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Bikes and motorcycles are the most vulnerable on the road, and hence their drivers must take great care every time they step on the vehicle because even a little lack of judgment from their side not only puts their lives but also other drivers on the road at risk apart from the damage to their vehicle.
But unfortunately, not all bikers exercise caution while on the vehicle. Due to this, it is imperative to possess a bike insurance to safeguard the riders as well as their vehicles. Also, insurance protects against unforeseen accidents like theft, natural and man-made calamities.
How Having Bike Insurance Can Help
Having a motor vehicle insurance is mandatory as per the law. But another primary reason to hold a bike insurance is to protect yourself from any third-party liability, loss or damage.
For example, if one Mr.A without bike insurance is driving a bike and meets with an accident, the cost of damage must be borne completely by him. Apart from that, if a third party is injured or if there is a loss of life, Mr. A must bear the damage to his vehicle as well as the liability cost of the third party.
If you possess a bike insurance, on the other hand, in the same scenario, Mr. A’s insurance policy will take care of the entire cost of vehicle damage and the liability cost toward the third party.
When you buy a two wheeler insurance, the amount you pay as the premium is way lower than the total sum insured.
Types of Bike Insurance
Generally, there are two kinds of bike insurance plans:
Comprehensive or Total Bike Insurance Plan
As the name suggests, comprehensive bike insurance plan encompasses coverage for vehicle damage, personal accident,and third-party liability. Optional additional features too can be appended to the plan according to the specific needs of the insurer.
Coverage of the motor vehicle under the comprehensive bike insurance plan includes the following events:
Coverage of personal accident under comprehensive bike insurance policy includes the following:
Third Party Liability Bike Insurance Plan
Under third-party liability bike insurance plan that is formulated as per the guidelines of the Motor Vehicles Act, the insurer is covered for any liability due to third-party injury or damage.
Coverage from third party liability insurance plan includes the following:
For the transfer of the insured amount to take effect, the insured needs to file the claim in the prescribed format to the insured company. The application should be supported by necessary documents and bills as proof. After verifying the documents and report of an inspection officer, when necessary, the insurance company settles the indemnity amount within the stipulated coverage.
General exclusions from Bike Insurance Policies
Under the following circumstances, the insurance company may reject the claim:
In general, to enjoy a safe driving experience, you should make sure you always carry your license, keep your vehicle in good working condition, follow traffic rules and wear helmets and other required accessories.