We can see that there are more automobiles on the roadways every day. Due to the rise in traffic accidents caused by this, securing your vehicle is more important than ever. Even if you are confident in your driving abilities, accidents are unpredictable, and the damage they cause would necessitate expensive repairs that would come out of your own wallet. You no longer need to do that, though, as there are plans available for bike insurance online that provide complete financial security.
Numerous policy types to look out for:
Depending on your needs, you can select a third-party or comprehensive policy when buying or renewing a two-wheeler insurance policy:
1) Liability to third parties
This policy covers damages to the person or property of a third party. According to the Motor Vehicles Act of 1988, a bike must have third-party insurance. The Supreme Court recently ruled that you must get a five-year third-party liability protection when you buy a new bike.
2) A thorough policy
A comprehensive plan, as opposed to third-party insurance, enables you to claim your own damages and third-party liabilities. Additionally, it offers protection from both – natural and man-made disasters, including theft, floods, vandalism, cyclones, earthquakes, etc. If your vehicle is stolen, you will be compensated according to its insured stated value (IDV). You have the option to alter the plan to meet your needs by choosing add-on covers. *
Advantages of purchasing bike insurance online
1) Abundant resources
The insurance provider will give you coverage if your car sustains any damages due to accidents, theft, or even man-made disasters. Accidental damage is also covered. Because you can never be sure when you may need the coverage and extra financial protection, you must always maintain insurance.
2) Coverage for personal injury
The standard third-party coverage won’t cover your car’s damages. To be covered for vehicle repairs, you must get a comprehensive policy. If it is insufficient, you can always supplement the standard coverage with add-on covers like Zero Depreciation, Consumables Expense, 24-Hour Roadside Assistance, etc. Then you can claim bike insurance when you need it, to bail yourself out of any trouble.
3) Adhering to the law
When riding a bike, carrying your insurance documents is just as crucial as donning a helmet and having your licence with you. You will be in trouble with the law and risk severe fines or even jail time if you are found riding a bike without insurance or with one that is expired or invalid.
4) Protection from third-party liability
You are obligated to compensate for any harm you cause a third party. Without insurance, you would be responsible for covering the costs of the damages. If such a cost arises unexpectedly, some people might be unable to cover it. All of this is covered by third-party insurance. However, you must be familiar with the procedure before you submit an insurance claim. Now, you can access it online on the website of the insurance company.
5) No-Claim Bonus (NCB)
Most consumers shy away from getting bike insurance coverage because they believe that the rates will be high. However, you are not required to pay the entire cost each time you renew your insurance. You qualify for a concession on your premium amount in the form of a No-Claim Bonus if you do not file any claims during the term period (NCB). You can expect to obtain a maximum concession of 50%. *
Compare several policies online, then see which insurance provider offers you the best discounts to ensure you get the most out of your bike insurance coverage. If you want bike insurance, check online, and you may acquire quotations in just a few clicks by using an internet application of a two-wheeler insurance premium calculator.
* Standard T&C Apply
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘
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