The Insurance Regulatory Development Authority of India regulates all motor insurance products (IRDAI). The Motor Vehicles Act of 1988 requires all two-wheeler owners to purchase bike insurance or two-wheeler insurance in order to lawfully operate their vehicles on Indian highways. This insurance plan protects you financially in the event of damage to or theft of your motorcycle. If you don’t have bike insurance, you’ll be on the hook for the whole cost of any loss or damage caused by an accident involving or involving your bike.
Bike Insurance Types
1. Bike Insurance That Covers Everything
Comprehensive Bike Insurance covers your valued property in a comprehensive and comprehensive manner. This sort of bike insurance covers your bike’s own damages, as well as any third-party losses or damages caused by your insured bike. The most significant benefit of Comprehensive Bike Insurance is that it provides coverage in the event that your bike is stolen. If comprehensive bike insurance is in place, you do not have to fret about fire, lightning, cyclone, earthquake, theft, riot, burglary, hurricane, terrorist activity, frost, etc.
2. Bike Insurance for Third Parties
According to the Motor Vehicles Act of 1988, third-party bike insurance is required if you desire to ride a motorcycle on Indian roads. This sort of bike insurance provides coverage in the event that your insured two-wheeler causes losses or damages to any third-party (individual/s), third-party property, or both. Furthermore, it provides limitless liability coverage for bodily damage or death to a third-party. It provides up to Rs.7.5 lakh in property damage.