Why Get Bike Insurance| North Loop Official Blog
North Loop Logo
North Loop
09 Oct 2020

Why Get Bike Insurance

thumbnail for Why Get Bike Insurance
Credit: North Loop

What is two-wheeler insurance?

A two-wheeler insurance policy is an insurance plan which offers protection against financial losses that arise due to unfortunate events causing injury to you as well as your vehicle.

Types of two-wheeler insurance policies -

Comprehensive insurance - This policy provides extensive coverage to both you and your two-wheeler as well as protection for costs incurred due to damages, bodily injuries and cover against third-party liabilities. It also protects from legal liabilities to third parties in an accident. While this policy is not mandatory by law, it is recommended as it covers a wide range of aspects and therefore, proves to be very beneficial. However, it does not cover damages caused due to mechanical or electrical losses that happen due to the normal wear and tear of the two-wheeler.

Third-party liability insurance - This policy covers any damages or losses caused to a third party or their property. It is mandatory by law and the damages suffered are also evaluated by the IRDAI before any claim gets approved. The third-party liability insurance offers coverage for bodily injuries, property damage as well as permanent disabilities. Read about other types of personal insurance policies here.

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

Why get bike insurance?

Financial protection - Even small damages can lead to massive financial liabilities. A two-wheeler insurance policy takes care of all the costs associated with such losses, saving a lot of money in case of an accident, theft or third-party liability.

Accidental injuries - Along with providing coverage against damages sustained by your two-wheeler, an insurance policy also offers protection against any accidental injuries that you may have suffered.

Cost of spare parts - A two-wheeler insurance policy also covers costs of the spare parts of the vehicle. With an increase in the prices of nuts, bolts, gears and brake pads, it is better to opt for an insurance policy that covers all of their costs.

Roadside assistance - Most two-wheeler insurance policies come with roadside assistance facilities. That includes services like towing as well as minor repairs like a change of flat tyres etc. This feature of a two-wheeler insurance policy can be beneficial as sudden help can get needed anytime, and the lack of quick assistance at that moment can be very stressful.

Two-wheeler Insurance Covers -

Two-wheeler insurance covers a variety of cost aspects for bikes and motorcycles. These include -

Losses and damages due to natural calamities - Any loss or damage caused due to natural events like lightning, earthquake, inundation, storm, typhoon, cyclone, hurricane etc. are covered in a two-wheeler insurance policy.

Damages due to man-made calamities - Any damage caused due to activities like riots and thefts get included in the policy. Malicious acts or loss during transit via road, rail, air or inland waterway is also covered by it.

Personal accident cover - An insurance cover of up to Rs.15 lakh gets offered by insurance companies for any bodily injury that can occur while travelling on a bike or mounting/dismounting from it. That includes injuries leading to partial or permanent disabilities. Most insurance policies also offer the option of an add-on insurance cover for your co-passengers and the injuries they may suffer while using the bike.

Third-party liability - Two-wheeler insurance policies cover any legal loss occurred due to injuries caused by your bike to a third-party. It also protects against any damage caused to third-party property and covers all losses that get incurred due to it.

Which two-wheeler insurance to go for?

If you have been wondering which two-wheeler insurance to go for, then the ideal way to choose one would be to compare a variety of different plans and then opt for the one that best suits your needs. The best bike insurance policy would be one that offers quick policy issuance, easy claim approvals, minimal documentations and convenient mode of renewals. We at North Loop provide you with all of these features at low premiums along with added benefits. You can read more about our bike insurance policy by clicking here. Some of the other two-wheeler insurance policies available in India currently are -

Bajaj Alliance two-wheeler insurance
Bharti AXA two-wheeler insurance
Digit two-wheeler insurance
Edelweiss two-wheeler insurance
HDFC Ergo two-wheeler insurance
IFFCO Tokio two-wheeler insurance
Kotak Mahindra two-wheeler insurance
Liberty two-wheeler insurance
Reliance two-wheeler insurance
United India two-wheeler insurance

You can get a low premium bike insurance policy online on our digital platform. The process is quick, the premiums are low, and the application or renewal is 100% digital.

Click here to sign up with North Loop.

Save money with

No-fee banking, investments, remittances & insurance for the global Indian

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.