If you are a bike owner in India, you would understand that your priced possession is exposed to various kinds of risks every day. Right from the wear and tear due to adverse road conditions, to theft and natural calamities. But what are you doing to protect your bike? The best and the most definitive way to protect your bike is to buy two-wheeler insurance. It not only protects your bike from the various risks but also give you the financial cushion in the event of an accident.
Bike Insurance Coverage
The protection included in your bike insurance policy depends on the type of plan you own. In India, there are two types of bike insurance policies – third-party liability policy and comprehensive policy.
If you have a third-party liability plan, which is the mandatory insurance policy to have for all bike owners, you will get coverage for the damages caused to the third-party due to an accident. This includes damages to the third-party’s vehicle, personal property and non-fatal and fatal injuries. However, if in the accident, you too get injured or if your vehicle gets damaged, the third-party liability insurance will not cover the same.
For coverage of your vehicle damage or injuries, you must have a comprehensive policy. This type of policy covers loss or damage to the vehicle due to natural disasters, theft, human-made calamities, apart from accident-related losses. Natural disasters are unpredictable, and they can cause tremendous loss. Typically, most comprehensive bike insurance plans provide coverage against natural events like flood, fire, landslide, earthquake, rain, fire, storms and snow.
Human-made disasters include any damages caused to the vehicle because of human acts like theft, collision, strike, riots, etc. It also consists of the damage that may occur to the bike during transit when your motorcycle is transported through rail, air, road or water.
A road accident not only causes damage to the vehicle but also there is a considerable risk of personal injuries. Sometimes, the injuries can lead to permanent or temporary disability. A comprehensive policy can help you compensate for the loss of income or earning ability due to the accident. Depending on the type of plan you have, you can also get compensation for the injuries to the co-passenger or the pillion rider.
Add-ons for Additional Coverage
You can widen the scope of your bike insurance coverage by purchasing add-ons or riders. But, you must know that the add-ons come with an additional premium and you buy any rider you want based on your personal needs.
If you have fitted any high-end electrical accessories on your bike, you would surely want to protect them from damages. The accessories cover can help you get coverage against damages or loss of these accessories. To buy this add-on cover, you must provide an estimate of the total cost of the accessories while purchasing the bike insurance policy.
Another essential additional cover you must have is the medical cover. Getting medical assistance is vital during an accident. Today, when the cost of medical treatment is getting expensive by the day, it can be challenging to get quality treatment without an insurance cover. The medical assistance cover helps you get compensation for all kinds of medical treatment you may require in the event an accident.
Generally, if you need repairs for your bike or get any of the parts replaced due to damage in the accident, the insurance companies do not compensate for it after reducing the depreciation value of the same. This means that you would bear a certain part of the repair or the replacement cost from your pocket. But, if you have the zero-depreciation cover, the insurance cover is responsible for paying the full price for repair or replacement of the parts.