Bikers understand the pain even if there is a little scratch on their shining bike, as, despite the dominance of four-wheelers in the current era, bikes have a loyal fanbase, and many people still opt for them. One of the simplest ways to protect your bike against losses that occur due to any untoward incident is by going for bike insurance. Nowadays, getting it is super easy as bike insurance online is a process of just a few clicks!
It is a well-known fact that bike insurance protects you from unexpected expenses and helps in complying with the Motor Vehicles Act 1988, which defines that third-party motor insurance is mandatory in our country.
However, if you are planning to go for bike insurance, there are certain things you need to keep in mind –
- Type of Policy
If you plan to go for bike insurance online or offline, you need to know that there are two types of bike insurance policies.
- Third-party bike insurance policy – Covers you against damages or injuries caused to third-party.
- Comprehensive bike insurance policy – Covers you for third-party damage as well as own damage, i.e., the damage caused to your bike.
So understand both the policies and go for whichever suits you.
- Bike Value
It is very important to know that the value of your bike becomes the base for calculating the premium of your comprehensive bike insurance policy. This value is called the Insured Declared Value (IDV), and one needs to set the IDV of the bike while going for the insurance. To make it simple for you, if you have a sports bike, the IDV will be higher, while a simple one has a low IDV.
- Coverage
The most important factor to know is your bike insurance policy coverage. This is because it will be much easier to make a claim if you understand the coverage provided by your policy.
(Tip: If you buy bike insurance online, you will get better coverage). However, a comprehensive policy usually offers the following coverage –
- Theft cover
- Fire Damage
- Accidental damage
- Damage due to vandalism, riots, etc.
- Damage due to floods, earthquakes, etc.
- Exclusions
As knowing the coverage is important, it is also essential to know the exclusions of your policy. You should be aware of the circumstances under which you cannot raise a claim. Some of the common exclusions are –
- Mechanical breakdown
- Electrical breakdown
- Regular wear and tear
- Accident when riding under the influence of an intoxicating substance
- Reputation/Credibility of the company
Don’t just go for any ABC company while going for a bike insurance policy. Your bike is precious, and so should be your insurance! This helps in times of claims as if the services and product features are unsatisfactory, you will be left in a problematic situation in the time of need.
In the current era where digitalization has taken over, it is easy and best to go for bike insurance online. Keeping in mind the factors mentioned above, make the right choice! However, I was also looking for the same around two months back when I bought my new bike.
Being a loyal Bajaj Finserv customer, I asked my friend who works there about bike insurance. He quickly guided me on how to go for it on their official application (Bajaj Finserv: UPI, Pay, Loans), and my bike was insured with just a few taps.
(Note: I’m not promoting any brand here, just sharing my experience.)
