Bike insurance will protect your bike from such risks financially. Moreover, under the Motor Vehicles Act,(Source taken by IRDAI) it is mandatory for every bike owner to have at least a third party liability motor insurance. Though in general, it is better to buy comprehensive two-wheeler insurance because third-party liability bike insurance will not cover the expenses of any damage or theft of the bike.
If you are wondering about the coverage two-wheeler insurance policy provides, here’s a list of the inclusions and exclusions:
Under the loss and damage clause of a comprehensive plan, your bike insurance policy will provide financial assistance if your bike
- Undergoes an accident by external means.
- Is stolen or if there is a total loss due to burglary, house break-in or theft.
- Has been damaged or incurred loss due to fire, explosion, self-ignition and lighting.
- Has undergone damage or loss in the event of terrorism, riots, strikes or malicious acts.
- Undergoes damage or loss due to transit by road, rail, inland waterways, air or lift
- Has incurred damage or loss in the event of an earthquake, flood, storm, landslide or rockslide.
- Liability to third parties: The insurance of the bike policy also covers any legal liability caused due to an injury to or death of a third party. It also covers property damage of a third party in case the accident in question involves the vehicle insured.
- Personal accident cover of the owner of the vehicle insured: It could just so happen that in the event of an accident, the driver or the owner gets injured. In such a situation, bike insurance also provides mandatory personal accident cover for owner-driver.
Now that we have covered the inclusions’, you also need to know what your bike insurance policy does not provide coverage for.
- Expenses arising out of general ageing, wear and tear
- Damage caused by the driver/owner driving the bike without a helmet or while riding without a valid driving license.
- If the driver is under the influence of drugs, alcohol, liquor or any illegal substances.
- Damage due to mechanical, or electrical breakdown or failure.
- If the bike insured undergoes damage or loss outside the geographical jurisdiction of India. In simple terms, outside India.
- Damage of tyres and tubes in an individual situation. In case the tyres and tubes have been damaged at the same time when the vehicle is damaged then the coverage shall be limited to 50% cost of replacement of tubes and tyres.
- Depreciation or any consequential loss.
Now that you know what comprehensive bike insurance covers and what it does not cover. Here’s time to understand why you should opt for comprehensive insurance for a bike.
High protection level: Comprehensive bike insurance provides you and your bike with the highest level of protection. It not only provides financial protection for the bike but also for the owner and any other affected third party. This means should your accident cause any harm to the third party involved; the policy covers the injuries sustained by a third-party person.
Covers both man-made and natural accidents: Comprehensive insurance for bikes covers both accidents caused by humans and natural incidents. In simple terms, should your bike get damaged or incur a loss in the event of man-made reasons, such as theft, terrorism or burglary, you can avail of financial assistance. Also, should your bike incur a loss in lieu of natural accidents such as earthquakes, floods or storms, then also your vehicle will be protected.
Covers legal liabilities: Should you get into an accident and the third party claims legal or financial obligations, the related expenses will be duly covered by your comprehensive two-wheeler insurance policy. These liabilities can be due to any injuries sustained by the third party person and the damage caused to the third-party vehicle, the insurance policy will provide coverage.
All these details bring us to the question,- who needs comprehensive bike insurance? Though it is recommended that every bike owner should buy a comprehensive bike insurance plan, there are certain sections for whom it is a must.
New bike owners – If you are a beginner and just started driving, then you should opt for a comprehensive bike insurance policy to stay stress-free. Moreover, if you are not confident in your riding skills, then you should be the first person to opt for comprehensive insurance for bikes since you are most likely to get involved in road mishaps. You need to be sure and rest assured that your bike insurance policy will provide the assistance you need in such cases.
Residents of crowded metropolitan cities – Metropolitan cities and big bustling cities are known to experience the most amount of road accident cases. The higher the volume of traffic is, the higher is the risk of accidents. To guard yourself against this high probability of road mishaps, stay covered with bike insurance.
Passionate bike owners – Do you possess a fancy bike that you are overly protective of? To the point that even a scratch can put you off? Now imagine your reaction should your bike get damaged or incur losses. You wouldn’t want that right? By opting for a comprehensive bike insurance policy, you are getting the maximum protection that a bike insurance policy could provide. Your treasured bike is now well protected and you can rest assured.
To conclude, a comprehensive bike insurance policy is a must for all types of bike owners. There are a lot of risks on the road, and a comprehensive bike insurance policy provides you with the protection your treasured riding companion requires. Although when you decide to get bike insurance, ensure that you go through the coverage extensively. Make sure that your bike insurance adheres to all your needs. Comprehensive bike insurance has high coverage and protects you, your bike and a third party from most kinds of road insurance.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
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