What does Bike Insurance Cover?
You need to understand what coverage is offered by your bike insurance policy before you buy the policy. In this way, you will be completely aware of the risks and advantages associated with having the coverage for your vehicle. Note that every policy is not the same and what coverage you get from one policy may be excluded from another policy.
In this regard, you have to read the policy document carefully and get all your doubts clarified with the company executives. Let us take a detailed look into the coverage offered by different types of plans in this article.
- 1 How to check what all is covered under the bike insurance policy?
- 2 Coverage offered by Third party insurance policy
- 3 Coverage offered by Comprehensive Insurance Policy
- 4 Additional covers
- 5 Theft Cover
- 6 Breakdown assistance cover
- 7 Accident Cover for pillion rider
- 8 Zero Depreciation cover
- 9 Coverage for accessories
How to check what all is covered under the bike insurance policy?
When you want to check any policy for its features, make sure to check the inclusions column of the policy document. This will give you complete details about the bike insurance cover offered by the policy. Remember that when anything is not mentioned in the inclusions section, you have to assume that coverage will not be offered for such things in future. For this reason, you need to check each and every clause of the policy document so that you can avoid conflicts in future. In the same manner, you should also check the exclusions section of the policy document as this gives you complete information about what things are not offered coverage by the policy. When you take care to avoid such things in future, you can be on the safe side and get maximum benefits out of the bike insurance policy.
Coverage offered by Third party insurance policy
The basic plan chosen by many people is the third party coverage and this is very inexpensive when compared to other plans. It offers protection from legal liabilities that arise out of an accident situation when your bike has caused damage to third party life or property. Apart from that, this policy does not offer any sort of protection for your life or your bike. You should be aware of this limitation while choosing this policy for your bike. It is best suited when you are having an old bike as the cost of insuring the bike will be very less in this manner. You can consider buying SBI Bike Insurance or any other plan that is offered by reputed company in the market. This will help you to reap the maximum benefits from the insurance coverage.
Coverage offered by Comprehensive Insurance Policy
This offers the best protection for your bike and you should always give preference to buying such plans. However, it can be very expensive when compared to the third party coverage and it is suited when you are having a new bike or when your vehicle is very expensive. Let us look into the complete coverage offered by this plan.
- When you are involved in an accident situation due to your mistake, damage can be caused to your bike as well as the vehicle of the third party. In some cases, there can be injuries to the third party due to the accident and it will be your responsibility to provide for the treatment in that situation.
- The comprehensive coverage will ensure complete protection in this situation and it will offer compensation for the damages done to third party life and vehicle along with your vehicle. In this way, even your bike is protected unlike the third party insurance plan.
- It becomes easy to get your bike repaired after the accident and you need not worry about legal liabilities due to third party damage caused by your bike.
- When you choose certain additional covers, you can even get coverage for your life and claim compensation for your treatment in that situation.
- Apart from damage done due to collision, the comprehensive plan also covers various other instances when your bike is damaged due to natural disasters or man-made disasters.
- You can claim compensation for total loss of bike due to fire accident or other natural disasters like earthquake, floods and heavy rain.
- The best part about choosing this option is that you can even get compensation when your bike is stolen and you need to have the theft cover to get the best protection in this situation.
- Many companies like SBI Bike Insurance offer good quality plans and you can consider them after comparing the features with other plans available in the market.
Apart from the regular coverage offered by comprehensive insurance plans, you can even choose additional covers by paying extra premium. This will enhance the bike insurance cover and provides opportunity to customize the plan as per your individual requirement. The coverage offered by such additional covers may change from one company to another and you need to check the policy document carefully to understand the features of such additional covers.
This is a good cover that will provide complete compensation for your bike when your bike is stolen. All you need to do is to add this cover to the comprehensive insurance plan by paying additional premium. It is a good option as the chances of your bike getting stolen is high in these days and there is nothing much you can do about it in future. If your bike gets stolen in future, you need to file a complaint with the police and they will try to trace the bike. When the bike is not traced for few months, they will declare it as untraceable and you can provide this letter to the insurance company and get compensation for the loss. The compensation will be equal to the current market value of the bike and this will help you to recover most of the loss due to the theft.
Breakdown assistance cover
Even though the insurance company does not provide any compensation for the regular repairs and maintenance, you can get assistance from them in the event of any breakdown. When your vehicle has a breakdown issue, you will have to tow the vehicle till the service station and this can cost you additional money apart from the repairs. However, when you add this simple add-on cover to your bike insurance policy, you can get breakdown assistance and claim compensation for such expenses.
Accident Cover for pillion rider
When your bike is involved in an accident, you may suffer damages along with your pillion rider. In this situation, the compensation will usually be provided only for the damages done to the bike and not to the other rider. However, you can avoid this problem and enhance the security of your loved ones by choosing the accident cover for pillion rider. In this situation, the medical treatment becomes cost effective as the insurance company will pay compensation for the accident victims.
Zero Depreciation cover
One thing that you need to be aware about bike insurance is the fact that the value of the bike starts depreciating as soon as you move the vehicle out of the showroom. You can avoid this in future by choosing the zero depreciation cover from the insurance company. This will ensure that the value of the bike gets locked for certain number of years and you can get complete compensation in case of total loss of vehicle. This cover is usually provided only for new vehicles and it will only be valid for the first few years after buying the bike.
Coverage for accessories
Many people who choose expensive bikes have various accessories and this also needs protection in the long run. In that situation, you can choose the cover for such expensive accessories and enhance the overall protection offered by the comprehensive insurance plan. However, every accessory may not be given coverage and you need to discuss the particular details with the insurance company executives. When you choose SBI Bike Insurance or any other reputed company, you can discuss such issues with the customer service executives and they will guide you in the right direction to choose the suitable add-on cover for your bike.
In this manner, you can get the best coverage for your bike and stay secured in future. The only thing you need to do is to compare various plans in the market as the features may vary slightly and you may also be able to save money when you compare different plans. It is very easy to compare such plans and filter them based on your individual requirements.
All you need to do is to visit the portals that provide information about insurance plans and mention all your requirements in the relevant columns. This will allow you to filter the plans as per your requirements and you can choose any option that matches with your individual needs. After that, you can even get quotes from different sources to know about the rates of these plans.
In this manner, you can get cost effective bike insurance cover without spending too much time on the process. If you have any doubts about the coverage offered by any plan, make sure to clarify them with the insurance company executives before you buy the plan for your bike.