What are the Covered Elements Included in Bike Insurance Plans?
When you buy a new bike, an insurance policy for the bike is a must. However, it is important to understand what type of coverage you need for your new bike.
Today, it is easy to purchase 2-wheeler insurance online; anyone can follow a few easy steps on their insurance provider’s website and get their choice of insurance policy for the bike. However, assessing what type of coverage you need for your two-wheeler is important, and so is comparing two wheeler insurance policies.
Inclusions in Bike Insurance Online
When buying bike insurance online, you will be able to select from two coverage options:
- Third-party bike insurance online:
Third-party bike insurance is a mandatory bike insurance coverage that all bike owners must have in India. Without this coverage, you will be liable to pay traffic and legal fines. This policy covers legal and financial liabilities that may arise if your insured bike causes damage to someone else’s property, injures a third-party person, or even causes their death.
However, do note that you cannot compensate for any injuries or losses to yourself or your bike under a third-party bike insurance policy. You may receive a third-party cover from your bike dealer when purchasing the vehicle; however, you can also buy an online two-wheeler policy at your convenience.
- Comprehensive bike insurance online:
Comprehensive bike insurance coverage offers a broader protection scope than third-party coverage. It includes both third-party liability coverage and own damage coverage. Like third-party coverage, comprehensive insurance provides protection against legal liabilities towards third parties.
In addition to that, comprehensive coverage includes coverage for damages to your own bike due to accidents, theft, fire, natural disasters, vandalism, and other perils. The insurance company will reimburse you for your bike’s repair or replacement costs in such cases.
Moreover, you can also add a personal accident cover to the policy. This cover offers a financial payout in case you and your insured bike meet with an accident, and you are injured. Also, if the unfortunate accident results in your demise, the personal accident payout will be offered to your nominee.
Importance of Full Coverage Insurance for a Two-wheeler
Bike insurance full coverage is crucial because it provides comprehensive protection for your two-wheeler, safeguarding you against a wide range of risks. When you opt for full insurance coverage insurance for a two-wheeler, you can further enhance your insurance policy with add-ons.
Add-ons are additional but optional covers that you can add to your bike insurance policy for additional coverage and customisation. You can add specific riders to cover additional risks that may not be included in the standard policy, such as engine protection, roadside assistance, consumable cover, or coverage for accessories.
Insurance providers like Tata AIG allow you to compare two-wheeler insurance after you customise your policy so that you can have a bike insurance plan that suits your needs.
You can choose the riders that best suit your requirements and budget, allowing you to personalise the coverage as per your preferences. This helps you ensure that you have adequate protection for your bike and related expenses.
For instance, if you frequently travel with a pillion rider, you can opt for a pillion rider cover to protect them in case of an accident.
What is Not Covered in Bike Insurance?
While bike insurance coverage can be comprehensive and can offer overall protection to your bike, it is absolutely important to know that there are some situations and risks that cannot be covered under your policy:
- General wear and tear: Bike insurance does not cover expenses related to regular wear and tear of the vehicle or its parts. This includes the deterioration of tires, engine components, and other parts due to normal usage.
- Mechanical or electrical breakdown: Your policy may not cover repairs or replacements required due to mechanical or electrical breakdown of the bike. This includes issues arising from faulty parts or manufacturing defects.
- Consequential damages: An insurance plan can exclude coverage for damages or losses that are a result of a previous incident. For example, if your bike suffers damage in an accident and you continue to ride it, resulting in further damage, the subsequent damages may not be covered.
- Riding without a valid license: If you ride your bike without a valid license or under the influence of alcohol or drugs, any damages or losses incurred during such instances may not be covered by the insurance.
Choosing bike insurance coverage is essential as it enables you to get the appropriate protection your bike requires. Always ensure that you read your insurance policy carefully and in detail so that you can choose a suitable one, depending on the inclusions and exclusions.