Complete Guide to Selecting the Best Two-Wheeler Insurance Plan for Women

Two-wheelers have become a popular mode of transportation for women. While most women opt for scooters (non-geared), some don’t mind geared or heavy motorcycles.  Women use two-wheelers for a daily commute and long-distance travelling. No matter which type of vehicle you prefer, a two-wheeler insurance plan is necessary to ensure that you are financially secure if an accident occurs.

A two-wheeler insurance plan for women ensures financial security in case of a mishap. Moreover, third party insurance is mandatory for every two-wheeler under the Motor Vehicles Act.

If you want to know everything about bike insurance plans for women, we have all the information you need. This article will discuss bike insurance details, buying two-wheeler insurance online, especially for women, and much more. Read on to find out!

Types of Two-Wheeler Insurance for Women

There are three major types of insurance plans that women can buy to safeguard themselves if an unfortunate event occurs. The three types of two-wheeler insurance plans for women are:

  • Comprehensive bike insurance policy

Comprehensive bike insurance protects riders from damages caused to their vehicle due to man-made and natural calamities such as floods, riots, storms, strikes, earthquakes, terrorism, etc. It also covers medical and hospitalisation expenses caused due to accidents.

This insurance is inclusive of third-party liability insurance. For example, if a rider meets with an accident and damage is caused to another vehicle, person, or property, it will be covered by a comprehensive two-wheeler insurance policy.

  • Third-party insurance policy

Third-party insurance covers damages caused to a third party due to an accident, and it does not cover the damage caused to your bike. Third-party insurance is easy to buy, giving riders peace of mind while driving on the road. But if we compare, it is better to go for a comprehensive policy. This is because even though it is a bit more expensive, it is all-inclusive and will minimise the expenses you need to pay for your damages to a great extent in case of accidents.

  • Standalone own-damage insurance

Buying standalone own-damage insurance is not mandatory; however, it is prudent if you prefer to stay on the side of caution. The policy provides compensation for the cost of own damages in case of an accident or mishap. You can also purchase add-on covers with this type of insurance.

Tips to Buy Bike Insurance for Women

  • Read about the policy coverage – Before beginning to search for an insurance cover, it is crucial to assess your requirements and budget. Once you have finalised your budget, you can search for a plan that suits your budget and has the coverage that you need.
  • Consider the IDV – Insured Declared Value (IDV) is the present market value of a two-wheeler. It is the maximum claim amount that the insurance provider pays if your vehicle is stolen or is damaged beyond repair.
  • Select the best premium rate – The premium amount you have to pay to avail the benefits of insurance cover is a crucial parameter on which one selects bike insurance covers. Insurers like Tata AIG offer an online bike insurance calculator that helps you calculate the premium you will pay for the policy.
  • Know about the add-on covers – Bike add-on covers assist in increasing the coverage of your bike insurance plan by paying a bit more premium. There are many add-on covers like a return to invoice cover, zero depreciation cover, engine cover, etc., that you can opt for according to your requirements.
  • Discounts – There are many discounts offered to you when you purchase insurance for a bike. The discounts will help you purchase the required policy at a lesser premium.
  • Understand the claim settlement process – It is advisable to read about the claim settlement process. You can also check the claim settlement ratio of different insurers. A high claim settlement ratio means that the company is reliable and will settle your claim quickly when the time comes.

Exclusions Under Bike Insurance

While the importance of insurance has been discussed, it also becomes essential to know in which situations a rider won’t be able to avail of her insurance policy. The exclusions under bike insurance include:

  • Overspeeding – Bike insurance does not cover damage caused by overspeeding. Riders need to be careful and follow the speed limit to avoid financial losses and damages.
  • Lending the vehicle – Bike insurance for women also doesn’t cover the losses or damages caused when the bike owner has lent it to someone else.
  • Forgetting to lock– If the bike is stolen because the insurer has forgotten to lock the vehicle or forgot the keys on the two-wheeler, the insurer will not compensate for it.
  • Invalid driver’s license – Damage caused by riders who do not have a valid license is not covered.
  • Intoxication – If the accident occurs while the rider is riding her two-wheeler under the influence of alcohol or drugs, then the damage caused won’t be covered.
  • Accidents occurring outside India – The damages to a vehicle caused abroad will not be covered if the vehicle is insured in India.
  • Driving without a helmet – Wearing a helmet is compulsory when riding a two-wheeler. If you don’t abide by this rule and, unfortunately, face any accident. The company might reject your claim.

Thus, it is very important to read the exclusions in bike insurance to know the situations in which your claim can be rejected by the insurance company.

Summing Up

Every woman rider must have a valid insurance policy to ensure that they are financially secure in case there is a mishap on the road. A third party bike insurance policy is mandatory under the Motor Vehicles Act. However, you must opt for a comprehensive plan if you want extensive coverage. So, stay insured and enjoy riding your bike on the roads in the country.

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