Just think back – when you got your Motor Bike or two-wheeler how proud and happy were you? The very thought that you have a vehicle to go anywhere is gleeful always, for the newly acquired freedom. If you want to be happy Bike Owner, it is advisable that you get a proper, beneficial and the best Bike Insurance. Here is how you can achieve this and buy top-notch bike insurance online.
Why you need Bike Insurance?
Your vehicle is your property. When you ride it on road, there are many perils are awaiting unexpectedly. When the accident occurs, the damages may be severe at times. The damages can affect your vehicle or any other third-party’s vehicle, or property or can cause injuries or even death. Occurrences of accidents are more for two-wheelers as compared to four-wheelers.
An Insurance Policy is a contract by the vehicle owner, with an Insurer that in the event of any mishaps, accidents and unforeseen events like fire, floods or theft etc. the Insured Person will be paid adequate monetary compensation. In view of the susceptibility of more occurrences of accidents for two-wheelers, a bike insurance is a must. Riding a two-wheeler without insurance is a violation of the law and a punishable offence.
Types of Bike Insurance Policies:
Broadly, there are two types of insurance for bikes – namely:
- Comprehensive Insurance Policy – When the Bike Owner wants coverage for all sorts of damages and occurrences, this policy is taken. It is a must that there is a specific clause for Third Party Insurance for liabilities.
- Third Party Liability Insurance Policy – This is made Mandatory for all two-wheelers driven on road by the law. Under this Policy, only damage claims by a third party, when affected by the vehicle owner (Policy Holder) are entertained. No loss or damage to the owner of the vehicle is covered.
Coverage of Insurance available:
Under a comprehensive insurance policy, all sorts of occurrences and events are included for a compensation payment. They are
- Loss or damage due to natural calamities such as fire, flood, explosion, earth-quack, lightning, storm, typhoon, inundation, landslide or rockslide, and frost etc.
- Loss or damage due to man-made calamities like theft, burglary, strike, riot, malicious act, an accident arising out external means, all sorts of accidents on the road, rail or air etc.
- Personal Accident Cover – In this policy, one can get accident compensation up to Rs.1 lakh for the driver or owner of the vehicle, while driving on road. Additional coverage can also be included for pillion-rider and unnamed hirers etc.
Under Third Party Insurance, in case of accidents all legal liabilities claimed by the third-party, for compensation for accidental damages, bodily injuries, temporary or permanent disablement and death etc. are covered.
What to look for when buying bike insurance online?
- You should be careful in selecting the insurance company since different companies offer different types of coverage
- Bike Insurance Premiums will vary depending upon many factors, such as the make, model and year of manufacture of the vehicle; place of registration; cubic capacity of the vehicle and additional accessories fitted etc. Check all these to save the maximum in premium payable.
- You should be aware of the Insured Declared Value of your vehicle. This is an important factor and in the event of any claims, only this value will be taken into consideration for settlement of damages compensation.
- Always look for add-ons for coverage without spending much on the premium, and yet deriving maximum benefits from this additional coverage.
- Check for the inclusions and exclusions printed on the Policy, because when a claim is raised, chances are high that many of your expectations for settlements will be denied. Be smart to select a best of best bike insurance online mostly beneficial for you.
How buying a bike insurance online is ideal always?
- By going online, you can check different propositions and policy coverage by different insurance companies at a glance.
- There are instant tools like Premium Calculator and Comparison Chart of Claim Settlement Ratio etc. By using these tools, you can come to an informed decision without much loss of time.
- Policy checking, Policy Buying can also be instant and hassle-free
- You can be worry-free of renewals and change of ownership etc. by buying bike insurance online.
Above all, here is an excellent route for buying bike insurance online. Just go to the Coverfox portal where insurance is made simple for you, and you can get all sorts of assistance you need in insurance!