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The thrill and excitement of riding your first bike are unexplainable. However, owning a two-wheeler is quite a responsibility. Not only do you need to abide by the traffic rules, but also take self-precautionary measures.
Also, the condition of roads in India makes your bike vulnerable to road mishaps. In such a situation, you must safeguard your bike with an appropriate two-wheeler insurance policy.
In this article, we will be discussing a few crucial details that need to be taken into consideration when you buy bike insurance online.
Generally, insurance providers offer two kinds of two wheeler insurance policies –
Third-Party Bike Insurance – It is a mandatory coverage required by all vehicles running on Indian roads. Third-party insurance comes at a relatively low premium.
Comprehensive Bike Insurance – It is an extensive coverage provided by insurance providers. It offers all round insurance coverage to your vehicle, and thus, the premiums are high.
Key Takeaways of Third-Party Bike Insurance
A third-party bike insurance policy is mandatory by law under the Motor Vehicles Act, 1988. However, there are a few benefits, such as –
The policy covers you against death or injury incurred by a third person in an accident that involves your vehicle.
Purchasing third-party insurance is simple. It does not require detailed paperwork. The main reason behind this is because the policy does not cover you against total damage or theft of your bike.
Compared to comprehensive bike insurance, the third-party insurance premiums are relatively low.
With third-party insurance, you will have peace of mind when riding your bike. Rest assured because the third-party liabilities (like unforeseen deaths or injuries to third parties) are covered under this plan.
Key Takeaways of Comprehensive Bike Insurance
A comprehensive bike insurance plan provides extensive coverage and is more effective compared to third-party insurance. Apart from all the third-party benefits, comprehensive insurance plan offers coverage over and above your underlying policy. Some of the key takeaways of comprehensive bike insurance are as follows –
It provides personal accident coverage
It extends the protection to expenses incurred by you and your bike during unfortunate events
It also covers all the third-party liabilities
It offers coverage to the injuries suffered by the rider
Practically Speaking
Technically, third-party insurance policy serves a significant purpose – that is complying with the law – wherein it is mandatory to have bike insurance under your name. On the other hand, a comprehensive bike insurance plan provides extensive coverage. It not only covers the damage expenses incurred by your bike but also covers third-party liabilities.
Moreover, comprehensive insurance comes in handy during a situation other than accidents. For instance, in the case of dents on your bike due to falling of tree or damages due to fire or other such perils – are all covered under the comprehensive plan.
Checklist to Follow When Purchasing Bike Insurance
If you are purchasing an insurance policy online, keep this checklist handy –
Gauge Your Needs: Before you go out and buy an insurance plan, make sure that you understand your requirements. Knowing what kind of coverage you can afford will help you purchase an insurance that fits well within your budget.
Type of New Bike Insurance Policy: After defining your requirements, start browsing a plan that is most fruitful for you. Although buying third-party motor insurance is mandatory under the Motor Vehicles Act of 1988, the coverage provided by it is limited. Hence, most people recommend comprehensive insurance coverage that will provide all the round protection to your vehicle.
Choose A Right Insurer: You must buy an insurance policy from a reliable source. Select your insurance provider based on the services, reputation in the market, claim settlement ratio, etc. You can also gain information on them by visiting social sites and customer reviews online.
Your Details: When you look to purchase a two wheeler insurance policy online, make sure that a few personal details are available when needed. These details include information like name, address, bike registration number, and more.
Insured Declared Value (IDV): What is IDV in bike insurance? IDV is nothing but the approx. the current market value of your two-wheeler. The insurance provider refers to this value as a reference in case you incur the total loss of your bike. The total loss of bike happens when it is either stolen or damaged beyond repair.
Apart from this, if you opt for comprehensive coverage, it also offers add-ons. These add-on coverages include –
Zero Depreciation/Nil Depreciation Cover – With a zero depreciation bike insurance 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 such as nuts, bolts, oil etc. 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 word, 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 bike insurance premiums.
To Conclude
With the checklist above, you will be able to make an informed decision when purchasing the best two-wheeler insurance policy. In case you are looking for a comprehensive insurance policy, browse through different plans available on Finserv MARKETS. It protects your vehicle against any unforeseen accidents, theft, and loss incurred due to human-made or natural disasters. With us at Finserv MARKETS, you can benefit from features like on-road assistance, cashless servicing, hassle-free claim settlement, and so much more.
In fact, renewing bike insurance is quite straightforward too. You can renew your policy online anytime and on the go! So, why wait? Get your bike insured with an appropriate insurance plan available on Finserv MARKETS, right away.
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