Finance

How Your Bike Insurance Can Help You at The Time of Mishap?

Bike insurance is an essential investment. Two-wheeler accidents are common and sometimes take unfortunate turns, such as disability or death. With an alarming rate of fatal bike accidents in India, it would be sensible to buy two wheeler insurance online if you don’t have one already.

You can also invest in third-party insurance online for two wheeler that offers coverage in an incidence of a mishappening to the life or property of a third party due to your bike.

If you already have insurance, make sure to renew it from time to time. You can always review your options while renewing your insurance policy.

Reasons You Should Invest in a Bike Insurance 

1. Compulsory Requirement

All vehicles, including your Two wheelers, are regulated under The Motor Vehicles Act 1988, making it compulsory for bike owners to purchase an insurance policy. Failing to do so is considered against the law, and you can be fined for it or even litigated. You can always check out two wheeler insurance online purchase options as it is convenient and hassle-free. 

2. Enables Third-party Compensation

In an incident where your bike causes loss to a third party, your third-party insurance online for two-wheelers that you invest in can save you from paying for the loss out of your pocket. Moreover, this form of insurance can protect you from getting into a legal hassle.

Whether you’ve accidentally injured another person with your bike or caused damage to their vehicle, you are responsible for the accident, but third-party insurance can in such cases bear all the cost related to injuries, property damage, or even death, allowing you to provide timely compensation or repair bills to the victims. 

3. Get the Approximate Market Value of the Bike in Case of a Theft

Purchasing a comprehensive bike insurance policy allows you to rest assured against the risk of bike theft. If your two-wheeler gets stolen, you can apply for a claim with the help of your supporting documents.

Insurance policies have a component called the Insured Declared Value or IDV that enables customers to set an amount estimating the price of their bike as per the current market value.

You need to set the right IDV in the available range. Your insurer will pay this amount once the claim is approved so that you don’t incur heavy financial loss even if it has been stolen. 

Get Compensation in Case of Natural Disaster or Man-made Calamity

Yes, your Two wheelers’ third-party insurance covers damages from natural calamities. Be it floods, earthquakes, vandalism, landslides, or riots, you can get compensation in the incidence of a natural or man-made disaster. 

Things to Consider When Buying a Bike Insurance

Check Insurer’s Reputation

Make sure you invest in bike insurance from a reliable company. You can look up customer reviews or check social media handles before buying a plan. 

Coverage Range

Your policy should offer adequate coverage. You can check out third-party insurance online for two-wheelers from reliable companies to see what the plan covers. Inadequate coverage can often lead to a claim rejection putting you in a disappointing position. 

Know What’s Excluded

While you check up on the inclusions in your plan, also make sure to check for the exclusions. It will give you an idea of what is not covered under the two-wheeler insurance online policy, keeping you informed about situations that may not support a claim. 

Read the Terms and Conditions

Reading the terms and conditions about the features of the bike insurance policy is vital. Overlooking them can put you in trouble, especially when you claim your insurance. You can always contact the insurance company representative in case of any doubts.

Renew Your Policy by the Due Date

Buying any insurance is not a one-time process. Be it your health insurance, life insurance, car or third party insurance online for two wheelers; it needs to be renewed within the due date. It requires you to buy the coverage afresh every time upon the expiry of its existing plan.

That is beneficial for the customer as you can either add or drop certain coverages from the current plan depending on your latest requirements. 

In Conclusion

Prevention is better than cure, and so is keeping bike insurance handy. The Two wheeler insurance online application process is simple and does not require you to visit the insurance company’s office. You can review a few insurance policies. Upon shortlisting a policy, visit their official website and fill out the policy application form for third-party insurance online for Two wheeler.

You might have to submit a few supportive documents such as your two-wheeler registration certificate, license, etc. Once all details are verified and confirmed by the insurer, you will be given the third-party insurance online for a two-wheeler. A copy of your insurance policy will be sent to your registered email id. 

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