Bike, scooters, mopeds have a major share on the
busy Indian road. Be it guy riding on motor bike to his office or girl riding
her scooty to college, the need of two-wheeler to slide out from the snarling
traffic can never be replaced by any other mode of transport. Just like we need
two-wheeler for our day-to-day commuting purpose we also need to protect it
from any damages as it is bought from our hard earned money. Therefore, it
becomes imperative to purchase a bike
insurance policy for the longevity and safety of the beloved ride.
Why one should own insurance cover?
Insurance cover is the financial aid provided for
any damage or loss to your bike against natural calamities like fire,
earthquake, storm, etc. or man-made incidence like riots, pelting stones, theft
or accident by external means etc. The third party legal liability provides
protection against issues arising out of injury/death or property damage done
due to our bike. Most of the time people don’t understand the basic terminology
of bike insurance policy and just go for blind purchase. The article discusses
few things which have to be understood well before the purchase of bike cover:
Premium:
An insurance cover is retained against the premium
paid towards your insurance policy. The premium paid for insurance is dependent
on various factors like model, how old vehicle is, registration city, your
driving details, registration certificate book etc. It is decided and regulated
by IRDAI with not much variance across insurance companies.
Coverage:
It is the financial protection that you will get
during accident, third party damage or loss due to natural or man-made
calamities. Coverage differs widely from policy to policy. After thorough
inspection of the relevant details an “Insured Declared Value” is being decided
upon by the team which will be the coverage amount of your insurance policy.
Exclusions:
These are those situations which will not be
entitled to file a bike insurance claim. Conditions like damage due to drink
and drive, some spare parts of bike like tyre, accident due to person driving
without license, damage by war or nuclear explosions etc. will not be covered
under insurance policy. Therefore it is important you confirm this before the
policy purchase.
Claim Documentation:
While making a claim there is a set of document
mandated to produce in the insurance company for approval of claim. These are
vehicle registration book, photocopy of insurance, FIR, seismic report in case
of earthquake, etc. Depending upon the nature of damage documents have to be
submitted. It is advised to read all the
terms and conditions in detail before buying an insurance policy. Choose your
policy wisely making sure it suits your needs the best.
No Claim Bonus:
These are those rewards that get accumulated for
not claiming your policy for particular year. These bonuses provide a good
discount on premium payments of your bike insurance policy and can be
transferred from one insurer to the other during policy renewal. It is
advisable don’t claim petty things like scratch or small dent and waste your
NCB points instead wait for the amount to get accumulated well and use it for
better discounts on premiums or larger claims.
Hi this is aarya thanks for the blog on two wheeler insurance but can you explain me briefly on
ReplyDeletebike insurance and the benefits.
bike insurance online segment helps you to compare two wheeler policies on number of factors like costs, features and benefits, discounts, payment modes, flexible payment options etc.
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