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Benefits of Comprehensive Bike Insurance

By Finserv MARKETS - Dec 25,2019
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Why You Need A Comprehensive Two Wheeler Insurance

A two wheeler is the most convenient mode of transport for most people in India. It allows you to easily navigate through traffic-like conditions and narrow lanes, thus providing fuel efficiency. Despite the ease of travel, the risk involved in reaching your destination on a bike is still higher compared to another mode of transportation.

Since the make and model of most motorcycles are light-weighted, the damage incurred by the rider and the vehicle when involved in an accident is huge. Thus, to safeguard yourself and your precious possession in case of any unfortunate event, you need a comprehensive two wheeler insurance.

We all know that third party insurance is mandatory under the Motor Vehicles Act, 1988. But third party two-wheeler insurance provides limited coverage. Therefore, it is recommended to opt for comprehensive insurance as it offers extensive coverage.

Comprehensive Two Wheeler Insurance Plan

Comprehensive bike insurance not only covers all the third-party liabilities but also provides additional protection to you and your motorcycle. Here are a few features of the comprehensive plan –

  • Personal Accident Cover:

Comprehensive insurance comes with a personal accident cover for the rider as well as the person riding pillion. The coverage is provided in case of accidental injuries resulting in total or partial permanent or temporary disability. In some cases, it even covers death.

  • Protection against Incurred Damages:

With comprehensive two-wheeler insurance at Finserv MARKETS, you are financially protected against any damage incurred by your vehicle. So, whether your bike suffers damage due to natural or man-made calamities, we will compensate for the loss incurred. Additionally, you can also take zero depreciation bike insurance as it helps in saving costs on consumables.

  • Third-Party Liability Coverage:

Just like third party, comprehensive insurance covers all third party liabilities. So, if your motorcycle causes damage to third party person or property, the insurer will compensate for the loss incurred.

Comprehensive Bike Insurance – Inclusions

The things included in comprehensive bike insurance are as follows –

  • Damage or loss to your bike
  • Third-party coverage that provides for:
    • Third-party liability cover
    • Third-party property damage
    • Personal accidental cover
  • The cost incurred due to the fire-like situation
  • Damage or loss in case of human-made or natural disasters
  • Theft or malicious activity
  • Damage due to terrorism

Comprehensive Bike Insurance – Exclusions

Every comprehensive plan comes with certain limitations. Here’s a list of things not covered under comprehensive bike insurance –

  • Damage or loss incurred when the policy is inactive or expired
  • Damage to mechanical and electrical breakdown
  • Mechanical wear and tear due to aging
  • Riding with invalid driver’s license
  • Riding under the influence of intoxicants

Apart from this, if you opt for comprehensive insurance, it also offers add-ons coverage. These add-ons include –

  • Zero Depreciation/Nil Depreciation Cover – With this cover, you will receive the entire compensation on the claim made without factoring in the depreciation.
  • Engine Protector Cover – It covers any expense incurred to repair the engine and/or its parts.
  • Consumables Cover – It pays for the cost of consumables in bike insurance, which are repaired, replaced, or refilled in case of accidents or loss.
  • Return To Invoice – It covers the gap between the Insured Declared Value (IDV) and the invoice value of the car. In simple words, you will receive the entire amount of loss in case of theft.
  • No Claim Bonus (NCB) Protection Cover – With this cover, you can still claim the No Claim Bonus (NCB) and avail discounts on insurance premiums.

Over to You!

Unlike third party bike insurance that only covers for third party damages, a comprehensive plan offers all-the-round protection to you and your vehicle. Hence, comprehensive coverage is highly recommended when buying insurance.

If you are looking for comprehensive insurance, get in touch with us through our online platform Finserv MARKETS. With Bajaj Allianz two wheeler insurance available on our platform, you can benefit from features like cashless claim settlements, hassle-free renewals, extensive coverage, and more.

So, why wait? Get bike insurance with us today.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522