Everything You Need to Know About Bike Insurance
As soon as you bring your motorcycle out of the showroom, it is exposed to theft, accidents, natural or man made calamities and more, so it is imperative that you get a bike insurance policy.
Bike insurance covers your expenses during loss or damage, and ensures that your investment in buying a two-wheeler is protected.
Read on to know everything about a bike insurance policy and how you can choose the right one customized for your needs.
What is bike insurance?
Bike insurance, also known as two wheeler insurance, protects your bike from any damage that occurs due to accident, theft, or natural disasters.
Considering the increasing rates of vehicular accidents in India, bike insurance is no more a luxury, but a necessity.
Before you decide to buy two wheeler insurance, read on to understand the two main types of policies you can go for.
Types of bike insurance and their benefits
Generally, issuers offer two types of bike insurance, liability-only insurance and comprehensive insurance.
The Indian government has made it compulsory by law to have third-party two wheeler insurance.
This liability-only insurance is basically a third-party insurance that covers damage caused by your vehicle to another person’s vehicle or property, as well as injury and death.
You can purchase third party two wheeler insurance from Bajaj Finserv to pay for any of your legal liabilities arising due to unfortunate incidents. With an affordable premium, you can get peace of mind with this policy as it covers your out-of-pocket costs to third parties.
When it comes protecting your bike and yourself from harm, comprehensive insurance is key. The benefits of bike insurance of this type is that it includes personal accident coverage and cover for the insured vehicle apart from third-party liability.
This way, you can fully protect your bike from accidents and loss arising due to fire, burglary, explosions, self-ignition, lightning, terrorist activity, damage caused in transit by road, rail, lift, elevator, or air, and natural disasters too.
When you opt for comprehensive two wheeler insurance from Bajaj Finserv, you can not only enjoy competitive premiums of up to 3 years, so that you don’t need to renew your insurance every year, but also benefits like easy transfer of your No Claims Bonus and IRDA-approved discounts.
However, it is important for you to note that either type of bike insurance will not cover expenses for loss of accessories, normal wear and tear and any damage caused by driver’s mistake such as drunk driving.
Add-on covers of bike insurance
Although comprehensive bike insurance covers two-wheeler, third-party and personal accident coverage, it doesn’t cover everything.
In such cases, based on your usage and needs, you can opt for add-ons that can give you additional protection.
One of the most popular add-ons is zero depreciation, which covers the cost of repair or replacements of depreciable parts like plastic, rubber or fibre components without deducting money for depreciation.
When you choose a two-wheeler insurance policy from Bajaj Finserv, for example, you can opt for add-ons like accident cover for the pillion rider, medical cover, accessories cover, or an engine protector cover to reduce your financial worries in case of mishaps.
You can check these add-ons when you buy two wheeler insurance and select only the ones you think will benefit you to keep your premiums down.
How to apply for bike insurance?
You can either apply for bike insurance online or offline. For applying online, you just need to shortlist your policy, visit the insurer’s website, choose the policy and add-ons, fill an application form and upload the required documents.
After that, you can choose the policy period, payment cycle and pay for your insurance policy online.
As soon as you complete the procedure, you will receive a digital copy of your bike insurance policy. If you are applying offline, the best way to proceed is call your issuer’s toll-free number or visit a branch.
Even if you are not planning to buy comprehensive two wheeler insurance, you need to buy best insurance for third-party liability to fulfill your legal obligations.
However, before applying for insurance, check your pre-approved insurance offer to get customized deals to save money and to experience a fast and simple application process.
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