How Does One Choose The Right Bike Insurance Policy?

Riding a bike is an exhilarating experience that makes you feel alive. It gives you a rush of adrenaline that is hard to replicate by any other means of transportation. However, biking comes with its own set of responsibilities, one of which is getting your bike insured. An insurance policy for your bike is not only legally required in India but also serves as a financial safety net in case of any unforeseen circumstances. In this article, we will discuss how to choose the right bike insurance policy that meets your needs and provides you with the required financial protection. 

Bike insurance policies are classified into two categories – the mandatory third-party policy and the comprehensive policy. The third-party policy, as the name suggests, covers only the third party involved in the accident. It does not cover any damage to your own bike or body. The third-party policy is mandatory by law in India under the Motor Vehicle Act, of 1988. On the other hand, comprehensive policies cover both third-party liabilities and any damage to the bike or the rider. Comprehensive policies offer financial protection to the rider and the bike in case of accidents, theft, natural calamities, fire, and any other damages.

When choosing the right bike insurance policy, it is essential to consider your needs and budget. If you are on a tight budget, you may opt for a third-party policy. However, keep in mind that a third-party policy covers only the liabilities towards the third parties, and you will have to bear all the expenses incurred on your bike’s repairs or any bodily injury. On the other hand, a comprehensive policy may cost you more but provides you with peace of mind that you are covered for all eventualities.

Another factor to consider when choosing the right bike insurance policy is the insurer. There are several insurers in the market providing bike insurance policies. It is essential to choose a reputable insurer that provides excellent customer service and hassle-free claim settlement. You may also consider the insurance company’s financial stability and the number of years the company has been in business.

The Insurance Regulatory and Development Authority of India (IRDAI) regulates bike insurance policies in India. As per the IRDAI rules, all insurance companies are required to offer third-party insurance policies for both new and old bikes. However, it is advisable to get a comprehensive policy for a new bike as it provides complete protection and ensures peace of mind.

 When opting for a bike insurance policy, it is also important to consider the add-on covers offered by the insurance companies. Add-on covers are additional benefits that are not covered under the standard bike insurance policy. These add-ons may include:

 

1. Zero Depreciation Cover – This cover ensures that the insurer will not deduct the depreciation value of the bike at the time of claim settlement.

 

2. Personal Accident Cover – This cover offers financial protection to the rider in case of any bodily injury or death.

 

3. Roadside Assistance Cover – This cover provides assistance in case of any mechanical breakdown or flat tyre.

 

4. Engine Protection Cover – This cover provides financial protection against any damage to the bike’s engine.

 

5. Bike Accessories Cover – This cover offers financial protection to the bike’s accessories, such as helmets, gloves, etc.

Before finalizing the insurance policy, it is important to read the policy documents carefully and make sure that you understand the terms and conditions. Any doubts or concerns should be clarified with the insurer before signing up for the policy. It is also essential to note the claim settlement process and the time taken for the same.

Parivahan Sewa, an initiative by the Government of India to provide online services related to transportation, now offers online bike insurance services as well. Parivahan Sewa bike insurance services provide a hassle-free and quick process to renew or purchase new bike insurance policies. The online service ensures that the insurance policy is delivered to you within a short period. It also provides a platform to compare different insurance policies and choose the one that meets your needs.

Conclusion

Choosing the right bike insurance policy involves careful consideration of your needs and budget. Opting for a comprehensive policy ensures complete financial protection in case of any untoward incident. It is essential to choose a reputable insurer and read the policy documents carefully before signing up for the policy. Parivahan Sewa offers a quick and hassle-free online platform to renew or purchase new bike insurance policies. Remember, a bike insurance policy is not just a legal requirement, but it also provides peace of mind knowing that you are financially covered in case of any eventuality.