Points to Consider Before Buying Bike Insurance
For those who think that renewing or buying bike insurance is not a big thing to deal with, please read this article carefully. Now, first of all, you need to understand that what is bike insurance and how does it help you.
A bike insurance policy is like a cover shield for you and your vehicle which is very important to purchase since the registration of your bike. Once your bike is insured, it provides both financial and physical cover for you, your bike, or the third party (if included in any mishap).
Why You Need a Bike Insurance Policy?
As we all know that bikes are very unsafe while riding on the roads, and more than that, a bike can be more deadly if incase met with an accident as compared to any other vehicles on the road. And in such cases, its most important for your bike to be insured, as it will save you from heavy repairing costs.
Getting a Bike Insurance Policy Covers:-
- Loss or damage occurred due to hailstorm, explosion, fire, typhoon, lightning, landslides or any other natural disaster.
- Loss or damage occurred due to an accident, malicious act, burglary, theft, terrorist activity, riot, and strike.
- Personal accident cover of Rs. 1 lakh for the owner or driver.
- Any damage, loss, death or bodily harm caused to another person or property by the insured bike.
There are Two Types of Bike Insurance Policies:-
1. Normal Term Insurance Policy
Normal Term Insurance Policy only provides cover against damage to the vehicle and the rider due to unforeseen events. Its also a bit cheap as compared to others and is suitable for normal range bikes between 80 to 180cc.
2. Premium Term Insurance Policy
Premium Term Insurance Policy is generally meant for high-end bikes above 200cc. As such bikes can be more of a headache once met with an accident, your policy protects financial liability arising out of injuries caused to third parties in an accident.
How to Get a Bike Insurance Claim?
Claiming bike insurance is a very easy task nowadays, all you have to do is to get your vehicle to your authorized workshop, fill a claim form, submit all your necessary documents as required by your insurance company terms and conditions. After all the formalities completed, you'll get your claim accomplished according to your policy terms and your bike's IDV (Insured Declared Value) within a month.
What is IDV?
Insured Declared Value is the approximate current market worth of your vehicle, which is derived on the basis of the manufacturer's present value and depreciation based on the vehicle's age.
Your Claim Appeal May Get Rejected in the Following Cases
- Normal wear and tear and general aging of the vehicle. Including brake pads, engine oil, lubricants etc.
- Mechanical or electrical breakdown of your Bike.
- You claim request may not be approved if you make any technical changes into your bike. Including engine modification, exhaust change, etc.
- Damage caused to the bike while it was being driven without a valid license licenser the influence of drugs or liquor.
So now we hope you know the proper importance of a bike insurance policy. So, those who haven't renewed their bike insurance policy, go and get it renewed asap. And keep in mind that riding without an insurance policy is illegal and you can be heavily fined for it.
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