One must have valid two-wheeler insurance to ride a bike in our country. While this applies to every individual, can insurance be different based on gender? The answer is yes, partially insurance can vary based on gender. For instance, sometimes insurance companies charge a low premium from women since they believe that women drive more cautiously. While the policies are the same, the premium prices may vary a little. Read further to understand how two-wheeler insurance works for women
Types of Two-Wheeler Insurance for Women
While looking for insurance policies, insurance companies majorly offer the following three insurance policies:
Third-Party Insurance
As per the Motor Vehicle’s Act 1988, it is mandatory that all vehicle owners have third-party insurance. This is necessary to meet the bare minimum legal requirement of riding a two-wheeler. Under this policy, the insurance company will cover any third-party liabilities caused to a third party by the policyholder. This policy does not cover any loss caused to the policyholder’s vehicle. The insurance premium for third-party insurance is mandated by the Insurance Regulatory and Development Authority of India (IRDAI) and the prices are quite nominal
Own Damage Insurance
This is also known as Standalone Own Damage Insurance since it only covers damages caused to the policyholder. Since third-party insurance is mandatory, if one opts for own damage insurance, they would have to additionally buy third-party insurance. Own damage insurance can increase the expenditure since one would have to buy two policies instead of one
Comprehensive Insurance
The insurance company will cover third-party liabilities and own damage insurance under a single policy. Thus, one will have to pay a single premium amount to protect themselves from any kind of loss or damages. Apart from damages caused due to an accident, comprehensive insurance even covers loss caused by man-made calamities and natural calamities, theft, and complete damage to the vehicle
Guide to Choose the Best Two-Wheeler Insurance for Women
Find the Right Insurance Company – Buying insurance from a reliable insurance company is very important. It is important that one gets adequate coverage at a decent price. Choose a company that offers instant claim settlements, low-priced bike insurance policies, quick repairs, good online reviews, etc. Using a comparison engine to find the best motorcycle insurance is also a fantastic and recommended option.
Review Your Requirements – Most people think that any insurance will do the job of providing complete coverage for damages caused to their two-wheeler. This is not true, and one can make the most out of a policy online when they know their requirements. It is important to choose the type of insurance coverage first
Select A Wholesome Coverage – As mentioned earlier, though third-party insurance is mandatory, it will not provide coverage cost to repair one’s own bike. It would be wise to consider buying comprehensive insurance since it is more beneficial.
Select Add-On Covers – Additional riders are also known as add-on covers and these enhance the policy. The policyholder can choose different add-ons such as zero-depreciation cover, return to invoice cover, road assistance cover, etc. One must also remember that while these covers enhance the policy, one will have to pay an extra premium to acquire this benefit. Choose an add-on cover only if necessary.
Two-wheeler insurance is important for every individual regardless of gender. It is an important financial backup in case of an accident or any unforeseen situation.
