Besides being a convenient means of transport, bikes help us get to places faster. They allow us to swerve through traffic quickly and are also relatively easy to operate. Hence, protecting them from physical damages is a given. But for that, you should have enough funds to manage the repair costs. This is when Bike Insurance comes to the rescue. In India, having such Insurance is mandatory for every bike owner.
It provides financial protection to the rider and their vehicle against accidents on the road. It even covers the medical expenses borne during such unfortunate events. Following are its key aspects explained for your understanding. Also known as Two Wheeler Insurance, it covers the following risks:
- Loss or damage caused due to human-made disasters
Unanticipated human-made disasters like thefts, riots, malicious acts, terrorism, etc., cause significant damage to your vehicle. Hence, Two-Wheeler Insurance protects your vehicle against the loss caused by such events. It also lets you pay for the necessary repair costs instantly.
- Loss or damage caused due to natural disasters
Sometimes, our bikes and motorcycle bear damage due to natural disasters. This includes fire explosions, earthquakes, floods, lightning, etc. In such situations, you eventually pay a handsome amount for the repair. But if you have 2-Wheeler Insurance, you do not face such inconveniences. It covers all expenses incurred due to natural disasters.
- Third-Party Legal Liability
Damages caused to the third party’s vehicle usually result in legal implications. Such Insurance covers the legal liability for unintentional damages during accidents. It provides the much-needed financial and legal support in difficult times.
- Personal Accident Cover
Road accidents are common despite our best efforts to stay safe. Hence, buying an online 2-Wheeler Insurance is advisable. It enables you to pay for the repair costs and your medical expenses. You also get optional Personal Accident Insurance for your co-passengers. However, you need to pay an additional price to avail them
Like Health Insurance, they also have specific types. These include:
- Third-Party Insurance
This online Bike Insurance is a statutory requirement in India. It promotes accountability among vehicle owners on the road. It covers the insurer against the liability caused by their two-wheeler to a third party’s vehicle. It also covers expenses for physical injury and death. But it does not pay for any physical damages caused to the insurer or their bike.
- Comprehensive Insurance
Such Insurance offers comprehensive coverage that takes care of the following risks:
- Self-ignition or lightning
- Damage caused while transiting
- Natural calamities
- Terrorist activities
- Fire explosion
Besides offering protection, Bike Insurance rewards the owner with specific benefits. A few examples include:
- Seamless renewals
- Cashless claims
- Affordable premium rates
- No Claim Bonus
Note that these vary between insurers.
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