In India, the number of bike users is increasing by the day. But, while several people love their bikes, they fail to purchase an insurance cover. Read on to know more about the importance of insurance cover for your bike and why you must purchase comprehensive insurance.
It is no doubt that in a country like India, where the roads are crowded and in bad condition, riding a bike for daily commute is the most convenient and practically feasible option. Besides, motorcycles are much more fuel-efficient than cars, which allows the average middle-class families to save a significant amount every month. But, as much convenient as riding a bike is, it also has a high amount of risk. Being a lightweight vehicle, the riders are at high risk of suffering from severe damage due to an accident. Therefore, it is paramount for all bike owners to have a bike insurance policy with a sufficient sum insured.
Benefits of a comprehensive bike insurance policy:
Complying with the law
In India, as per the Motor Vehicles Act, all bikes plying on the road must have valid insurance. If you are caught driving without insurance, you are liable to pay a fine. Although it is not mandatory to have a comprehensive cover, experts suggest that it is better to purchase a comprehensive policy so that you comply with the law at the same get better insurance benefits.
A lot of people believe that buying a comprehensive policy is a waste as it has a higher premium than third-party insurance. While it is true that a comprehensive bike insurance policy has a higher premium, it also offers better benefits. Besides, it gives you the flexibility to purchase add-on covers to suit your specific needs. You can widen the scope of your standard policy by choosing add-ons and get better financial security against unforeseen risks. For instance, you can purchase a pillion-rider protection cover to protect your family members riding with you.
Covers third-party liability
If you get involved in an accident that causes damage to the third-party’s bike, personal property, or if you cause physical injury to them, the comprehensive bike insurance policy will cover the associated costs. However, you must know that the extent of the loss covered will be limited to a specific limit, as mentioned in the policy document. So, make sure that you purchase a policy with a higher sum insured to get maximum protection.
Personal accident cover
This is one of the most significant benefits of having a comprehensive bike insurance policy. If you get involved in an accident that leads to your unfortunate demise, or it results in disability, the insurance company will pay the death benefit to the family. This is an excellent feature that helps your family to take care of their financial needs.
Coverage against theft/natural calamities
There can be no worse feeling than knowing that your bike is stolen or is damaged beyond repairs due to a natural disaster. Loss of bike can not only cause a lot of emotional stress, but it can also cause significant financial loss. This is where a comprehensive policy plays a vital role; it helps you get monetary compensation equal to the IDV (Insured Declared Value), which is determined at the time of purchasing the policy.
So, a comprehensive bike insurance policy has more than one benefit. Make sure that you do your research well about the insurer and buy a policy from a reputed insurance company.