How Comprehensive Bike Insurance Protects Your Vehicle From Fire Damages?

Posted on: Nov 7, 2022 | | Written by:

How Comprehensive Bike Insurance Protects Your Vehicle From Fire Damages?

Published on November 02, 2022. EST READ TIME: 3 minutes

Comprehensive Bike Insurance Protects From Fire Damages

People looking for a convenient and fast way to commute would almost always look at two-wheelers. Bikes are affordable to buy and maintain, and even the operating costs are also low, making them ideal for daily commutes. And given the ever-increasing number of vehicles in the country, bikes are becoming more of a necessity. But before you set out to ride your bike, you must ensure that you have adequate riding gear and essential documents, including a comprehensive bike insurance policy.

A lot of Indian cities do not have strong public transport. Thereby leaving the onus of regular travel entirely on you. In such cases, bikes can help you save considerable time and money. Once you own a two-wheeler, you would need your driving license and insurance to be able to legally ride the bike. If there is a concern about keeping your bike safe from unforeseen events such as damages caused by fire, comprehensive bike insurance is your best bet.

Types of Two Wheeler Insurance Plans

The following are the different types of two wheeler plans that are available in India. You can rely on the following plans for cover against fire-related damages.

Third Party Bike Insurance:

As per the current laws, it is compulsory to get third party bike insurance. Without a third party liability insurance policy, one cannot ride their bikes legally on public roads. In the event of a collision with another vehicle, person or property, the third party liability insurance will cover all the damages. However, it does not cover damages related to your bike.

Some insurance providers offer additional benefits along with a third party liability policy, but you must clarify those before buying the policy.

Comprehensive Bike Insurance

A comprehensive two wheeler policy is what your bike would need for adequate coverage. A comprehensive policy offers the benefits of third party liability and provides own damage cover as well. In other words, the policy will protect your bike from damages inflicted by you as well as external factors.

In the unfortunate event that your bike meets with an accident that involves fire, a comprehensive plan has your back in such scenarios. The plan offers protection against natural calamities such as typhoons, cyclones, earthquakes, etc. and manmade catastrophes such as vandalism, strike, riots, etc.

Standalone Bike Insurance

Standalone bike insurance is a policy that offers its own damage cover. The plan protects your bike against unforeseen events such as natural calamities or man-made calamities. The plan is ideal for people looking for protection against fire. However, insurance providers do not usually offer compensation if the fire is due to internal sparks or any kind of system overheating.

Damages related to fire will only be considered if there are visible flames. In the event that your bike has received damages due to a fire in a riot, your insurance provider will mostly ask you to prove the same. You can provide evidence in the form of a newspaper article where the riot was published.

Claim Process for Damages Due to Fire

In the unfortunate event that your bike is at the receiving end of damages due to fire, you would want the claim process to be as smooth as possible. Here are a few simple steps that can ensure a smooth claims process.

● It is essential that you file FIR at the earliest and reach out to your insurance provider to inform them about the incident.

● It is important to record the incidents so that you have adequate proof of the same. If you can take photos or videos of the incident, that will aid in the process.

● Once you initiate a claim, the insurance provider will send an inspector or surveyor to assess your bike. Only when the surveyor sends a report back to the insurance provider with an assessment of the damages will they proceed with the claim.

● The insurance provider might ask you to submit some documents at this point. After the documents are verified, and the claim is approved, you will receive the benefits of the plan.

Compensation That You Can Expect In Case of Damage By Fire

In the unfortunate event that your bike is damaged due to fire, the maximum compensation that an insurance provider can pay is the IDV of the bike. The IDV or insured declared value of the bike is its current market value of the bike. And the IDV is set while buying comprehensive bike insurance.

The compensation that an insurance provider will pay depends largely on the extent of the damages. Insurance providers also deduct depreciation amounts from that and any other voluntary deductibles. The policy terms and conditions outline any other factors that your insurance provider might consider.

If your bike is beyond any kind of repair, it would be tagged as a total loss, and your insurance provider will compensate you with the IDV of the bike.

Points To Remember While Buying Bike Insurance In India

The following are some of the points that you need to keep in mind while buying a bike insurance policy.

● Just buying a third party liability policy will not be helpful in the event of a fire as the policy does not offer cover against fire. It is recommended to opt for a standalone policy along with a third party policy for better coverage.

● Any form of a mechanical breakdown that results in the bike catching fire is not covered as a part of the insurance.

● When you are buying comprehensive two wheeler insurance, ensure to look at the wording on whether it offers protection against fire or not.

● Insurance policies usually have a geological boundary. If an accident happens beyond these geological boundaries, your claim might not be entertained.

● Any modifications to the bike might lead to a fire. In such cases, the chances of your claim being rejected are high. Thus, you must be very careful and read the policy documents carefully before proceeding with any modifications.

Conclusion

Getting the right kind of policy can protect your bike in the event of a fire. Though the third party liability policy gives you legal clearance to ride your bike, it might not be enough to protect your bike during a fire. Comprehensive bike insurance is your best friend in such scenarios. Yes, its premiums are a bit higher than third party liability only policy, but you get a policy that offers much more coverage.

There are several insurance aggregators that you can take help from while buying comprehensive two wheeler insurance. You can compare different policies and choose a policy that offers maximum coverage at affordable prices.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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