India’s automobile market is concentrated towards two-wheelers. The number of vehicles at a rapid pace and the number of accidents is on the rise too. Bike insurance makes sure that you do not have to suffer financially in case of a mishap. Bike insurance holds the same level of importance as its registration does. Though there are several benefits of getting bike insurance, people often ignore it because of the lack of knowledge.
As per the Indian laws, you cannot drive any vehicle on the road without a valid insurance policy. Third-party insurance is mandatory but it is advised that you should get a comprehensive policy to make sure you get compensation for the damage to your bike as well.
What all is covered?
Based on the policy you select, the insurance company will provide the cover. A policy can cover any type of damage to your bike. The basic third-party insurance provides you cover from the third-party liability and basic comprehensive covers damage to your bike to some extent. To increase the insurance coverage of your bike, you can use add-ons.
Some important bike insurance facts you must know
- Damage to own vehicle
Most of the important parts of a bike are exposed to damage. It is one of the main reasons that the bike-owners are under intense pressure while driving bikes on Indian roads. However, if you have a comprehensive Bike Insurance Plan, it will cover the majority of the damage.
- Third-party liability
A rider is not only responsible for his/her action on the road, but the opposite party also has the right to take you to court if there is any damage to their property. Valid third-party bike insurance will provide you with cover in such cases.
- Cover in case of theft
Two-wheeler theft is very common in India. In most of the cases, the chances of getting your bike back are minimal. To make sure you do not get under extensive financial loss, a comprehensive bike insurance policy is important.
- Cover for damage caused by natural disasters
You cannot have any control over natural disasters like floods or earthquakes. Also, predicting such natural disasters is not an easy task. Bike insurance provides you with cover if there is damage caused by a natural disaster. In case you lose your bike in a flood etc, the insurance policy will cover the damage.
- Cover for man-made damage
Anti-social elements can cause severe damage to your vehicle. During riots, it is unfortunately common that rioters burn two-wheelers. Also, there are other man-made incidents like accidental external damage and burglary that can cause damage to your bike. There have been many cases in which the thief failed to take away the bike but he caused severe damage. In all such cases, bike insurance will cover your expenses.
- No Claim Bonus
NCB or No Claim Bonus is the discount that bike insurance companies provide if you do not file any claim in a certain year. NCB increases with time and you can avail maximum up to 50% off on the insurance policy premium.
- Personal accident cover
In case of an accident, you may have to pay for medical expenses. If the injuries are severe, you may end up spending a lot on treatment. In such cases, bike insurance provides cover for medical expenses.
- Cashless cover
Every insurance company has an association with different garages all across the country. If you choose to get your bike repaired from such garages, the insurance company will directly pay for the repair without any need of filing the claim.
Bike insurance policy is not only a necessary piece of document as per law, but it also provides you financial security in case your bike gets damaged or stolen. Make sure to choose a comprehensive bike insurance policy so that damage to own vehicle is also covered.