While the Motor Vehicles Act of 1988 mandates insurance cover for all two-wheelers, the Supreme Court, in 2018, made third-party insurance for two-wheelers mandatory for a period of five years instead of one year. Without a valid bike insurance policy, you are not supposed to take your bike on the road. In doing so, remember, you may have to pay heavy penalties if caught. However, an insurance policy is not just about legal protection. It provides peace of mind, acts as a financial parachute in case of a mishap, offers aid if the two-wheeler is stolen and more. There is a wide range of options available for two-wheeler insurance online, so be careful about choosing the one that suits you best. 

If you intend to buy bike insurance online, you must know the types of two-wheeler insurance policies available in the market:

• Third-party liability insurance policy

This offers the minimum coverage, as made mandatory by the law, for all two-wheelers in India. It is essentially a bare-bones bike insurance policy that covers the losses incurred by an aggrieved party in the case of a road accident involving the insured vehicle. It does not provide the ‘insured’ party with many advantages. However, it will take care of all legal liabilities you incur; from the damage to the third-party’s vehicle to any injury sustained by them. It also provides Personal Accident Coverage (PAC) to the insured person. When purchasing bike insurance online, read the fine print to ensure that the policy covers all the major changes brought about by the SC’s ruling. 

• Comprehensive coverage policy

The comprehensive insurance policy is often the best two-wheeler insurance online. It covers both, you and your bike, in the case of an accident. It subsumes the advantages of a third-party insurance policy and adds several other benefits such as zero depreciation coverage and No Claim Benefit (NCB). This bike insurance policy provides extra protection for your vehicle, even if it is lost or damaged in natural calamities or accidents. This is why it is also called a 360-degree policy. However, the bigger benefits come with an additional cost. The amount of premium for a comprehensive insurance policy is higher than that for a third-party liability insurance policy. 

Ways to reduce your bike insurance premium:

• Always keep your motorcycle in mint condition. Immediately address any mechanical issues.
• Calculate the amount you can spare to pay for your bike insurance policy and spend accordingly. Remember, the bigger the engine, the more premium you will have to pay. So, buy your two-wheeler accordingly.
• Research the Indian insurance market minutely and choose an insurance company that appeals to your needs the most. 

In India, negligence, low awareness levels, complex financial jargon and a host of other factors have led to a large number of vehicles still being uninsured. Do not be negligent. Get your bike insurance online as soon as possible.