It won’t be wrong to say that in India, two-wheelers i.e. motorcycles, scooters, etc. are probably the most chosen mode of daily commute. Globally a two-wheeler is considered as ideal from the perspective of quick mobility and ease. And more the usage of a vehicle more will be its maintenance cost. This cost can turn out to be even more expensive if the two-wheeler is not insured under right kind of motor insurance. Two wheeler insurance
, as the name suggests, is an insurance plan which offers financial cover to two-wheelers like bike, scooter, etc. in case of any accidental damage, theft and third party liability. Some companies also sell two wheeler insurance under the label of motorbike insurance and scooter insurance. Motor insurance in India also offers personal accident insurance to the two-wheeler drivers. Motor insurance in India has been mandated by the Indian law, thus if someone is caught riding an uninsured bike, motorcycle, scooter, etc., he/she might have to face legal procedures.
It is probably because of the mandated law that most of the people buy two wheeler insurance only for the sake of formality. Thus, in the process, they end up buying insufficient coverage for their vehicle. At the time of buying two wheeler insurance, you will come across two types of policies - Comprehensive and Third Party Liability. Under a comprehensive two wheeler insurance policy, your vehicle will be covered against theft, loss, and damage. This coverage will also offer personal accidental cover for the owner or rider in event of an accident. In addition, this type of two-wheeler insurance also covers you in the case of third-party liability.
On the other hand, a third-party liability two wheeler insurance will protect you only against damage/loss towards the third party. This types of policy will not bear the cost of loss/damage of your vehicle, neither will it provide you any personal accident cover for drive and rider. And individuals who buy two wheeler insurance for the sake of mandated law mostly buy third-party insurance only, thus stay underinsured.
Be a smart buyer, get full coverage for yourself and your two-wheeler by choosing comprehensive two wheeler insurance.