When Should You Buy Bike Insurance?
Published On Aug 28, 2022
When Should You Buy Bike Insurance?
Table of Contents
The rush of riding a brand-new bike is unrivalled, and it is pure happiness. But riding safely on a bike is a duty that comes with it. Basic safety precautions that must be observed include donning a helmet, obeying traffic laws, and remaining vigilant.
Similar to how you might protect yourself from financial losses by insuring your bike. It also serves as a necessary prerequisite. You need to be conscious while preparing to get new two-wheeler insurance. To know more about buying bike insurance, read on.
What Is The Importance Of Getting A Bike Insurance?
When your bike is broken or lost, bike insurance gives you the financial assistance you require. The most typical vehicle used for daily commutes is a two-wheeler. In contrast to larger vehicles like cars, which may become stopped in traffic for extended periods of time, a bicycle can be simply manoeuvred through the jams and used to go where you need to go quickly.
What Are The Things That A Person Should Know Before Buying A Bike?
Following are some of the things that a person should know before buying a bike -
Relying On Your Insurance Provider - Before purchasing an insurance plan from an insurance company, it is important to consider their reputation for reliability. Visit the social media pages of the insurer and go through the client evaluations to see whether they are a dependable source of insurance. Positive reviews should outweigh negative ones in quantity.
Appropriate Protection - Bike insurance provides financial protection so that, should your bike be damaged, you won't sustain significant financial losses. However, it is essential that you first have enough insurance coverage. Inadequate coverage may result in claim denial and ultimately dissatisfaction.
Exclusions - The items that the bike insurance policy does not cover, are just as vital as coverages. In order to understand when you can make a claim, you must be completely aware of exclusions.
Reading Fine Print - Some individuals have a propensity to ignore the fundamental criteria and terms relevant to the characteristics of the bike insurance policy. However, doing so might not be beneficial. It could cause a claim to be rejected. Even though it could seem exhausting, you must read the policy's fundamental provisions and call the insurance provider if you have any questions.
Renewals - Purchasing bike insurance is a continuous procedure. Every time your existing plan expires, you must get new insurance. Additionally, depending on your needs, this makes it easier for you to add or remove particular coverages from the plan. Always keep in mind that maintaining coverage requires renewing your bike insurance.
Why Buy Bike Insurance?
Following are the reasons for buying bike insurance -
Compulsory By Law - The Motor Vehicles Act of 1988 covers all regulations and legislation pertaining to vehicles. According to this law, all bike owners are required to get bike insurance. Failure to do so will be viewed as a violation of the law, and you will be subject to penalty. There is a fine for operating a two-wheeler without insurance if you are caught once. Repeated offences will result in a higher fine. But be careful—if you don't insure the bike, you might potentially receive a 3-month jail sentence.
Third-Party Compensation - According to the law, if you caused the accident, you must pay for the loss a third party incurred. Depending on the seriousness of the accident and the degree of the damage inflicted, this loss might reach millions of rupees. Having bike insurance can help you cover any expenses resulting from accidents, fatalities, or property damage. Consequently, you may provide the victims prompt recompense.
Owning a bike insurance coverage is crucial to avoid financial hardship in the event of an accident in addition to meeting legal requirements. Therefore, be careful that there is no opportunity for uncertainty regarding the aforementioned aspects as it might result in a poor choice.
Also Read: Bike Insurance Plans For First Time Riders