The Ultimate Guide to Comprehensive Bike Insurance
‘Bike is not just a machine; it is an emotion!’ Every rider will vouch for this sentiment wholeheartedly. There is no better road companion for a two-wheeler rider than a bike. Finding that right companion is a true labor of love — research, trials, multiple conversations, saving money for many months, and then making it yours! Now that you have the bike of your dreams, don’t you want to safeguard the bike and your pocket with the right insurance that provides all-around protection? If you are nodding when reading this, then the Comprehensive Bike Insurance policy is the right one for you!
But what is comprehensive bike insurance? What does and doesn’t it cover? Why is it an ideal insurance plan for your two-wheeler? Read on to find out all about Comprehensive Bike Insurance:
What is Comprehensive Two-Wheeler Insurance?
As the name suggests Comprehensive Two-Wheeler Insurance is an all-encompassing insurance cover. Comprehensive Bike Insurance plans are a combination of Third-Party insurance (covers for losses and damages related to Third-Party Liabilities) and Own Damage (covered for damage caused to your vehicle) that insure you against third-party liability as well as damage or loss caused to your vehicle due to any possible accident or natural calamity. For example, in case your bike hits someone else’s car or your bike is damaged due to floods, then your comprehensive bike insurance will be there for you!
Let us now take you through the benefits and exclusions of comprehensive bike insurance:
Benefits and inclusions — Comprehensive Bike Insurance:
Providing extensive coverage for all kinds of unforeseen events, a comprehensive bike insurance policy is way more effective than a third-party liability policy. Here are the benefits of a comprehensive bike insurance plan:
● Covers bike damages — These are damages that may be caused to your bike due to accidents, fire, or other natural or man-made disasters
● Protects you from third-party liabilities — Like Third-Party cover, Comprehensive bike insurance protects your bike from third-party liabilities and losses such as damages to vehicle/property and injuries or death of a third-party individual
● Repair or replacement expenses you may incur due to an accident
● Total loss/theft of your vehicle
● Protection from damages caused during natural or man-made disasters
○ Natural calamities include Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost landslide, and rockslide.
○ Man-made calamities include Burglary, theft, riots, strikes, malicious activities, accidents by any external means, terrorist activity, and any damage in transit by road, rail, inland waterway, lift, or air.
Exclusions to the comprehensive bike insurance policy:
● Normal aging, wear, and tear
● Mechanical or electrical breakdown
● Depreciation, which is the gradual reduction in the value of a vehicle over time
● Damage to fiber and rubber parts (tubes and tyre) of the vehicle
● Loss or damage caused due to a nuclear attack or war
Other exclusions for any type of two-wheeler insurance are:
● An accident caused under the influence of alcohol, drugs, or any other intoxicating substance
● An accident caused while riding your bike without a valid driving license
● Loss or damage of your bike or damages to another vehicle due to an accident outside the geographical boundaries mentioned in the policy, which is typically India
● Damages caused by negligence while riding
● Loss or damage of your bike or damages to another vehicle due to an accident that is consequential. Consequential loss/damage here means damage that occurred because of the policyholder or third party’s action, be it intentional or by accident.
Difference between Third-party liability and Comprehensive Insurance plans:
The primary difference between Third-party and Comprehensive insurance is the extent of coverage benefits. To help you decide which is the right bike insurance easier for you, here is a snapshot of the benefits and limitations of both — third-party and comprehensive bike insurance.
How do you know if your bike insurance is comprehensive?
If you already have insurance but are not aware of how to find which one it is, here’s a quick tip: In a comprehensive bike insurance policy document there will be a number in the Insured Declared Value (IDV). The number represents the maximum coverage offered to the bike in case of accidental damage and theft. If there is no IDV Value, then it is a third-party liability insurance policy and if there is an IDV Value then it will be a Comprehensive bike insurance policy.
In conclusion, Comprehensive bike insurance is an insurance of choice. A choice exercised for your own mental peace and long-term protection from any unexpected expenses or financial burdens arising due to damage to the two-wheeler. So, go ahead and buy an insurance plan that will suit your needs and enjoy stress-free road trips with your favorite companion.