Bike Insurance – Facts You Need to Know

As we start our journey as a biker on two wheels the first thing that comes to our mind is the Bike Insurance. As a matter of fact bike insurance is probably one of the main and inseparable things one should look out for. Getting an authentic insurance is a challenge because people often forget the main aim of these two wheeler insurance. The purpose of these insurance policies is to protect you and your baby bike from any uncertainty and not just a traffic norm. I really wonder that these days bike insurance is just becoming a thing to evade those traffic cops on the check posts but it is lots more than that. In this article I would like the readers to know few facts about the bike insurance. I will try and address few facts about bike insurance. So let’s begin…

First thing that is worth addressing here is the need of bike insurance. You may ask yourself; why on earth do I need insurance for my bike?

First and foremost anyone who is to ride a two wheeler on road should get a bike insurance legally. This insurance will protect your bike incase you have been involved in an accident. Just as car insurance, home insurance are necessary when you own any of those, motorcycle insurance is mandatory when you own a motorcycle.

The second point that leads to obtaining bike insurance is for the protection of your baby bike from burglary/theft and unforeseen damages. Often it happens that people do not take insurance that fully covers their baby but rather go for third party insurance. The myth is, people think that they are covered by the third party insurance but actually they are not. Let me give you more details about the difference between third party and full cover bike insurance.

Third party insurance cover is not actually an insurance cover but a mere invoice issued by the insurance company stating that so and so person has paid so and so sum of money to just abide to the legal terms of bike insurance. In reality your bike is not fully covered when you go for this type of insurance but it is just used to escape traffic cops. You are not covered and nor is your bike fully secured, so basically these type of insurance covers are of no use but to abide the traffic rules. Most of people think that they are fully covered however the truth is something different.

On the other hand, full cover bike insurance is one wherein your motorcycle will be fully covered. As against third party insurance this full coverage regular insurance policy costs more but also covers your liability in case of damages, theft or any uncertainties happen with your bike. It is however costly and that is the reason most people go for third party but what they do not understand is that third party insurance does no more than following the traffic norms.

So in my advice go for a full cover bike insurance policy. By going for this insurance policy, you are not only going by the rules but also invoking a sense of peace in your inner self that your baby will be fine no matter what the situation is. God forbid if anything happens to your baby then one is eligible to claim the damage from the insurance company. However, insurance company will not be responsible for any loss in case of third party insurance.

The Need for Bike Insurance

Without the bike insurance policy both the motorcyclist and the bike are prone to damages caused by varied uncertainties prevailing. This could cost you a hell of lot money but if you have a insurance, you and your bike can feel secured. A good bike insurance policy covers you from all such damages may be of repair or any minor improvements.

What does the policy cover?

As you all might be aware that the bike insurance policies are governed by Indian motor traffic. Now let us browse through the list of the things covered by bike insurance policies.

  • Loss or damage: In the event of any loss or damages to your bike the beneficiary shall be given all such damages. The insurance duly covers any loss or damages cause by the following:
  • Natural calamities: No one can stop natural calamities but you can have a protection built for your bike. The insurance policies mainly cover unforeseen natural calamities like Fire, explosion, earthquake, flood, typhoon, hurricane, storm, cyclone, frost, landslide etc.
  • Unnatural calamities/ man made: The world is full of burglary and thefts and an efficient insurance policy covers all such calamities made up by man like Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, damage in transit by road, rail, inland waterway, lift, elevator or air.
  • Personal accident covers: Personal accident covers are also available till 1 lakh for the rider. In some cases you also get an additional option for the passenger accident cover.
  • Third party legal liability: Well this is the most beneficial of all. The third part legal liability covers the beneficiary against the legal damages caused due to accidental damages.
  • Bike Insurance discounts: It is beneficial to stick to a insurer for a long term because then they will provide you with huge discounts like no-claims bonus. Many of them also offer seasonal insurance plans for people who do not ride their bikes all year long.

Other Benefits of Two Wheeler Insurance

  • Cashless claim facility in case something goes wrong.
  • Security and peace of mind to the owner of the bike as regards any natural or human calamity.
  • No of bonuses are being offered these days by the insurance companies. One such is the no claim bonus which means that you will get a discount on future renewal if the policy remains unclaimed (if you do not claim anything for that period)
  • These days one can also transfer their benefit of No claim bonus when they shift from a insurer to other.
  • If you are a member of Automobile Association of India, you get a discount of 5%.
  • One can even claim for any minor repairs too.

Important Measure

Before riding a bike one should compulsory wear helmet and safety gear as necessary because if you are not wearing any, your insurer may not give you full damages. Thus always wear a helmet as it not only protects you but also saves your precious life sometimes.

So this was it about the bike insurance. In the next post I will try and emphasize on “How to choose a perfect Insurance Provider” Stay tuned for my next post. At last I want to wish everyone a safe riding and go get your baby an insurance policy.