When you buy a new two-wheeler, you also need to think about purchasing insurance for your two-wheeler. In India, all bike owners have to mandatorily buy a third-party two-wheeler insurance policy as per the Motor Vehicles Act, 1988. While these policies offer coverage from third-party liabilities, they do not cover any damage to the insured vehicle. For complete protection, consider buying a comprehensive bike insurance policy.
In this article, we will talk about the benefits offered by a comprehensive bike insurance policy.
What is Comprehensive Bike Insurance?
As the name suggests, a comprehensive motorcycle insurance policy offers complete financial protection to the insured bike against unforeseen damages to itself and/or any third party. You can buy comprehensive bike insurance online by visiting the website of the insurer and paying the premium online. Before buying, make sure to compare providers and plans and use an online bike insurance calculator to estimate the premium for the features needed by you.
Why Should You Choose Comprehensive Two-wheeler Insurance?
Here are some benefits offered by comprehensive two-wheeler insurance that make it ideal for bike owners:
● Accidental Damage Cover
When you ride your bike, you cannot avoid accidents or collisions. Such incidents can cause physical and emotional trauma and impact your finances since repairing a two-wheeler can be expensive. When you opt for a comprehensive bike insurance policy, the insurer covers the costs of repairs if your bike gets damaged due to an accident caused by it.
● Calamities and Disasters Cover
In a country like India, natural calamities like earthquakes, floods, and cyclones are annual features. These calamities can damage your bike. Also, man-made disasters like explosions, fire, riots, etc. can damage your two-wheeler too. With a comprehensive bike insurance plan, the insurer offers coverage for damages due to such events.
● Personal Accident Cover
The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for all bike owners to purchase a Personal Accident Cover along with a third-party bike insurance plan. The personal accident cover is included in the policy when you opt for a comprehensive bike insurance plan. This cover ensures that the policyholder’s family receives adequate compensation if the policyholder gets disabled or dies in an accident involving the insured bike.
● Third-Party Liability Cover
A comprehensive two-wheeler insurance plan includes mandatory third-party liability cover. Hence, if the insured bike causes an accident resulting in a third-party person or property getting damaged, the bike owner is liable to pay for the repair or treatment costs. The third-party liability cover ensures that such costs are taken care of.
● Protection against the theft of the bike
Bike thefts can happen at any time and any place. While you would file a complaint with the police, if they are unable to track it down, then there is not much that you can do. However, if you have a comprehensive bike insurance plan, the insurer compensates and pays the sum assured. Hence, your financial losses are mitigated.
● Exclusions of a comprehensive bike insurance plan
Here are some scenarios under which the insurer will not offer coverage under a comprehensive bike insurance plan:
- Driving with an expired or lapsed bike insurance policy
- Damage to the insured bike due to wear and tear
- Any damage caused to the bike due to a mechanical or electrical breakdown
- Riding your bike without a valid driving licence
- Driving under the influence of alcohol or any other intoxicant
- Using a personal bike for commercial reasons
A comprehensive bike insurance plan is a good option if you are looking for complete financial protection for your bike. There are many providers offering comprehensive policies to two-wheelers. Hence, make sure you know your insurance needs and look for providers that offer features in sync with them. Also, compare premiums across providers and choose the best and most affordable bike insurance plan. Good Luck!