Overview –
Insurance is one of the most important tools that one must invest in as it provides a layer of financial security and protection that can go a long way should one fall prey to an accident or injury of any kind. In the case of bike insurance, not only does it provide protection to the owner of the bike and the bike itself, but it serves as a wise financial planning implement. Unfortunately, approximately 60 percent of two-wheelers presently dominating Indian roads do not have insurance for their vehicles owed in large part to the fact that they do not renew their plans post the first year. E challan is utilized in order to clamp down on this lack of vehicular insurance. Readers who make use of and own two-wheeler bikes are encouraged to avail of this form of insurance.
Understanding the Basics to Coverage –
It is important to understand that the forms of motorcycle insurance available in the market today are not designed for all possible scenarios. On occasion, bike owners may require customized insurance plans dependent upon the type of motorcycle owned, where the vehicle is ridden, how it is ridden, and so on.
While the Indian government makes the ownership of vehicular insurance compulsory, vehicle owners including those who own motorcycles may not always know what kind of policy to avail of. Third-party liability policies provide coverage in the event of a third party incurring damages due to the policyholder’s vehicle. In comparison, comprehensive bike insurance policies are more expansive in terms of the coverage they provide. These plans provide coverage for the vehicle of the policyholder, the driver as well as the passenger in addition to the third party’s vehicle and driver. Theft and damage may also be provided with coverage in the case of comprehensive insurance plans.
Add-ons to Maximize Bike Insurance Coverage –
Bike owners may avail of add-ons to enhance their existing bike coverage. Some of the more pertinent add-ons have been examined below.
Coverage for Engine and Gear Protection – Most standard bike insurance policies don’t include collateral damage capable of occurring to a bike’s engine and its gearbox. By availing of this add-on, policyholders are spared from having to expense repair charges.
Coverage for Zero-Depreciation – Over time, the value of a motorbike is capable of falling. This means that when insured individuals file a claim, they are expected to spend on the depreciated value of their bike. By availing of this add-on, insured individuals are provided with coverage for their motorbike excluding the depreciation it might incur overtime when claims are filed.
Coverage providing Breakdown Assistance – This add-on will come in handy in the event that you find yourself in a situation where your motorbike breaks down.
Coverage for Accessories – This add-on provides coverage for any accessories added to a policyholder’s motorbike. These accessories and modifications aren’t ordinarily covered by mainstream insurance policies.
Conclusion –
By availing of a comprehensive bike insurance plan – of which Bajaj bike insurance is a viable bet, motorcycle owners can avail of a layer of financial protection. These pans are available on Finserv MARKETS which has several others as well.
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