by Simran Kaur
Published Mon, Oct 23rd 2017, 10:53 | Finance
Bike is an inevitable part of the middle class section and turns out to be the best friend from grocery shopping to reaching the office at the time after crossing the jam-packed roads easily. While bike serves the need of people at the same time it also maintains the luxury statement of the youngsters after the expensive and latest technology infused models launch. Bikes are the heartbeat of young India and they value it like a treasure. But, No matter how much one polish, take care of the time service of bikes, there are certain unforeseen events on the roads that can bring the bike and the rider in a bad state from a smooth ride in a fraction of minutes.
Bike insurance provides a financial assistance and protection after an incident of the accident and it also provides an insurance cover doe the damage or loss that is caused to the third party or third party property. One can enjoy the facility of cashless garage repair for the breakdown or repair of the accidental vehicle and riders can avail the reimbursement for the medical bills and hospitalization after an accident. Bike insurance policy provides a hustle free assistance and hence it results in peace of mind for the owner. There are two types of bike insurance policies that are offered by the insurer in India as follows –
Liability Only Insurance
Under the liability, only insurance cover the loss or damage that is caused by the insured vehicle to the third party or third party property. Third party insurance is mandatory under the Indian law and every bike owner must have the insurance policy cover. It also covers the legal cost against the damage or loss that result in individual injury, property damage of the third party or permanent disability or death that is caused due to the insured bike. It varies from product to product but most of the insurer also provides the accidental death cover to the owner of the insured bike and one can have various add on covers like injury cover for the owner of insured bike at an additional premium amount.
Comprehensive Insurance –
Comprehensive bike insurance cover provides an all rounder cover for the third party liability along with the bike and the rider. It provides a cover against the partial or total damage that is caused to the bike due to natural calamities such as flood, earthquake, landslide, cyclone, storm or self ignition and man-made calamities such as theft, burglary, riots, malicious acts or any aggressive acts by an external force. One can cover the co rider with an extra premium add on and enjoy the best security cover for the bikes, third party, rider and the co – rider. One can enjoy the various benefit of Comprehensive Bike Insurance plan at a single premium amount.
Following are the general Inclusions under the bike insurance plan –
Following are the general exclusions under the Bike insurance plan –