Bike Insurance: What's Included and What's Not
Updated On Apr 28, 2022
All bike owners are responsible for purchasing bike insurance. It assures that your prized two-wheeler is protected against damage caused by accidents, or man-made or natural disasters.
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All bike owners are responsible for purchasing bike insurance. It assures that your prized two-wheeler is protected against damage caused by accidents, or man-made or natural disasters. No matter how cautious you are, there will always be uncertainties. This is why it's crucial to understand your bike insurance's contents and restrictions. This is a blunder. You won't be able to file a claim if you don't know what your bike insurance policy covers or doesn't cover. As a result, it's critical to understand your bike insurance policy's coverage and restrictions.
Inclusions and Exclusions for Bike Insurance
While you may be aware that a bike insurance policy is required by Indian traffic rules, many of you are unaware of the policy's coverages and benefits. Many of you get bike insurance online just to meet legal requirements, disregarding the coverage provided. Third-party liability policies and comprehensive plans are the two forms of bike insurance available. The sort of coverage you receive is determined by the plan you choose. Only third-party liabilities are covered by third-party policies. This implies that if you harm or kill someone else, or cause damage to someone else's property, the plan will cover your financial obligations. Comprehensive insurance, on the other hand, covers both third-party responsibility and damages to your bike in the event of an accident. As a result, they have a broader range of coverage.
What Are the Inclusions of A Comprehensive Bike Insurance Policy?
The following scenarios would be covered by a comprehensive insurance policy:
1. Third-Party Liability: Any losses sustained by a third party engaged in an accident with your vehicle are covered by third-party two-wheeler insurance. It would cover legal responsibilities for bodily injury as well as the costs of damage repair.
2. Own-Damages: Damage to the owner/driver of the vehicle or the car itself is referred to as "own damages." This covers a wide range of scenarios, including:
- Comprehensive coverage would also protect you against losses caused by natural disasters like flooding or earthquakes.
- You will be protected from any man-made catastrophes that cause damage to your car in addition to natural calamities.
- This might include things like stealing or other nasty behaviors.
- Riots, strikes, and fires are all covered by a comprehensive insurance policy.
- This packaged policy also includes coverage for bike theft.
What is Excluded from Comprehensive Bike Insurance Policy?
Exclusions might range from one insurance provider to the next. It's crucial to read your policy to understand what's covered and what's not. Here are some examples of scenarios when you might be ineligible to sue for damages:
- Driving without a legal driver's license is a serious offense.
- Outside of India's borders, there has been a lot of damage.
- If the driver of the two-wheeler is under the influence of drugs or alcohol, War-related or mutiny-related damage
- Damage caused by normal wear and tear, as well as breakdown or mechanical failure as a result of age
Tubes and tires are not destroyed unless they are damaged in an accident.
It's critical, then, to understand the intricacies of the coverage available via your insurance policy, as well as which scenarios are covered and which are not. This is crucial information to have since it will influence when you will be able to make a successful claim for damages on your two-wheeler. These differ from one insurance provider to the next, so study your policy copy carefully to learn about your coverage's contents and limitations.