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When you decide to buy two-wheeler insurance, you have many options to choose from. You can opt for third-party liability bike insurance that offers protection only from third-party liability arising due to an accident involving your bike. This is mandated by law, and you are not permitted to ride your bike in India without this cover. However, third-party policies do not offer coverage for damages to the insured bike. To get complete protection, you can opt for comprehensive bike insurance.
A comprehensive motorcycle insurance policy offers coverage for third-party liability and damages to the insured bike. You can opt for a long-term comprehensive bike insurance policy to avoid the hassle of renewing it every year. In this article, we will talk about comprehensive bike insurance for two-wheeler vehicles and offer some tips to help you buy long-term comprehensive bike insurance online.
What is Comprehensive Bike Insurance?
In bike insurance, a comprehensive policy offers complete protection, including third-party liability cover and protection from damages to the insured bike. So, if your bike causes an accident and damages a third-party vehicle or property, and gets damaged too, then a comprehensive policy offers financial protection. Also, if your bike is damaged due to fire, natural disasters, or man-made disasters or gets stolen, then a comprehensive bike insurance policy offers coverage.
Here are some things you need to know before buying a comprehensive bike insurance policy:
● Insured Declared Value
The premium of a comprehensive bike insurance policy is determined based on the sum assured. This eventually depends on the IDV or Insured Declared Value of the bike. The IDV is usually calculated by taking the market value and factoring in depreciation. Insurance companies can offer different IDVs. Make sure you compare them with a reasonable IDV for your bike insurance policy.
● Inclusions
While a comprehensive bike insurance policy is expected to offer complete coverage, make sure that you go through the policy wording and understand the coverage offered. Usually, comprehensive bike insurance plans include third-party liability cover and own damage cover due to accidents, mishaps, collisions, natural disasters, fire, theft, and man-made disasters.
● Exclusions
Usually, comprehensive bike insurance plans do not offer coverage for damages due to wear and tear, mechanical or electric faults, or accidents caused due to driving under the influence of alcohol. Go through the policy wordings and make sure that you understand the exclusions before buying the policy.
● The reputation of the insurer
It is important to assess the insurer’s credibility too. Choose a customer-friendly insurer that has a high claim settlement ratio. Read online reviews and visit its social media handles to get clarity on its credibility.
● Add-on covers
Comprehensive bike insurance plans allow you to purchase add-on covers to tailor the plans as per your needs. However, each add-on cover increases the premium of the policy. Therefore, make sure that you assess your needs and buy add-ons only if necessary.
● Policy term
Typically, bike insurance policies are available for a period of one year. However, many insurers offer long-term bike insurance plans. These plans are useful to avoid the unnecessary hassle of renewing the policy every year and enjoy hassle-free protection.
Summing Up
While many bike owners have started looking for comprehensive bike insurance plans to get complete protection for their two-wheelers, it is important to assess your needs before making the purchase. Also, if you forget to renew your policy within the stipulated time, it will lapse. Hence, opting for a long-term comprehensive bike insurance plan is prudent. Remember, there are many providers offering different variants of comprehensive policies. Therefore, research the options available to you, compare providers and plans, and use the online bike insurance calculator to find the most cost-efficient bike insurance plan. Good Luck!
