Bike Insurance Policy Protects You from Various Road Risks

When you are driving your two wheeler on the roads, do you really stop to think about the various risks that you are exposing yourself to? No. However the insurance policy that you have taken on the vehicle looks into such matters and protects you against various types of risks that can happen. Such is the importance of having a policy that the law has deemed it mandatory to take one before riding the vehicle on the roads.

What Is The Protection Offered By Bike Insurance?

Bike insurances policy offers protection against so many different types of risks. It pays out if your bike or scooter is damaged in an accident. In case a fire destroys the vehicle it covers for the losses. In case man-made or natural disaster damages the vehicle it pays for the losses. In case third party liability expenses arise due to an accident the policy pays for the expenses. In case of permanent disability or loss of life of the driver, it pays for the losses.

Hence a basic two wheeler policy offers protection in so many way thus cutting down unexpected expenses when they arise. If an accident leaves a small dent or problem, you will still have  to spend a lot on repair work. This is because repair costs are rising. Adding to this is medical expenses. All of these expenses cannot be curbed with the policy. However a basic policy is not enough so customize it with add-ons. These might increase policy cost but they will bring down so many sundry expenses that are likely to arise when you are confronted with an unexpected road situation.

Transfer Of The Policy

If you decide to sell your bike and there is exiting insurance, you can have the policy transferred to the new owner of the vehicle. If you are buying a new vehicle to replace the old one, it can be transferred to this vehicle.

Policy Period and Renewal

The period of coverage is only one year, after which you have to renew the policy. If at the time of renewal there is no claim on made on the policy in the previous year, you can use the no claim bonus to get deductions. Policy coverage is applicable for all factory fitted devices on the vehicle. If you have fitted your own gadgets, additional payment has to be made to get them covered by the policy.

Get Coverage Quickly With Online Application

The easiest way to get cover is by applying online. Online bike insurance application saves time and efforts. It enables you to get coverage quickly because the application process is simple. There is no need to spend time filling paper forms to get cover.  Once you have submitted the application, policy documents will be sent to you ether by post or to our email id.

Different Types of Bike Insurance Policies

Once you decide to buy a two-wheeler of your choice, the next decision is to choose a bike insurance policy that would comply to your needs keeping your budget intact. To make a right choice, you should be well aware of the different types of motorcycle insurance available in the market.

Types of insurance

Liability insurance: This is the basic insurance policy that covers any damage caused to the third party by your vehicle. It covers physical injury, vehicle damage or property damage of the third-party. The damage caused to your bike is not covered under the liability insurance. In India, it is mandatory to purchase liability insurance if you own any vehicle.

Comprehensive insurance: A comprehensive bike insurance policy covers the third party liability and also provides for the damage caused to your vehicle. The two main features of this policy are:

• Provides coverage to your vehicle against theft, fire, accidents and natural calamity
• Provides accidental coverage for self and third party liability

This policy though covers interests of the rider but it does not include collision insurance.

 

Collision insurance: This policy pays for the damage of your bike in case your bike collides with any vehicle or object. The damage to your vehicle can be enormous depending upon the severity of the collision. In this case, it may a huge burden for you to bear the repair cost of your vehicle. The insurance company would be paying for the damages upto the extent of the book value of the vehicle.

If you are young, single and have just started earning then it is advisable to take comprehensive and collision insurance coverage as it would save you from hefty expenses in case of any misfortune. Insurance is not a luxury but a necessity as the cost of living is increasing day by day and any unforeseen financial burden would leave you stranded.

Read more about Motorcycle Insurance.