Owning a two-wheeler is now considered necessary because it is a practical way to get around. However, it is advisable to have two-wheeler insurance coverage to make sure that your bike is secured and that you avoid any unfavourable financial hardships. It is also essential to ensure regular bike insurance renewal and continue to drive legally.
The various kinds of policies:
You decide whether to get a two-wheeler third-party insurance coverage or a comprehensive policy. Comprehensive coverage also insures own damage in addition to third-party damage, whereas a third-party policy only covers damages to other parties.
If you cause an accident, you are responsible for any losses to the person or property of the third party. All legal obligations resulting from such occurrences are covered by third-party insurance for bikes. Purchase is also required in accordance with the Motor Vehicles Act of 1988. The Supreme Court ruled that “if you buy a new bike, you must insure it with at least a third-party insurance for five years straight” in order to keep the roads safer.
On the other hand, a comprehensive plan includes both own and third-party damage coverage. Additionally, you can improve your current cover by getting additional covers. You will have to pay a small premium for each add-on you decide to purchase, but you will gain a lot by doing so.
You can choose from a variety of optional add-ons, including Consumables Expense cover, Lock & Key Replacement, Engine Protector, Zero Depreciation, and 24-Hour Roadside Assistance. Each one has unique advantages. *
Keep in mind that adding unnecessary add-ons will increase the cost of your premium. If you frequently travel, for instance, you should choose 24-hour roadside assistance. Nobody wants their bike to break down and leave them stranded in the middle of nowhere. With this addition, you can get in touch with your insurance company whenever you want, no matter where you are and can even claim bike insurance online.
Additionally, coverage is given for damages brought on by manufactured disasters like vandalism, riots, strikes, and earthquakes, as well as natural disasters like floods, earthquakes, landslides, etc. When buying a two-wheeler insurance policy, make it a point to read the policy documents thoroughly to understand what the coverage includes and does not include.
Here are a few typical instances of what is covered by the insurance policy and what is not:
- The insurance company will pay the insured declared value (IDV) in the event that a bike is stolen. *
- Damages brought on by manufactured or natural calamities like earthquakes, floods, riots, strikes, etc., would be covered along with third-party responsibility under comprehensive insurance.
- Additionally, you can include supplemental coverage in your primary comprehensive policy.
- If you cause damage when driving while intoxicated by alcohol or drugs, coverage won’t be provided.
- Damage brought on by engaging in criminal activity
- If a person is observed driving without a licence.
To keep your policy active, you must continue to pay premiums, or it will be rendered invalid. Leading options like the Bajaj Allianz Bike Insurance renewal make this process simpler to execute. However, some people still need to pay more attention to this and choose not to pay their bike insurance claims. This results in need to apply for insurance from scratch once more if yours lapses. If you still need to get the policy to begin with, you should get one right away.
To acquire a bike insurance policy online, you can fill out all the essential information on the insurance provider’s website. Verify the data and ensure the information and supporting materials you submit are accurate. You may complete this from the comfort of your home, and it will take up to five minutes.
* Standard T&C Apply
‘Insurance is the subject matter of solicitation.’ For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘
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