What Is Bike Insurance and How Does It Work?

Two-wheeler insurance, also known as bike insurance, is a form of motor insurance that covers two-wheeler owners from unexpected incidents like road accidents, theft, natural/man-made calamities, fire, explosion, strike, riots, and so on.
Third-party two-wheeler insurance, standalone own-damage two-wheeler insurance, and comprehensive two-wheeler insurance are the three types of two-wheeler insurance policies. According to the Indian Motor Vehicles Act, third-party two-wheeler insurance is a legal requirement in the country, and failure to obtain it can result in a fine of Rs. 2,000 and/or imprisonment for up to three months.
A third-party two-wheeler insurance policy protects policyholders against financial losses sustained by a third party in the event of a road accident, while a standalone two-wheeler insurance plan only covers the insured's vehicle's own-damage in the event of an accident.