Insuring your two-wheeler in India

Zip Zap Zoom, you could be on any road in the country, chances are that a two-wheeler will speed by you every few seconds. Indians love to ride, and the number of two-wheelers on our roads is a testament to that. According to estimates, there are close to 1.6 crore two-wheelers on Indian roads, with this number increasing every single day. Be it the ever-dependent scooter or a new age motorbike, two-wheelers have been around for decades and will be a part of the Indian landscape. With some of the biggest companies in the world setting base in the country, bike enthusiasts are in for a treat, with new models released every few months.

Now, given our love for bikes, it would be natural for us to want to protect them. One way to do so is to insure your two-wheeler, and while you might not feel like insuring it but it is mandatory to do so.

Protection offered by your two-wheeler insurance policy

A motorbike is more than a mode of travel for us, it is a source of livelihood and can become a part of our family. Given the fact that individuals save up for years before they can buy one, it is an extremely emotional moment, with almost all of us treating it specially. With all this attachment around a two-wheeler, it is imperative that we protect it, and while we might do our regular “Pooja”, it will require a tad more than that to continue doing its duty.

Given the number of vehicles on our roads, accidents are extremely common. We come across such cases on a daily basis, with most of us having been involved in our share of them. Not only does an insurance provide protection during such instances, it has multiple additional benefits, ensuring that different contingencies are accounted for. Listed below are a few more instances where a two-wheeler insurance comes in handy.

• Theft – Stealing a bike is no longer an arduous task, for people have mastered the art to steal them even in broad daylight. A good two-wheeler insurance policy will provide protection against theft/burglary, ensuring that you can park your bike without having to worry about not finding it where you left it.

• Transit damage – There could be times when you have to shift bases from one city to another. While we would all love to ride to the new place, time and distance might not permit it. A solution most of us apply in such cases is to transport our bikes, be it through rail, road, air or inland waterway. If we have witnessed how these movers and packers do business, we would know that the chances of damage are high. Your two-wheeler insurance policy will provide protection against such damage too.

• Accidents - Accidents involving two-wheelers are extremely common in India, with loss of life reported on a number of occasions. Your insurance policy will provide a cover to the owner in case of an accident, in case of an injury while using the vehicle. Additionally, the insurance could also help offset claims made by other individuals who meet with an accident involving your two-wheeler.

• Natural occurrences – Nature can play cruel games on us, which is why it is important we stay protected to meet any eventuality. A good two-wheeler policy will protect against natural disasters like floods, earthquakes, storms, fire, landslides, etc.

Things to do before buying a two-wheeler insurance

We have choices galore when it comes to choosing a two-wheeler, and while we might make a decision based on our needs when it comes to buying a bike, we often end up getting confused when buying an insurance policy. Here are a few points to consider before you secure your bike with insurance.

• Research – Extensive research is necessary to ensure that you get the best rates on your insurance policy. Not only does research give you a fair idea about how the market functions, it can help you save a substantial amount of money on premiums.

• Individual needs – Your bike is a reflection of your identity and one should choose a policy which mimics an individual. Customising it can ensure that it is suited for your needs.

• Bike type – One might think that two-wheeler insurance is a one size fits all glove, but this isn’t always the case. Insurance should be chosen depending on the bike. A high-end motorcycle would require specialised insurance to provide protection, given the cost of the bike and the risk involved in riding it. Similarly, a normal bike might not require any additional enhancement, with a normal plan suited for it.

Regardless of whether you ride a moped, scooter, bike or superbike, a good two-wheeler insurance can help you ride in peace, enjoying what the road has to offer.