Due to the high number of accidents that occur on Indian roads, insurance for bikes is vital. Insurance policies that cover third-party responsibility for death and injury lawsuits arising from accidents involving your bike. Furthermore, it covers damage. protects against the theft of your bike or accidental damage, as well as other losses.
Comprehensive plans provide extensive protection, which includes both third-party liability and personal damage coverage. On the other hand, important third parties will only cover the claims of injury and death for other parties involved that are involved in an accident. While standard insurance covers theft, accidents, and third-party losses, the normal wear and tear on components of bikes is not covered.
Table of Contents
The many kinds of bicycle insurance
Three types of bike insurance provide various levels of protection:
1. Third-party insurance coverage for bikes
This policy is essential to pay for the death or injury claims of the third party in cases where your bike was the cause of an accident. Important points covered:
- Provides compensation to third parties for the losses of life, disabilities or hospitalisation expenses
- Legally required coverage pursuant to the Motor Vehicles Act, 1988
- There is no protection against damage to your bicycle
While third-party insurance is mandatory, however, a more comprehensive insurance coverage is recommended due to the increasing number of claims.
2. All-inclusive bike insurance policy
The most well-known option, this policy comes with comprehensive protection, which includes:
- Third-party liability for disabilities, deaths and medical expenses
- In case of theft, accidental damage and other damages to your bike
- It provides claims for human-made and natural catastrophes
- Option to add bonus features such as no depreciation, and personal accident coverage
Comprehensive insurance provides complete security and peace of head.
3. Bicycle insurance with self-insured own damages (OD) coverage
The name implies that self-contained own damage plans protect only the damage they cause, without third-party responsibility.
- Insures damage to bikes caused by accidents or theft, fire or floods, among other causes.
- Lower rates than full insurance
- Ideal for older bikes when the third-party liability requirement is not needed.
What should be covered by your bicycle insurance policy?
While most bike plans offer basic protection, obtaining the appropriate accessories for your needs is essential. Be sure to carefully consider the following additional covers:
1. Natural calamities
Nature’s devastating events, like floods, earthquakes, storms, etc., can cause damage to your bike when it is parked. This helps to pay for these kinds of catastrophes that are beyond the control of the owner. It’s a good idea for bikes that are left on the road or in areas that are prone to flooding in monsoons.
Protection against the acts of God will assure you that you can leave your bike outside without having to worry about weather damage.
2. Man-made disasters
The threat of strikes, riots, criminal actions, and other fake events can cause bike damage similar to natural catastrophes. If you choose this option, you’ll receive a settlement for the damage caused by human disturbances, not only accidents.
With a covered risk, which includes the human element, and events that are led by humans. You receive protection against both natural and artificial bike hazards.
3. Third-party coverage enhanced
Beyond the basic third-party liability for injury or claim for death, you may extend your protection according to the law for property damages.
If your bike collides with the house of someone else, it could cause significant damage to the structure. This extra protection provides greater public liability insurance. The enhanced third-party insurance shields you from greater legal liability.
4. Personal accident insurance
Two-wheeler accidents can cause major lifestyle disruptions as well as losses in income when the rider is suffering from disability or even death. In these situations, personal accident coverage for insurance on bikes provides financial aid.
You can get protection against the loss of income, disability, as well as education for children. In the event of unforeseen incidents. This is a highly recommended insurance policy to protect you and your family members from any other adversities.
The most crucial factors to consider when selecting a bike insurance plan
A good bicycle insurance policy requires studying all the aspects that can affect security. A few key aspects to consider:
1. The need for coverage
Assess your needs for protection according to your use of the bike and parking space, the risk of accidents, etc. If you ride your bike regularly, you should consider broad-ranging policies over simple third-party insurance policies.
Add-ons like personal accident cover, zero depreciation, etc., also provide better protection.
2. IDV value
Check that your motorcycle’s insured declared value (IDV) is up to date at the purchase of your policy. IDV is the highest amount of insurance and will be payable if your bike gets stolen, damaged or destroyed beyond repair. Look up depreciation calendars to establish the appropriate IDV.
3. Reputation of the company
Choose policies from the top national, private, and standalone bike insurance companies. Before buying, verify claim settlement ratios, reviews of customers, and grievance redressal data on the internet. Be wary of insurers you don’t have a relationship.
Conclusion
With the growing popularity of bikes and accidents occurring that happen on Indian roads, insurance for bike protection is essential. However, before you pick the right policy, you must carefully consider your needs in terms of protection, additional coverages required, and the restrictions.
