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Various Options Available for Bike Insurance

The number of vehicles on the road is constantly on the rise. This increases the chances of accidents by a considerable margin. Irrespective of how good a rider you are, you might still become a part of a mishap. And without valid bike insurance, you will end up spending a substantial amount of money from your pockets.

To ensure that you and your bike is protected against unforeseen circumstances, it is recommended to buy a bike insurance policy. And then there is the regulatory requirement as well. The Motor Vehicles Act of 1988 mandates all vehicle owners to have valid liability only insurance policy .More recently, a ruling by the Supreme Court makes way for a mandatory five-year third-party policy while buying a new bike.

Policy Types

When you do want to renew or buy a bike insurance policy, you either have the choice of third-party policy or a comprehensive policy.

A third-party liability policy offers minimal coverage and thus is lighter on your pockets. If a policyholder were to meet with an accident which results in damage or injury to other individuals or property, the policy will kick in. However, you cannot make any claims for damages to your bike.

On the other hand, a comprehensive plan can make you claim for damages to your bike. A comprehensive plan is a combination of a third-party liability plan and own damage. It offers coverage against natural calamities, theft, fire, self-ignition etc. earthquakes, floods, cyclone, theft, vandalism, etc.If your bike gets stolen, the insurer will provide compensation.And you also have the option of customising the plan as per your needs.

Major Benefits

Here are some of the major benefits of buying a comprehensive bike insurance policy.

  • It offers financial coverage in the case of an accident or theft.
  • It offers financial coverage for natural calamities including floods, earthquake, lightning etc and also for manmade events like riots, arson, civil unrest etc.

It is recommended to have insurance on you at all times to provide coverage against all of the above scenarios and provide financial security in the event of an accident.

 

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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