Two-wheeler rides are most preferred and convenient for commuting in the city, especially to keep the traffic at bay. However, accidents or natural disasters are unforeseen events that can leave the rider(s) injured and may also cause damage to the vehicle. With a two-wheeler insurance at place, one can avoid the monetary stress and other worries when such events occur. It is always better to apply for two-wheeler insurance before such incidents. Also, a comprehensive bike insurance policy will provide third-party liability cover to prevent any financial losses that you may have to suffer due to third-party claims.
The benefits or importance of getting bike insurance on time are described below:
Makes your rides safer
Getting a two-wheeler insurance policy is compulsory in India as per the Motor Vehicles Act, 1988. It ensures that your rides are a lot safer by providing a comprehensive cover against the different types of expenses that you may have to face due to damage to your bike or health.
Also, it includes third-party bike insurance i.e. cover for the damages suffered by a third party due to your negligence or during an accident. This includes the damage to the property or health of the third party.
Some bike insurance only covers third-party liabilities whereas some insurances offer extensive coverage for both the rider and the other party. Therefore, it is you who decides whether to go for liability-only insurance or extensive bike insurance.
For exploring the various bike insurance policies that are available in India, you can connect to an insurance aggregator like Bajaj Finserv as you will be able to compare multiple bike insurances online.
Protection against man-made and natural calamities
A bike is susceptible to damage during man-made or natural disasters. Man-made disasters include riots, strikes, terrorist attacks, etc. whereas natural disasters include earthquakes, landslides, storms, hurricanes, etc.
Therefore, if you want to prevent the monetary loss that you may have to go through due to man-made or natural disasters, then it is better to get bike insurance on time. Also, damage caused to the bike due to fire or explosion is covered by two-wheeler insurance.
No Claim Bonus
After buying a two-wheeler insurance policy, you might not need it in a particular year. There is no need to regret buying it as many insurance providers offer a discount on the premium for successive years if you file a no-claim bonus for that particular year.
If you are a rider who always goes on a ride with a pillion then it would be better if you opt for an insurance policy that offers accident cover for the pillion rider as well. Also, replacing some expensive spare parts of the bike can be costly and it would be better if you avail of an insurance cover that offers complete cover for accessories and spare parts.
Some bike insurance policies also offer zero depreciation cover. Getting this cover can be crucial as the insurance company will not consider the depreciated value of your two-wheeler as you claim for the cover after an accident or natural or man-made calamity.
Some insurance providers might also provide a simple and convenient claim procedure to ensure that you don’t face any unpleasant experiences. If you face any issues, you might contact their support team to get clarification on your doubts.
An ideal bike insurance for you can be the one that doesn’t require frequent policy renewal. It is also a good thing if you can apply for an insurance policy online. Also, getting the bike insurance renewed without any inspections or damage can provide you much relief during your busy schedule.
Moreover, an ideal insurance policy should allow you to transfer your policy to a new plan or insurance provider if you feel that the current one isn’t meeting your expectations.
With a two-wheeler insurance at place, one can avoid the monetary stress and other worries when such events occur. It is always better to apply for two-wheeler insurance before such incidents. Also, a comprehensive bike insurance policy will provide third-party liability cover to prevent any financial losses that you may have to suffer due to third-party claims.
Safety Tips for Third-party Bike Insurance
As per the 2018 data, approximately 35.2% of the accidents in India happen from two-wheelers, and accidental killings record for 31.4%, which is alarming. This number has only increased with the rise in population and hence traffic conditions in the country. For your safety and protection against financial expenses incurred due to third-party damage from your bike, it is always best to have a third-party bike insurance cover in place.These days you can access all benefits and even pay for third-party bike insurance online. Also, to read in detail about the plan, you can visit Bajaj Finserv’s website, which provides a detailed description of all types of motor insurance.