In the present era, bike insurance has become a common thing people buy. You should know that every person having a bike should have an insurance policy for it. Such a policy helps a person get monetary coverage in case of injuries and accidents.
It is vital to know about an insurance policy as you plan to buy a bike. Consider the amount of insurance policy to be an added investment.
In this article, you can learn about the inclusions, exclusions, and benefits that an policy for a bike comes with. But, for now, check out the following paragraphs.
Inclusions For Bike Insurance
This part of the article deals with the inclusion of bike insurance. These are what you can expect to get coverage for when buying a insurance policy. The inclusions might vary in the case of cheap bike insurance. First, look at the standard ones.
Third-Party Insurance: If you have third-party bike insurance, the company can cover the costs of any physical treatments to the third party in an accident.
Comprehensive Bike Insurance: In the case of comprehensive bike insurance, you can expect the company to cover costs for both sides. So, you should always buy electric insurance of the comprehensive type on having a plan to drive regularly.
Death Benefits: In the case of mountain bike insurance, you can expect the insurer to provide a lump sum amount to your family as death coverage. The same can happen if you shift to a state of permanent disability.
So, this is the reason why you should choose a comprehensive plan over a third-party plan. If you ask, how much bike insurance is in India, the answer would be, some ₹1000 to ₹5000 ($12.89 to $70).
Exclusions Of Bike Insurance
After the inclusions, now comes the turn of the exclusions of the road bike insurance. So, these are the coverages that you might not get in the case of road bike insurance. Take a look:
Mechanical Breakdown: The insurance policies would cover the costs for repairing mechanical breakdowns of your two wheeler. Even it does not cover the accidents caused due to it. So, it is your responsibility to check for the overall health of your bike daily.
Driving Under Influence: No matter the type of insurance, you would get no coverage in case you are found driving under the influence. So, this is yet another exclusion that you need to keep in mind.
Driving Without Licence: You might get no money as coverage if you get into an accident while driving without a license. Keep in mind, that the insurance company is keen to check these things as they have an aim to minimize the coverage money.
Accident By An Old Bike: Generally, it is good to dispose of a bike after fifteen years of usage. On the other hand, you must dispose it after ten years if it is in vigorous use. Remember, your insurance company can deny if your two wheeler is old.
Accidents From Tyre Burst: Tyre burst is a common occurrence for a bike. However, you should not expect to get any insurance coverage for an accident from a tire burst. So, again it can be an exclusion.
What To Consider When Buying A Bike Insurance?
There are some considerations that you need to make while buying insurance. Well, these are the basic things you need to check while investing money:
The Company’s Market Presence: Market presence is one of the primary things you need to check when selecting an insurance company. You should always consider it to be risky to take a policy from a new company. However, you can still purchase a cheap package for your cheap bike.
The Limit And Premium: Both the limit and premium of a insurance policy are vital. So, you should check for them while buying. On average, the highest limit of two wheeler insurance is Rs. 15 Lakhs. So, you see that is less in the case of general insurance.
At the same time, the premium of the insurance can be Rs. 750 to Rs.1000. In the case of luxury bikes, the premium amount can boost up to Rs. 5000.
IRDA Accreditation: Any insurance company you choose should come under the IRDA accreditation. If you find no accreditation, reject taking the insurance policy from the company right away.
Does Renters Insurance Cover Bike Theft?
Like bike accidents, bike theft is yet another common occurrence. However, you might not get any coverage for it straightaway. So, the best you can do is utilize the renter’s insurance.
If you have renters insurance, you can claim the bike that has gone through a theft. However, you should not expect to get much coverage as the company cuts many deductibles.
Frequently Asked Questions (FAQs)
The key benefit of two-wheelers insurance is that it gives medical coverage for injuries and even for damages. So, you should take two-wheeler insurance when buying a bike. There are two types of bike insurance and you can either buy the third-party or comprehensive type.
A comprehensive insurance policy is the best for your bike. It is because it covers the expenses of both sides in case of an accident. On the other hand, third-party insurance can only cover the third party’s expenses.
The bike insurance policies work with bikes just as it works with cars. There are two ways by which you can take it, firstly, the third-party and secondly, the comprehensive setup.
So, as you now know about the insurance policies, you can easily take the right one. The best you can do is select a top-notch company to take the policy. As you make a plan, you need to keep in mind to give away the premiums on time.
Missing out on premiums can lead to problems incorrectly getting coverage. In addition, it can delay your chance to get the money after an unfortunate incident happens.