Bike insurance is something which not much of a people give serious thought about. Even after strict laws against riding bikes without insurance, people still do it without thinking much about its consequences. Well, this unusual habit of yours can get you in serious trouble someday. So today we are here to explain to you about the importance of a bike Insurance.
Note: Please read this article carefully until the end.
How Does a Bike Insurance Policy Protect You?
First of all, approaching for a bike insurance policy is not at all a waste of money. Your bike insurance policy is like a cover shield for you and your bike which is very essential to buy since the first registration of your vehicle. Once your bike is fully insured, it gives both money related and physical cover for you, your bike, and the third party (if included into any mishap by the insured vehicle).
Why You Need a Bike Insurance?
According to the highly increased number of road accidents that we see today, it’s observed that most of the deaths and massive injuries occurred due to those road accidents are by bikes and scooters. And in such cases, your bike insurance policy can be beneficial in fixing your bikes repair costs and hospital bills.
Benefits of Getting a Bike Insurance Policy:-
- Individual accidental front of Rs. 1 lakh for the proprietor or driver.
- Misfortune or harm happened because of a noxious act, robbery, burglary, mob, strike or an accident.
- Any harm, misfortune, serious injury or death caused to someone else or property by the insured vehicle.
- Misfortune or harm happened because of a hailstorm, blast, fire, storm, lightning, or some other catastrophic event.
Types of Bike Insurance Policies:-
Premium Term Bike Insurance Policy
Premium Term Bike Insurance Policy is by and largely implied only for the top of the line bikes above 200cc. All things considered, high-end bikes can push you towards a highly painful financial and physical situation once met with a mishap. Well in such cases, your bike insurance policy not only protects you and your bike but also secures financial risk emerging out of wounds caused to any third party in an accident.
Ordinary Term Bike Insurance Policy
Ordinary Term Bike Insurance Policy just gives cover against harm to the vehicle and the rider because of unexpected occasions. It’s additionally somewhat shoddy when compared with others and is appropriate for typical range bikes between 80 to 180cc.
What is IDV?
Before claiming your insurance policy, you need to have a look at your bike’s IDV (Insured Declared Value). IDV is the rough current market worth of your vehicle, which is determined based on the maker’s present market value and deterioration dependent on the vehicle’s age.
How to Claim Bike Insurance?
Claiming your bike insurance policy is a simple undertaking these days, you’re supposed to simply to get your bike to your approved service centre, fill a claim form provided by the service centre, punch all your vital documents as required by your insurance agency terms and conditions. After a deep inspection by your insurance company agent, you’ll get your claim achieved concerning all the terms and your bikes IDV (Insured Declared Value).
Your Bike Insurance Company is Not Liable to Pay in the Following Cases:-
- Typical mileage and general wear and tear of the vehicle like wearing of brake pads, motor oil, greases and so on.
- Mechanical or electrical breakdown of the vehicle.
- Non-authorized modifications or technical changes made to the Bike. Including engine modifications, exhaust change, etc.
- Driving without a valid license, driving in the influence of drugs or alcohol.
We hope, we were able to properly explain to you the importance of buying bike insurance. In this way, the individuals who haven’t renewed their bike’s insurance policy, go and get it reestablished asap. Furthermore, remember that riding a motorcycle without valid bike insurance is unlawful and you can be vigorously fined for it.