Is Bike Insurance Different From Bicycle Insurance?
Is Bike Insurance Different From Bicycle Insurance?
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It's commendable that more people are opting to travel by bicycle, as well as that they're becoming more health conscious and including exercise bikes into their training routines. They could ride bicycles for short distances, but every effort made by society to reduce environmental pollution deserves praise.
It is hard to predict accidents and other bad events, but you can be certain that you have the necessary financial security to prevent them. Bicycles are typically covered by homeowner's or renter's insurance. The insurance will pay you the amount of the sum insured after deducting the deductible. However, it shall not be misunderstood for bike insurance. Read on to find the differences between the two types of insurances.
What is Bicycle insurance?
Cycles are a typical mode of transportation in India. It is good for the environment, and requires little maintenance. Indians buy bicycles for enjoyment and fitness in addition to for transportation. The lack of awareness of cycle insurance's advantages and benefits in India is the reason behind this.
Benefits Of Bicycle Insurance
The rationale behind getting a having bicycle insurance are as follows:
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Protection from Theft
Security is necessary because bicycle thefts occur often. In India, cost protection is a feature of all cycle insurances in the event that the bike is stolen or looted. The good news is that the motive, not the location of the theft, determines the coverage. If the owner was negligent, such as by failing to use a lock, the claim won't be taken into account.
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Financial Protection for Accidents
Small cuts and bruises are common, but occasionally there are much more serious wounds that need careful attention. In such circumstances, medical costs could completely deplete your savings and ruin your financial plan. In order to avoid such occurrences, one needs cycle insurance in India, which would cover all medical charges and let the patient to focus solely on their therapy without worrying about how to pay their bills.
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Protection from Natural Disasters
In addition to theft and unintended damage, another risk factor is natural disasters that could disrupt the cycle. Cycle insurance in India also provides coverage for losses caused by natural disasters like earthquakes and floods.
What is Bike Insurance?
An arrangement between the bike's owner and the insurance provider known as bike insurance protects the owner financially from any losses or damages brought on by an accident. According to the Motor Vehicle Act of 1988, third-party bike insurance is compulsory in India. Your bike insurance will pay for any unintended injuries you sustain while riding a motorcycle or two-wheeler on Indian roads.
Reasons for having a Bike Insurance
The rationale behind getting a having bike insurance are as follows:
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Protection From Natural Disasters
Although they don't occur as frequently as earthquakes and floods, these catastrophes are covered by your bike insurance policy. If you end up the victim of an accident, you may always make a claim for the losses under your bike insurance coverage.
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Insurance For Accidents
The bike insurance policy also covers the owner, and it will pay benefits in the event that someone is hurt while riding a bike. The person can use the money, and the amount of the bike insurance claim may change depending on the circumstances.
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Self-Destructive Protection
Every collision puts both the lives of people involved and the bike itself in peril. The financial security offered by bike insurance coverage acts as a safety net for the insured. Any damage an accident causes to your bike won't lead you to go bankrupt.
Conclusion
Bicycle insurance is therefore not included in the same package as bike insurance. Due to the wide variety of two-wheelers that fall within each of the two categories, Of course, having insurance is necessary. Because it will make it easier for you to keep your money secure and get the car fixed more promptly. Additionally, it decreases your financial burden and offers other benefits.
Also read: How Can I Make Cashless Claims With My Bike Insurance Policy?
