Every journey begins with a turn of the key, but what secures that ride when life takes an unexpected turn? Getting to know the print of your insurance policy for bike is the most important thing you can do to protect your bike, in addition to regular maintenance and fuel. Most of the riders simply glance through their policy once and forget it because they do not know some of the important information that determines their coverage.
You can take charge when something happens if you know what is covered, what is not, and what extras you can add. A well-read policy transforms from a document of obligation to one of reassurance.
Comprehending The Bike Insurance Policies
All bike owners are required to have a third-party liability policy, which provides coverage to damages or injuries done to others in an accident. However, this simple scheme is not a protection for your own cars. This is where the comprehensive bike insurance comes in. It provides both the third-party and own-damage coverage at a single plan.
With a comprehensive policy, you will have protection against a wide range of risks. Although it carries a little higher premium compared to a third-party plan, having wider coverage makes it a smarter decision among the riders, particularly those who have new or expensive bikes.
Coverage Details Of A Comprehensive Bike Insurance
An integrated strategy offers complete financial security. The major coverage details are as follows:
- Own Damage Cover: This is the compensation that covers all the expenses relating to the repair or replacement of your bike if damage is caused by accident, fire, or natural disasters. For theft or total loss, this will be settled at an Insured Declared Value (IDV).
- Third-Party Liability Cover: Third-party liability coverage is a compulsory cover under Indian law, covering liability to other persons. The insurer pays the compensation on your behalf.
- Cashless Repairs: Most insurers have a list of approved garages where you get cashless repairs. You pay the deductible, and the bill is paid by the insurer.
- No Claim Bonus (NCB): If you have not made a claim in the policy year, there are some cases where, on renewal of the policy, you get a discount on the premium. The bonus increases with claim-free years.
Inclusions and Exclusions
Knowledge of inclusions and exclusions is one of the major factors when understanding any policy. It helps you anticipate when your insurer will, and will not, provide compensation.
Inclusions (What’s Covered):
- A two-wheeler insurance policy normally covers theft, accidents, fire, and natural disasters, besides damages to other people’s properties. You can make a claim on your policy if your car gets into any of these.
- If a bike is stolen or vandalised, the coverage makes sure that the policyholder gets back the cost of replacing it.
- These policies can also cover natural disasters, as well as disasters caused by people.
- Third-party liability insurance protects the insured from having to pay for any accidents that happen because of them.
- These inclusions form the backbone of a comprehensive bike insurance policy and ensure that you are covered in most situations.
These inclusions form the backbone of a comprehensive bike insurance policy and ensure that you are protected in most situations.
Exclusions (What’s Not Covered):
- In case you are on your bike without a legal and valid driver’s license and get into an accident, then you cannot claim any insurance. It is because you are violating the law.
- In addition, if you use your bike to commit an illegal act under the influence of drugs or alcohol, you will not have the coverage benefits.
- The two-wheeler insurance policies also do not cover mechanical breakdowns, wear and tear, or electrical breakdowns in general.
- The bike insurance policy also does not cover severe damage as a result of a nuclear event, war or deliberate actions.
Exclusions awareness avoids the possibility of misunderstanding in the settlement of claims. It is important to read your policy document and then buy or renew it.
Add-On Benefits For Enhanced Protection
Insurers also have optional add-on benefits to your policy to further personalise your policy. These riders enable you to widen the areas of coverage beyond the generic inclusions at a nominal premium. Examples of some of the add-ons that are available are:
- Zero Depreciation Cover: Covers the cost of repairs with no deduction to the depreciation of components replaced.
- Roadside Assistance: It offers on-site assistance in the event of a breakdown, flat tyre or dead battery. It also involves towing the vehicle to the closest authorised garage.
- Accessories Cover: This is an add-on bike insurance that is meant to cover the other accessories attached to a bike.
Companies such as HDFC ERGO offer an extensive and clear structure of a comprehensive two-wheeler insurance to enable these policyholders to make informed decisions.
Conclusion
A two-wheeler insurance policy is more than just a legal formality. It is a crucial layer of financial protection. A comprehensive insurance policy for bike offers broader safety by covering your own vehicle as well as third-party liabilities.
You can ensure complete peace of mind every time you hit the road by reading your policy thoroughly and selecting relevant add-ons.
