Inclusions, Exclusions and add-ons of Bike Insurance
Imagine you have bought a new motor bike with a lot of emotions and after a few days, it meets with an accident. What would you do? Of course, disappointment will kick in looking at the financial implications of the unfortunate event. In order to avoid this undesired situation, buying bike insurance is compulsory.
In case you need to know some compelling information before going for a bike insurance, then you are at the right place. Read on and be aware.
Bike Insurance Benefits
The two-wheeler insurance protects the bike as well as two-wheeler from financial liabilities that may occur in case of any untoward incidents. Other benefits of buying a bike insurance include:-
- Cashless claim services – The bike insurance companies offer cashless claim service to the owners if they take services from authorized garages.
- Discounts-There are several discounts offered by the insurance company, provided you are the member of a recognized automobile association.
- Personal Accident Cover – Under this insurance policy, the insurer can get reimbursement for the expenses incurred in the hospital.
Bike Insurance Inclusion
When it comes to buying bike insurance, it is important to buy a comprehensive insurance policy that covers all kinds of risks associated with the accident. The comprehensive insurance is more beneficial or valuable, as it provides you with own damage protection as well as third party cover. Here we have mentioned different types of bike insurance and the things it will cover.
- Third party insurance policy – This policy is made mandatory by the Indian government for all the vehicles plying on the road. This policy covers the loss and bodily injury because of the accident caused to the third party.
- Comprehensive policy – This insurance policy offers cover for risks caused by damage or theft of own two wheeler as well as damage repair costs for third party.
Bike Insurance Add-ons
- Personal Accident Cover – Bike accidents can cause injuries to the rider as well as pillion rider. The personal accident cover provides a cover for both.
- Medical assistance – In the present times, medical expenses are skyrocketing, hence to curb sudden emergency the insurance companies offer medical assistance cover. This add-on covers all the costs related to the hospitalisation for treating injuries.
- Depreciation Cover – In majority of the cases, the bike insurance owner has to pay depreciation and replacement cost of a new spare part. There are several insurance companies that offer zero depreciation add-on insurance cover to the owner of the two-wheeler.
Bike Insurance Exclusions
There are certain incidents for which your insurance company is not liable to pay you anything, for example if /for:-
- Any mechanical breakdown happens
- Depreciation (unless and until a special add on cover is taken)
- Theft or loss of bike insurance spare parts that is not covered under this insurance policy
- Loss or damage caused to a bike or the owner after drinking alcohol
- Loss or damage caused to a bike or the owner if the/she does not carry a valid license
- Loss or damage caused during the war
- Loss or damage that occurs beyond the geographical territory
- Loss or damage caused due to any other reasons explicitly mentioned in the policies
According to us, not opting for two-wheeler insurance is simply not an option. In addition to being mandatory as per law, it also offers financial assistance when you need it the most.