Pros And Cons Of Buying Bike Insurance

For shorter distances, two-wheelers are one of the most popular forms of transportation in India because they are convenient to use and don't require much parking space. Many people choose it above other modes of transportation since it is the most convenient. But before driving your bike on the road, you must acquire third party insurance according to the Motor Vehicle Act.

Benefits And Drawbacks Of Bike Insurance

The following are some advantages and disadvantages of having a bike:

Pros:  It aids in the protection of your bike in the event that it is damaged or destroyed by a natural disaster, traffic, fire, theft, robbery, riots, terrorism, etc.

Cons: One disadvantage of bike insurance is when it becomes insufficiently covered, which results in higher premiums.

Additional Advantages of Bike Insurance

Honestly speaking, Bike insurance has a lot more advantages than disadvantages such as those mentioned below:

• Bike Insurance With No Depreciation

A popular bike insurance add-on cover under the own damage section of the car insurance policy is a zero depreciation add-on cover, also known as Nil Depreciation and Bumper-to-Bumper cover.

Your insurance provider will pay for all damages or losses incurred during the claim settlement process if your bike is damaged in a traffic accident. Therefore, zero depreciation bike insurance guarantees a higher claim price for the sustained damage and aids in your financial savings. It is advised to buy bike insurance with zero depreciation for three years because the depreciation percentage is increased after that time.

• Protection Offered By Third Party Insurance

The own damage element of the bike insurance covers the loss or damage to the bike owing to an insured risk present at the time of loss or accident, whereas the third-party bike insurance covers the death or bodily injury of third persons as well as property damage in the event of an accident.

The required owner/driver personal accident coverage of Rs. 15 Lacs is also included in the third-party bike insurance. The claim is covered under this policy in the event of the owner or driver's death or permanent disability as a result of an accident while operating the motorcycle.

• Safeguards the Value of Your Bike

The insured declared value, or IDV in the context of bike insurance, is the highest value of the vehicle for which insurance coverage is offered. In the event of a loss or damage, the insurance provider's maximum liability would not go beyond the IDV specified in the policy. Due to the depreciation factor that the insurance company takes into account when calculating premiums, the IDV would decline each year at the time of renewal.

You can access the IDV of your motorcycle online using the web Two Wheeler Insurance.

• Benefits of No Claim Bonus

If there were no claims made during the preceding policy period, bike insurance clients will get a no-claims bonus (NCB) at the time of renewal. Customers are given a discount in the form of a no-claim bonus if they haven't filed a claim during the preceding policy period. The no-claim benefit ranges from 0% to 50% for each year without a claim. The NCB in bike insurance is only good for 90 days after the policy expiration date, after which it will expire. A greater NCB translates into a greater consumer discount.

Conclusion

The drawbacks of not purchasing two-wheeler insurance are numerous. When you can buy it with just a few clicks, why take chances? All you have to do is go to our website and fill out the required information because the internet has made things simple for us. You can move on with making the final payment once all the information has been entered and the paperwork has been completed.

Also Read: 

Coverages Under Bike Insurance: Everything You Need To Know

Comparison Between First Party And Third-party Bike Insurance