Cover Your Bike With Comprehensive Insurance This Ganesh Chaturthi

Posted on: Sep 7, 2022 | | Written by:

Cover Your Bike With Comprehensive Insurance This Ganesh Chaturthi

For a country that celebrates its festivals with a lot of enthusiasm, Ganesh Chaturthi is one of the most beloved festivals on the calendar. The festival celebrates the arrival of Lord Ganesh on Earth. Lord Ganesh or fondly known as Bappa is the god of intelligence and is also attributed to be the remover of obstacles. Thus, Ganesh Chaturthi is a good time to buy comprehensive bike insurance to remove any obstacles and give you a good riding experience.

As per the Motor Vehicles Act of 1988, it is mandatory to always have insurance, or else you cannot legally ride your bike on public roads. However, the Act also mandates a third-party liability policy, which does not offer adequate coverage. Comprehensive bike insurance, on the other hand, offers enough for you to ride without worries.

Comprehensive Bike Insurance – In Details

The name might give away a bit. A comprehensive bike insurance plan is a policy that you can buy for your two-wheeler. The plan offers protection for your bike, against a plethora of mishaps such as accidents, natural calamities and man-made calamities.

The plan ensures that your bike and your finances are not impacted due to incidents, that you might not have any control over. One of the advantages of buying comprehensive bike insurance is that it includes a third-party liability policy.

This ensures that you have the statutory clearance to ride your bike. And in the event of an accident involving third-party vehicles, individuals, or properties, a third-party liability policy will take care of all the compensation.

Comprehensive bike insurance also offers a personal accident cover of Rs. 15 lakhs for the owner of the bike or bike rider. The policy will cover any medical claims arising from an accident or the death of the bike rider.

Reasons To Buy Comprehensive Bike Insurance

Here are a few compelling reasons, why you must seriously consider buying a comprehensive policy for your bike.

● All Weather Protection

A comprehensive policy offers protection for your bike in the case of natural calamities, which are almost certainly unforeseen. Natural calamities such as floods, earthquakes, landslides, typhoons, etc. are known to create havoc. Unfortunately, if your bike is damaged in any of these natural calamities, the policy can offer compensation.

● Inclusive Third Party Liability Policy

One of the major benefits of opting for a comprehensive plan is that it includes the mandatory third-party liability policy. A comprehensive plan takes the basic third-party liability policy and adds its own damage component on top of it. If a policyholder meets with an accident that causes injuries or damages to another vehicle or individual, the third-party component will take care of the compensation.

● Benefit of Add-Ons

An add-on is an additional benefit that you can plug into your comprehensive plan to make it even more robust. There are a lot of add-ons that are available and you can choose the ones that make the most sense for your use case. For example, if your car is less than five years old, you can opt for the zero depreciation add-on. This would ensure that you do not have to pay for anything from your pockets during claims.

Similarly, if you stay in a place that is prone to flooding, you can choose the engine protection add-on. Add-ons are a great way to customize the policy and make it yours.

● Protection Against Man-Made Nuisances

Your bike can be subject to damage due to a lot of man-made nuisances. These can include riots, vandalism, theft, burglary and so on. The policy will help you compensate for the damages incurred due to such instances. And in the unfortunate event that your bike is stolen, the insurance provider will compensate you for the bike. This is not possible with a third-party liability policy.

● No Claim Bonus

If you do not claim your policy during its tenure, the insurance providers offer something called a No Claim Bonus or NCB. The NCB discount will help you reduce the policy premium for the upcoming years. And the discount starts from 20% for the first year and goes up to 50% for the fifth consecutive year.

And most importantly, you get complete peace of mind. A comprehensive policy offers coverage against most of the incidents that you or your bike can come across. And for added protection of your bike, you can opt for add-ons. Given the higher number of road accidents in India, it is recommended that you opt for a comprehensive plan.

Details You Should Not Ignore

This Ganesh Chaturthi when you buy comprehensive bike insurance, here are a few details that you should not ignore. As these have an impact on your policy premiums.

● IDV

The insured declared value or IDV of a bike is its current market value as assessed by the insurance provider. While buying a policy, this is one of the most important parameters and you can change the IDV of your bike.

In the event of a total loss of the bike, the insurance provider will compensate you with the IDV of the bike. Hence, you must choose the IDV correctly. A higher IDV increases your policy premiums and a smaller IDV reduces them.

● Policy Type

You can either opt for the barebones third-party liability policy, which is lighter on your pockets. But it does not offer a lot of coverage. On the other hand, a comprehensive policy might cost you a bit more than a liability-only policy, but it offers a lot more coverage as well.

● Exclusions

All insurance policies have exclusions. In simple words, scenarios where the insurance provider might not offer you the required coverage. Being aware of the exclusions will help you during your claims. It also helps you to better understand the policy.

● Insurance Company’s Credibility

There are a lot of insurance providers in the country. Buying it from a credible insurer will make sure that you have a smooth buying process as well as a smooth claim process. The services that you receive from a credible insurance provider will be of better quality as well. You can even search online for reviews from authentic buyers of the policy.

Conclusion

Buying a bike can be an exciting experience. However, keeping it secure and protected is equally important. And you can do so by buying a good bike insurance plan. To do so, you can compare two wheeler insurance online and choose a plan that best fits your budget and requirements.

As you compare two wheeler insurance , you get quotes from different insurance providers and can also see the policy coverage. Thereby aiding you to make a more informed decision.

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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