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Types of Coverage under a Bike Insurance Policy

By Finserv MARKETS - Apr 3,2019
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The freedom of riding your own bike can be amazing. But this happiness comes with a high sense of responsibility. And a two wheeler insurance policy is just the thing you need to secure your bike and the future expenses related to it. It is an accepted fact that accidents are unpredictable and have the potential to damage more than just your vehicle. Most of the times, it so happens that an accident happens with no fault of our own. In such cases, third-party insurance cover will sort out your expenses. However, since this type of insurance demands lower premium, its benefits are very limited as well.

To tackle this, a comprehensive insurance policy serves the rider’s needs. It promises to cover all the losses one can bear during an accident under the policy’s bike insurance coverage. Apart from this, it also provides the benefit to buy add-ons with your policy. These add-ons increase the premium by a small amount but offer a wide range of benefits to the policyholder.

Mentioned below are the types of add-on coverage one can get under a bike insurance policy:

  1. Personal accident cover: A severe accident leads to serious medical injuries and sometimes even death. It could be fatal for both the rider and the person accompanying him. A personal accident cover takes care of all the expenses of both the travellers, in case they meet with an accident.
  2. Zero or Nil depreciation: When you buy a zero depreciation bike insurance policy, the insurance company will cover the expenses, in case you decide to repair certain parts of your bike. The repair could be required due to wear and tear or due to an accident. The insurance company will not include any depreciation charges and reimburse the actual amount.

Insurance companies often try to sell several add-ons to their customers, claiming that it will protect them better. However, before you buy bike insurance online or offline, it is important for you to do your own research. And, before you pick an add-on, read about the effect each one would have on your premium.

Also read about what is IDV in bike insurance to understand how it may affect your premium amount.

Visit Finserv MARKETS and buy a Bajaj Allianz bike insurance policy with us, today!

Read our top blogs to know more about two wheeler insurance in India:

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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