With the increase in the number of two-wheelers on the road, the need for a comprehensive two-wheeler insurance plan has also increased. Two-wheeler insurance not only protects your vehicle from damages caused by accidents but also covers third-party liabilities. Having insurance for bike in India is mandatory, and getting one is advisable to avoid financial losses
Need For a Comprehensive Two-Wheeler Insurance Plan
A comprehensive two-wheeler insurance plan is a must for anyone who owns and rides a bike. Here’s why:
- It is the law: In India, it is mandatory to have two-wheeler insurance as per the Motor Vehicles Act, 1988. Not having two-wheeler insurance can lead to hefty fines and even the cancellation of your vehicle registration.
- It is for your own good: Accidents can happen anytime, anywhere. Comprehensive insurance for bikes protects you financially in case of an accident. It covers the cost of repairs to your vehicle and provides personal accident cover in case of death or disability.
- It protects you from third-party liabilities: If you cause damage to someone else’s property or injure them in an accident, you will be held liable. A comprehensive two-wheeler insurance plan covers third-party liabilities, which means that the insurer will pay for the damages caused by you.
- It is affordable: Two-wheeler insurance plans are very affordable and come with a host of benefits. Some insurers even offer discounts on the premium if you have a good driving record.
- It is easy to get: You can easily get a comprehensive two-wheeler insurance plan online from the comfort of your home. All you need to do is compare the plans and choose the one that best suits your needs.
What is Covered Under Comprehensive Two-wheeler Insurance Policy?
A comprehensive two-wheeler insurance policy for bike is a complete protection plan for your bike against any financial liability due to damages caused by natural calamities, man-made disasters, or theft. The insurance company will reimburse the expenses incurred on repairing or replacing your two-wheeler, per the policy’s terms and conditions.
- Damage or Loss Due to Natural Calamity: If your bike sustains damages due to a natural calamity, such as an earthquake, landslide, flood, or cyclone, the insurance company will reimburse the expenses incurred on repairing or replacing your bike.
- Damage or Loss Due to Man-made Disasters: If your bike is damaged or lost due to man-made disasters such as an accident, fire, or theft, then the insurance company will reimburse the expenses.
- Loss of Two-wheeler Due to Theft: If your bike is stolen, then the insurance company will reimburse the market value of your bike, as per the terms and conditions of the policy.
- Third-Party Liability: If you are held liable for any damage or injury caused to a third party due to your bike, then the insurance company will cover the expenses incurred.
- Explosion and Fire: If your bike catches fire or explodes, then the insurance company will reimburse the expenses incurred on repairing or replacing your bike.
What is Not Covered Under Comprehensive Insurance?
Several things are not covered under comprehensive insurance for bikes. These include:
- Accidents caused by drunk driving or driving under the influence of drugs.
- Damage caused by your two-wheeler being used for illegal activities.
- Damage caused by nuclear warfare or radiation.
- Damage caused by war or any terrorist activities.
- If you have intentionally caused the accident or damage to your bike.
- Mechanical or electrical breakdown of your bike.
- If you are riding your bike without a valid license.
Add-ons You May Want to Know
One can find several other add-ons you may want to know about insurance for bike are:
- Engine Protector Add-on Cover: This add-on covers repairs to the engine in case of damages due to water ingression or oil leakage.
- Return to Invoice Cover: In case your two-wheeler is stolen, this add-on reimburses you the difference between the insurance payout and the ex-showroom price of the vehicle.
- No Claim Bonus (NCB) Protector: In case you claim during the policy period, this add-on ensures that your NCB is not affected.
- Roadside Assistance Cover: This add-on provides assistance in case of a breakdown or accident.
To sum it up, a comprehensive two-wheeler insurance plan is essential as it protects your vehicle against damages and offers a host of additional benefits. So, choose a plan that best suits your needs and requirements.
Tips to Know While Choosing A Policy Provider
When you are out in the market looking for a policy provider, it is important that you keep a few things in mind. While there are many options, not all will be ideal for you. Here are some tips that will help you choose the right policy provider:
- Check the reviews: One of the best ways to gauge whether a policy provider is good or not is by checking the reviews. You can find these online or ask people you know who have two-wheelers for recommendations.
- Compare prices: Another important factor to consider is the price. Make sure to compare the prices of various policy providers before deciding.
- Check the coverage: Another thing to remember is the coverage. Make sure that the chosen policy provider offers adequate coverage for your needs.
- Consider customer service: Finally, you should also consider the customer service of the policy provider. This is important because you want to be able to get in touch with them.
These are some of the things you should keep in mind when choosing a policy provider. By following these tips, you can be sure that you will find the right one for you. Thus, it is evident that a comprehensive two-wheeler insurance plan is a must for all bike owners. It protects you financially and helps you comply with the law. So, get one today and ride your bike with peace of mind.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.