What is Two Wheeler Insurance?
Two wheeler insurance, or bike insurance, is an insurance policy that helps you to cover against damages that may happen to both you and to your two-wheeler due to events like accidents, thefts, fires, or natural disasters. You will also get protection against liabilities arising due to damages to any third-party vehicle, property or person. A two-wheeler insurance covers different types of two-wheelers, like motorcycles, mopeds, scooters and more.
Why do you need Two Wheeler Insurance?
Two-wheeler sales in India reached an all-time high as of 2019, when India’s auto industry sold some 21 million units. This figure is almost double the 2011 sales, when just 11.77 million two-wheeler units were sold in India. This data alone speaks for the volumes of two-wheelers in India! (1)
With so many two-wheelers muddling across cities, accidents are prone to happen. Perhaps that’s why, at least having a Third-Party Bike Insurance is mandatory by law. This way, if you run into a third-party vehicle or someone bumps into you, you will be covered against any damages and losses caused.
Digit provides two-wheelers with three kinds of bike insurance policies. From the complete Comprehensive Cover to standalone Third-Party and Own Damage Bike Insurance Policies as well.
The best part? Comprehensive Bike Policies can further be customized by opting for add-ons that help protect your bike in all possible situations. All this within just a few minutes to spare online, and we’ll take care of the rest!
Benefits of buying a Two Wheeler Insurance Policy
Protect your Pocket from Dents
Insuring your bike with a two-wheeler insurance policy ensures your pocket doesn’t face any dents due to unfortunate losses and damages in the likelihood of an accident, natural calamity, fire or theft.
Be covered, legally!
According to the Motor Vehicle Act, it is mandatory to at least have a Third-Party Bike Insurance. Without it, you can’t ride legally on Indian roads! Therefore, one of the benefits of buying a bike insurance policy is that of being covered legally.
Stay Clear of Traffic Penalties
Since it’s primarily illegal to ride in India without at least a basic, Third-Party Bike Insurance; not having one can lead to heavy traffic penalties. Believe it or not, you save more on buying insurance for your bike than getting caught even just once for not having one!
Get Extensive Coverage with Add-ons
When you opt for a comprehensive bike insurance policy, you have the benefit of customizing it with useful add-ons like a return to invoice cover, zero depreciation cover, breakdown assistance, consumables cover and tyre protection amongst others that will give your bike complete protection, against all the odds!
Avoid Third-Party Problems
One of the problems people dread when they get into any kind of accident, is the countless banter faced between third-parties due to damages or losses caused. Having a bike insurance policy in place ensures the affected party will be covered and hence, lesser the problems faced!
How to choose the right Two Wheeler Insurance?
Customize your IDV
An IDV is the market value of your bike, including the charge of its depreciation and the value of the same will directly affect your bike insurance premium. Moreover, this also affects the compensation value you’ll receive during claims. So, make sure you always check if your IDV is stated correctly. At Digit, we believe in transparency and give you the option to customize your IDV.
Compare Bike Insurance Quotes
The biggest advantage you have of buying a bike insurance online is, that you can compare different bike insurance quotes. You can either do this on online insurance aggregators or by visiting different insurance provider websites. Make sure you compare important aspects such as your IDV, add-ons available, service benefits, reliability and of course, claim settlement ratios and processes!
Service Benefits
A good bike insurance isn’t only about coverages and claims (although yes, that’s a huge part of it!) it’s also about the kind of service benefits you can avail through your respective service provider. For example; at Digit we offer services like Roadside assistance (which doesn’t count as a claim) which ensures we’re there for you even when you need us for the littlest of things.
Know your Coverage
A good bike insurance should be able to cover you for the different things that you may need. That’s what the premium is for! Therefore, while choosing the right bike insurance, ensure you look at the coverage you receive and then decide if what you’re paying for is worth it or not.