What Type Of Bike Insurance Covers Crashes?
Bike insurance protects the resources and money invested in the vehicle
. It is one of the most basic types of non-life insurance which is mandatory in India. Two wheelers offer better mobility, they are affordable and they also require lesser parking space. Naturally, they are chosen over four wheelers. No matter what the reason of you purchasing the bike, you need to buy insurance for it. Its a contract between you (policyholder) and the insurer that creates your legal relationship with your vehicle and provides financial protection when needed.Benefits of two wheeler insurance
Bike insurance to your vehicle is what medical insurance is what to you. Bad road conditions and fast-moving traffic are two major reasons why you need to take good care of your health and your vehicle. Its true that most number of road accidents and casualties happen in India. Be it a short or longer journey, nobody can predict such unfortunate incidents. While you can create financial backup for your health with life or health plan, you have to buy auto insurance to repair your bike. Apart from road accidents, your vehicle could face serious damage due to numerous other reasons like natural calamities or even terrorist attacks. In all such case, a suitable vehicle plan comes to your rescue.
What is covered under it?
The most basic requirements including accidental loss and third party liabilities are covered under your policy. Any kind of damage caused to your bike due to accidents, crashes, explosion, terrorist attacks, fire, lightening, cyclone, flood, self-ignition, earthquake, landslide, inundation, riots or other malicious acts. It also covers the loss or damage caused to the bike during transport/transits by rail, road, inland waterways or air. Apart from all these covers, you get to choose various other add-on covers with extra premiums, which help you to customize your policy according to your requirements.
Choosing suitable types
There are three types of two wheeler insurance, namely, comprehensive coverage, collision coverage and liability coverage. Amongst these types, liability coverage is mandatory as it takes care of third party damage caused by your vehicle. Collision coverage on the other hand covers all sorts of damages caused to your bike by your fault. Comprehensive coverage covers all sorts of damages caused by non-accident related causes like natural calamities.
Policy premiums and claim settlement
The policy premium for bike insurance is calculated by considering the factors like insured declared value (IDV), model of vehicle and date and place of purchase, zone of registration, fuel type and add-on coverage. Most insurers provide online auto insurance which makes the payment of premiums and claim settlement really easy. Some of them also offer special discounts like no claim bonus and discount anti-theft device for the vehicle. Some of them also provide voluntary deductibles.
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