers a five-year third-party insurance policy as part of a full package or as a separate policy. This means that you will have to buy a long-term policy for your two-wheeler.
Most insurance plans are for one year and have to be renewed every year, but now you will have to buy a long-term policy for your two-wheeler. You won’t have to renew it every year, but only every three or five years.
When they buy a two-wheeler, many people buy insurance from the dealer at the same time. You need to think about what it covers and how much it costs before making a decision.
Insurance for someone else
A third party bike insurance may pay for any financial responsibility that comes up because of an accident. The rules of the Supreme Court say that no two-wheeled vehicle should be on the road without third-party insurance. When figuring out how much insurance to get, the size of the two-wheeler will be taken into account.
At the start of the plan, the premium will be set and must be paid in full to the insurance company. If you are a new buyer, you will have three choices. One is to buy a long-term package, another is to buy a third-party policy on its own, and the last is to buy a bundle.
In a long-term package, you’ll get coverage for three or five years for damage to your own car and damage to other people’s cars.
In a stand-alone third-party insurance policy, you can buy one cover for three or five years. In a bundled package, you get a third-party component for three or five years and an extra year for your own damage. It will give you coverage for everything.
Calculator
Before buying from a third-party insurer, it’s a good idea to use an online bike insurance premium calculator to get an idea of how much you’ll have to pay for the premium based on the sum insured. You will be asked for basic information about who you are and what kind of insurance coverage you want.
The premium will be calculated based on this information, and you will get an idea of how much you will have to pay for your two-wheeler when you buy the policy.
As a consumer, you should compare different insurance companies and plans before choosing one. This is because the upfront cost you pay now is much higher than it was in the past. You need to compare your options and buy the one that meets your needs the best.
You should be wary of people who lie and say that you can’t get a warranty or cashless facility if you don’t buy insurance from them. Ask for a quote on the vehicle you want to buy and a quote on the insurance separately.
You can also compare prices online, use the calculator to get an idea of how much your premium will be, and then make an intelligent choice. Your first payment will be more than what you used to pay, so you should think carefully before making a choice. Ensure bike insurance renewal for continued coverage.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions,
limitations, terms, and conditions, please read the sales brochure/policy wording carefully
before concluding a sale.
