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Bike Insurance

 

Bike insurance, also known as two-wheeler insurance, is a type of insurance policy that provides coverage for motorbikes and scooters. This insurance policy is designed to provide financial protection to bike owners against any unforeseen events such as theft, accidents, natural calamities, or third-party liability. In this article, we will take a closer look at bike insurance, its benefits, and what to consider when choosing a policy.

Types of Bike Insurance

There are two types of bike insurance policies in India:

  1. Third-Party Bike Insurance: As per the Motor Vehicles Act, 1988, it is mandatory to have a third-party bike insurance policy in India. This policy covers the liability of the bike owner towards third-party property damage or bodily injury in the event of an accident.

  2. Comprehensive Bike Insurance: This policy offers a wider coverage as compared to third-party insurance. It covers third-party liability as well as damages or loss caused to the insured bike due to theft, accidents, or natural calamities.

Benefits of Bike Insurance

  1. Financial Protection: Bike insurance offers financial protection to bike owners in case of any unforeseen events such as accidents, theft, or natural calamities. The policy provides coverage for damages or losses caused to the bike or third-party property or bodily injury.

  2. Compliance with Law: As per the Motor Vehicles Act, 1988, it is mandatory to have a third-party bike insurance policy in India. By having bike insurance, you comply with the law and avoid any legal penalties.

  3. No Claim Bonus: If you do not make any claims during the policy period, you are eligible for a no-claim bonus at the time of policy renewal. This bonus can result in a significant reduction in the premium amount.

  4. Add-On Covers: Bike insurance offers a variety of add-on covers that can enhance the policy coverage. Some popular add-on covers include zero depreciation cover, pillion rider cover, engine protection cover, and roadside assistance cover.

What to Consider When Choosing a Bike Insurance Policy?

  1. Coverage: While choosing a bike insurance policy, it is important to consider the coverage offered by the policy. A comprehensive policy offers wider coverage as compared to third-party insurance. Look for policies that offer coverage for damages or losses caused to your bike due to theft, accidents, or natural calamities.

  2. Premium Amount: The premium amount of a bike insurance policy depends on various factors such as the make and model of the bike, the age of the bike, and the geographical location. Compare the premium amount of different policies to choose the one that offers adequate coverage at an affordable premium.

  3. Add-On Covers: Look for policies that offer a variety of add-on covers to enhance the coverage of the policy. Choose add-on covers that are relevant to your needs and budget.

  4. Network Garages: Check for the network garages associated with the insurance company. Network garages offer cashless repair services in case of an accident or damage to the insured bike.

In conclusion, bike insurance is an essential requirement for bike owners in India. It offers financial protection in case of any unforeseen events and ensures compliance with the law. When choosing a bike insurance policy, consider the coverage offered, premium amount, add-on covers, and network garages associated with the policy.


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