Getting an insurance cover for your bike is a must…

Bike, scooters, mopeds have a major share on the busy Indian road. Be it guy riding on motor bike to his office or girl riding her scooty to college, the need of two-wheeler to slide out from the snarling traffic can never be replaced by any other mode of transport. Just like we need two-wheeler for our day-to-day commuting purpose we also need to protect it from any damages as it is bought from our hard earned money. Therefore, it becomes imperative to purchase a bike insurance policy for the longevity and safety of the beloved ride.

Why one should own insurance cover?

Insurance cover is the financial aid provided for any damage or loss to your bike against natural calamities like fire, earthquake, storm, etc. or man-made incidence like riots, pelting stones, theft or accident by external means etc. The third party legal liability provides protection against issues arising out of injury/death or property damage done due to our bike. Most of the time people don’t understand the basic terminology of bike insurance policy and just go for blind purchase. The article discusses few things which have to be understood well before the purchase of bike cover:

Premium:

An insurance cover is retained against the premium paid towards your insurance policy. The premium paid for insurance is dependent on various factors like model, how old vehicle is, registration city, your driving details, registration certificate book etc. It is decided and regulated by IRDAI with not much variance across insurance companies.

Coverage:

It is the financial protection that you will get during accident, third party damage or loss due to natural or man-made calamities. Coverage differs widely from policy to policy. After thorough inspection of the relevant details an “Insured Declared Value” is being decided upon by the team which will be the coverage amount of your insurance policy.

Exclusions:

These are those situations which will not be entitled to file a bike insurance claim. Conditions like damage due to drink and drive, some spare parts of bike like tyre, accident due to person driving without license, damage by war or nuclear explosions etc. will not be covered under insurance policy. Therefore it is important you confirm this before the policy purchase.

Claim Documentation:

While making a claim there is a set of document mandated to produce in the insurance company for approval of claim. These are vehicle registration book, photocopy of insurance, FIR, seismic report in case of earthquake, etc. Depending upon the nature of damage documents have to be submitted.  It is advised to read all the terms and conditions in detail before buying an insurance policy. Choose your policy wisely making sure it suits your needs the best.

No Claim Bonus:

These are those rewards that get accumulated for not claiming your policy for particular year. These bonuses provide a good discount on premium payments of your bike insurance policy and can be transferred from one insurer to the other during policy renewal. It is advisable don’t claim petty things like scratch or small dent and waste your NCB points instead wait for the amount to get accumulated well and use it for better discounts on premiums or larger claims.