Bike rides are great fun, and if you are going on a long and adventurous trip, the fun is doubled. And wouldn’t it be just perfect if you have sufficient insurance coverage to cover the loses in case of any mishap? The insurance policy takes away the worry of expenses so that you can be out on the road, enjoying the ride.
Now even though two-wheeler insurance is a legally mandated requirement by the Indian Government, many riders do not put a lot of thought into purchasing two-wheeler insurance. Because it is a legal requirement and not having one could lead to a penalty, most people prefer buying basic two-wheeler insurance. This one will generally be one with the lowest premium. But one needs to consider, is premium the only factor to determine the purchase of a two-wheeler insurance policy? Shouldn’t you consider the kind of coverage offered?
Let’s find out what does a two-wheeler insurance policy cover.
Accident cover
A good bike insurance policy will cover the expense of repairing damages to your two-wheeler in the situation of an accident. With the correct sum insured, you might be able to recover the entire or partial cost of repairs for your bike. So, if your two-wheeler is damaged during an accident with another vehicle, an insurance policy can protect you from the cost of expensive repairs.
Damage due to other factors
It is possible that your two-wheeler can get damaged and might need repairs in a situation other than an accident. Insurance providers also offer coverage for expenses occurring due to natural calamities including storms, floods, earthquakes etc. and human-made calamities like riots, acts of terrorism, strikes etc. Although not by accident, the damage to your two-wheeler in such a situation could be severe and could cost you a lot of money. An insurance policy can help you fully or partially recover the expense of repairs.
Theft
Situations where there is no physical damage to the bike, but there is still a loss to the owner like theft or burglary or a break-in where the two-wheeler is stolen also covered under a good two-wheeler insurance policy.
Personal Accident Cover
If the rider is injured in the course of an accident, your insurance provider will need to cover the cost of medical expenses.
Add-on Covers
More often than not, people tend to switch from one insurance policy to another because they are not happy with the kind of coverage or benefits offered by the insurance provider. Instead of switching, you can explore what kind of add-on coverage is offered by the insurance provider. Most add-on covers are available at a minimal additional expense but prove to be very beneficial for two-wheeler owners.
Zero Depreciation Value and Return to Invoice
Your two-wheeler starts to depreciate the minute you purchase it. So when you claim an insurance payout, it is processed on the value of the two-wheeler on that day and not on the date it was purchased. So if a claim is made ten months after buying a two-wheeler, the claim amount is decided based on its value after ten months of purchase and not as on day one. With a zero depreciation value add-on cover, your insurance provider will consider the value of the two-wheeler on the date of purchase. The case is similar with a return to invoice cover – the insurer values the price of the two-wheeler as per the date of the invoice.
Towing Charges
If you are in a situation where your two-wheeler needs to be towed, most insurance providers offer add-on covers under, which they will bear the expense (a specified amount) of towing your two-wheeler to a garage.
Cashless facility
Just like health insurance, you can avail of a cashless facility on your two-wheeler motor insurance. All you have to do is take your two-wheeler to any one of the insurance provider’s network garages for repairs and share your policy details.
Pillion cover
While your two-wheeler policy is liable to pay for the medical expenses of the rider or policyholder, the pillion rider could also have severe injuries, which will not be covered under two-wheeler insurance unless the policyholder has a pillion cover.
Now that you know what is covered under a two-wheeler insurance policy, make sure you conduct thorough research and compare two-wheeler insurance providers before making an informed purchase decision.
