How Your Bike Insurance Can Benefit You, In a Natural Disaster

Posted on: Aug 25, 2022 | | Written by:

How Your Bike Insurance Can Benefit You, In a Natural Disaster

Benefits of Comprehensive Bike Insurance In A Natural Disaster

Using a bike is one of the more convenient ways of commuting. If you live in any of the major cities, commuting on a bike can help you save a lot of time. Not to forget that bikes are cheaper to buy, maintain and run as compared to cars. To ensure that your bike-owning experience is smooth, it is recommended to buy bike insurance online.

There are several reasons why one must opt for a bike insurance policy. To start with, it is illegal to ride your bike without a valid policy. If you are caught by the traffic police, a hefty fine awaits you. Also, there are a lot of things that can potentially go wrong when you ride a bike. Buying you bike insurance online will help you overcome a lot of those situations. One of them being a natural disaster.

A natural disaster is a catastrophic event that is related to weather changes. These can cause massive damage to human life and properties, and vehicles. Having adequate coverage is essential should a natural disaster strike the place where you reside.

How Natural Disasters Can Impact You

India has been hit by a lot of natural disasters in the last few years. In fact, India features in the top 3 countries that are badly hit by natural disasters. A natural disaster can be anything from an earthquake to a cyclone to a flood. As per a report in 2021, about 108 crore people in India were affected by natural disasters.

As the number suggests, a huge number of people are impacted by natural disasters in various forms. A natural disaster might lead to damage to buildings and houses, severe damage to personal belongings of individuals, damage to vehicles, and so on. A natural disaster that lasts only for a short span, has the potential to cause a lot of damage to individuals and their possessions. And the impacts are not limited to only urban or rural areas. Everyone gets equally impacted by a natural disaster.

Coverage Provided By Your Bike Insurance

As per the law, you must at least have a third party bike insurance policy in India to ride your bike legally. However, only a third party liability policy is not recommended. You must buy comprehensive bike insurance online if you wish to get adequate coverage against most unforeseen circumstances.

A comprehensive policy will protect your bike against natural calamities like cyclones, hurricanes, earthquakes, hailstorms, etc. It will also protect your bike against damages caused by humans, such as during a strike, vandalism, riots, theft, and so on.

How is A Comprehensive Policy Helpful During a Natural Disaster?

Comprehensive plans, in general, offer financial protection for natural disasters and man-made disasters. This makes things easier for a policyholder since they do not have to buy separate policies for the covers. Should either of these events take place, your bike is insured and has the required protection.

If your bike, which is insured, were to be damaged due to a flood, comprehensive bike insurance will ensure that your repairs are taken care of and that any of the replacement parts are also paid for. This can help you save a considerable amount of money, which you would have to pay from your pockets otherwise.

Other Add-ons That Are Useful for Natural Disasters

Add-ons to an insurance policy always come at a small premium. However, the benefits far outweigh the small bump in premium that you might end up paying. Primarily, an add-on enhances the coverage of your bike’s policy.

Though a comprehensive policy offers extensive coverage for your bike for most of the standard scenarios, it might not always be enough. This is where an add-on can make things way easier for you. You can opt for specific coverage if you feel there is a need for it. Here are a few add-ons that you can consider to protect your bike against any natural disasters.

1. Zero Depreciation Cover

As your bike ages, its value depreciates. In other words, if you were to repair any of the damages or replace any of the parts, the insurance company would only pay for the depreciated value of these parts. Depreciation usually happens due to the normal wear and tear of the bike.

However, zero depreciation ensures that your bike is repaired and parts are replaced without you having to bear the brunt of depreciation. It is, therefore, an essential cover for natural disasters.

2. Engine Cover

The engine is usually referred to as the heart of a vehicle. Thus, one can imagine any damage to the heart can cause a lot of financial damage. The engine protection add-on covers all expenses related to replacing or repairing different parts of the bike’s engine that might be caused due to a natural disaster. Some of the common damages include loss of engine parts, leakage of lubricants, loss of coolant, hydrostatic lock, and so on.

3. Consumables Cover

A bike insurance policy does not usually cover consumables as a part of the claim. This add-on will help you save money on those fronts. During a service or repair, there are a lot of consumables that are used.

Some common examples include engine oil, gearbox oil, lubricants, grease oil, distilled water, and so on. Getting a cover for these will help you save considerably.

Is Total Loss in Natural Disaster Covered By Your Bike Insurance?

Yes, your bike insurance covers total loss in the case of damages caused due to a natural disaster. Insurance companies usually consider a bike to be a total loss if the repair costs exceed 75% of the insured declared value of the bike. If such an event occurs, the insurance company will pay the IDV to you as compensation.

Conclusion

A natural disaster can cause a lot of damage to your bike, even if it is parked properly. One of the smarter ways of securing your bike from such events is to opt for comprehensive bike insurance online. When you buy bike insurance online, you get to compare it with other vendors and save a considerable amount of money as a premium.

A comprehensive policy offers you coverage not only for natural disasters but also for man-made calamities. Thus, offering your bike all-round protection against most unforeseen events. Also, buying bike insurance online is quick. You can expect the policy document in your email within a few minutes of buying the policy. And thereby ensuring that your bike is always insured.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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