Top 8 Reasons To Get Your Bike Insured
Updated On Jul 28, 2021
Read this article to understand the importance of insuring your bike and 10 top points to get it insured immediately.
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Your bike is your most treasured possession. It is the most efficient system of transportation on the Indian roads. It is easy to park and useful in escaping heavy traffic. With so many features and updates, two wheelers have become the most sold automobile in India. Taking care of it and maintaining it could be very costly. With the increase in the number of vehicles on the road, accidents have become extremely common. Being involved in any accident can cause heavy damages to your bike. Thus, having a valid bike insurance is very important if you want to avoid these expensive repair bills.
Top 8 Reasons To Get Your Bike Insurance
Purchasing bike insurance could be a thought-engaging process. However, there are more than just a couple of reasons as to why you need to purchase it. The following are the reasons why you need to purchase a bike insurance policy-
Coverage In Case of Accident
Depending on the type of your insurance policy, you will get a settlement amount in case your bike is involved in any accident. If you have third-party bike insurance or a comprehensive bike insurance policy, you can claim your bike insurance to pay the compensation amount for settling the loss of the third party involved in the accident. You can save yourself a lot of frustration that is caused due to an accident.
Mandatory According To The Law
Having at least a third party bike insurance is mandatory according to the Indian Motor Vehicle Act. The government has made bike insurance policy papers as a mandatory document which every bike rider is supposed to carry while riding their bike. If any rider is found to not have insured their bike, they are subject to paying heavy fines. Therefore, if you want to keep yourself legally safe while riding your bike on the road.
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Your bike insurance provides you financial assistance in time of need. Accidents or misfortunate incidents can be stressful and frustrating to deal with. Arranging money in these taxing times can be exhausting. Investing in a bike insurance policy will help you to deal with these taxing situations financially. This will thus give you peace of mind while riding your bike on the road.
Personal Accident Coverage
Investing in a bike insurance policy will offer different types of coverages. One of the main types of coverage is personal accident coverage. In case you were involved in an accident while riding your bike, you can claim your bike insurance and receive the settlement amount to pay the bills to repair your bike and even medical bills in case of any bodily injury.
Cover In Case of Theft
If you have purchased comprehensive bike insurance or an anti theft cover along with your third-party bike insurance, you will be subject to receive financial settlement from your bike insurance company. However, your insurance company will pay you the money that is equal to the Insured Declared Value (IDV) of your bike.
It is common for the bike to run out of batteries or encounter a mechanical problem during the journey. But, this situation is problematic and could leave you stranded on the road. Therefore, purchasing insurance with the road-side assistance cover will ensure that you get professional help to set you off on your journey again.
Financial Protection Against Vandalism
Road accidents are not the only situations that can damage your bike. A pit may have dropped on your bike from the balcony damaging the handle bar, or your bike’s tires could be punctured or your bike could have fallen off on a slope when you parked it. If you purchase a comprehensive bike insurance policy, it will offer you financial compensation for any damage that is caused as a result of events other than collision.
No Claim Bonus
No claim bonus is nothing but the discount you get on your bike insurance premium from the insurance company for not claiming insurance for the specified policy period. Depending on the term of your insurance, you will be subject to receiving discounts on your insurance premium for not claiming. Thus, you will be paying a lesser premium amount every year.
Having a bike insurance policy is mandatory in India according to the Motor Vehicle Act. If you want to be a responsible citizen and avoid expensive repair bills, investing in a bike insurance policy is the best remedy. Make sure to purchase bike insurance that offers you maximum coverage at an affordable premium.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.