Two-wheelers are a great way to commute or enjoy leisure. You must buy bike insurance regardless of what you plan to use it for. This will protect you from any financial liability due to theft, road accidents, or damage.
You must purchase the two-wheeler policy that meets your needs. You can be put at risk if you make any mistakes. This article will discuss other reasons for buying two-wheeler coverage and what to consider before you apply.
Why Bike Insurance is Important
Many countries, including India, have made bike insurance compulsory for owners of two-wheelers due to an increase in bike accidents. This is a smart decision, as the policy will protect your two-wheeler against any threats. Here, we'll discuss the main reasons for getting bike insurance, and how you can benefit from it. Let's jump right into the main section.
Legal Requirements
The Motor Vehicles Act, of 1988 states that it is mandatory to purchase at least third-party liability insurance. This insurance will protect you if you damage any third-party property or bikes during your bicycle ride. Comprehensive bike insurance offers both third-party and your own damages.
Natural Calamities Protection
Natural disasters are unpredictable and uncertain. If you purchase bike insurance you will be protected against injuries and damages due to fire, floods, earthquakes, heavy storms, etc. To get the funds, you need to submit a claim.
Insurance for personal accidents
Two-wheelers can be dangerous and road accidents may occur when you least expect them. With adequate bike insurance, a driver can receive financial assistance for any damages. The insurance company can compensate the family of an insured individual in the event of their unfortunate death in a bicycle accident.
Coverage against Theft
Due to their lightweight, two-wheelers are prone to theft. If you purchase online bike insurance it will cover theft and ensure that you receive the full value of your two-wheeler. To settle your claim, you only need to submit all the required documents.
Two-wheeler Repairs of the highest quality
Some repair services can be very expensive. If you have the proper two-wheeler coverage, you can be assured that you will receive premium repair services for your vehicle when it is damaged. You don't have to pay an exorbitant amount for the repair services. The insurance policy makes it easier for bikers to maintain their bikes for a longer period.
What to Consider When Buying Bike Insurance
You must know what to consider when applying for bike insurance after you have understood the importance. You need to consider a few things to make an educated decision.
Coverage Type
There are two types of bike insurance: comprehensive coverage and third-party liability coverage. In India, the second type of insurance is compulsory for all bike owners and covers any third-party damage. This means that if your bike is involved in a road accident this insurance will cover the damages. Comprehensive coverage, on the other hand, will cover all risks, including third-party liability.
Claim Settlement Ratio (CSR)
The Claim Settlement Rate or CSR is a ratio of the claims received by the insurance company. A high CSR means that the insurance company will impose a percentage on a large claim.
IDV
The total amount that the insurance company will pay in the event of a complete loss is called the Insured Declared Valuation or IDV. You must choose an Insured Declaration Value (IDV) that is close to market value in order to provide adequate coverage.
conclusion
Purchase Online bike insurance As it is compulsory in India. This coverage protects bike owners against theft, natural disasters, accidents, and third-party liability. They can also enjoy peace of mind, knowing that they are covered for any unforeseen circumstances.
