What Are the Reasons to Buy an Insurance for a Bike

Owning a vehicle is something everyone longs for but, keeping it safe is also a task. Many people like to own a bike due to affordability and various other factors, but statistics show that when compared to a car, these have higher chances of accidents. Ensuring protection of your bike from thefts and accidents in such a scenario becomes important. The law in India has thus, made it compulsory for all two-wheeler owners to have an insurance for their vehicle. The policy protects the vehicle from accidents and thefts and various other calamities, be it natural or manmade. Having an insurance policy with an extensive coverage for your bike is highly recommended.

Buying a Policy

When buying an insurance policy for your bike, you need to take into account several factors and most importantly your needs and requirements. There are many policies available today, and thus, choosing the right one can be a tough decision. A wrong decision can lead to many problems later on, and thus, being careful is essential. There are many tools available online to compare the insurance policies being offered by different companies, and using these, one can take the best policy providing the best coverage at the best rate. The premium payable, though is an important consideration should never be the only deciding factor. You should choose a policy which suits your requirements and fits into the budget as well.

Coverage

Buying an insurance policy safeguards your interest in the event of any mishap. The policy covers the financial loss and also avoids any mental stress in case of a theft or an accident. There are many natural and man-made perils that are covered under the bike insurance policy which makes it compulsory to have one. Any good insurance policy for your two-wheeler will cover various perils. Some of these are listed below:

  • Explosion
  • Fire
  • Lightning
  • Self-ignition
  • Flood
  • Earthquake
  • Hurricane
  • Typhoon
  • Tempest
  • Storm
  • Cyclone
  • Inundation
  • Frost
  • Hailstorm
  • Rockslide
  • Landslide
  • Theft
  • Burglary
  • Strike and Riots
  • Terrorist Activity
  • Accident by External means
  • Damage caused in transit

Third Party Facility

The Government of India has made this coverage mandatory for all vehicle owners in the country as it is very crucial. This clause provides coverage against any legal liability which may arise if an accident causes death or permanent disability of a third party. If there is any damage to any other property, this clause provides coverage against that as well.

Personal Accident Cover

All bike owners must consider having a personal accident cover as it very useful in case of an accident. Under this plan, a coverage of a certain amount is provided to the bike owner. Here coverage is provided to the two-wheeler owner against any damage or loss occurred while mounting, driving and dismounting the vehicle. There is also an option available to get coverage for the co passenger by paying an additional premium.

Factors Affecting Premium

Following are some of the factors which affect the premium payable on bike insurance:

  • Age of the vehicle
  • Capacity of the engine of the vehicle
  • Type of the vehicle model
  • Geographical zone where the vehicle will be used
  • Insured Declared value

Type of vehicle

One of the most essential factors which must be considered while buying an insurance for your two-wheeler is the type of vehicle.  The specifications differ from one two-wheeler to the other and thus, a plan must be chosen which will provide coverage from all possible threats. The specifications of the vehicles also have an impact on the premium that the insurance company charges for providing insurance cover.

Buying an insurance for bike though mandatory by the government is the most sensible thing to do if you own a bike. It provides coverage against many perils which may lead to physical and financial stress. To get the best policy, a comparison of all available options must be done and the best policy which suit the requirements of the bike owner must be chosen by keeping the budget in mind. A policy with an exhaustive insurance cover solves lots of problems and ensures no stress in case of any mishap.

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