Purchase of a bike is like investing in an asset. You have to redirect finances, think of the long-term repercussions, assess the resale value along with depreciation, and so on. Just like any other significant asset, this too requires a safety net. In the case of a bike, the safety net is comprehensive bike insurance.
Bike insurance is made mandatory by the government of India for every vehicle owner, and every bike owner should have a minimum of third-party insurance. However, comprehensive bike insurance has better coverage and more features.
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What Is Comprehensive Bike Insurance?
Let us get to know in detail about comprehensive bike insurance. It is a hybrid of third-party insurance and own damage insurance. Comprehensive insurance provides coverage for your bike and the other vehicle in case of accidents. Apart from this, your bike is also covered in case of theft, loss, damage, and damage due to any natural calamities. As compared to third-party insurance, comprehensive insurance has a higher premium. If you wish to know how much premium you will have to pay depending on the make and model of your bike, you can use the bike insurance premium calculator. The calculator is the quickest way to know your premium based on all the factors. You can choose to add or subtract add-ons and check the fluctuations in premium.
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Features And Benefits Of Comprehensive Bike Insurance
As the premium of comprehensive bike insurance is higher, the benefits and the features are more too. Here are the key features of comprehensive bike insurance –
- Personal accident cover is a part of comprehensive bike insurance. This cover ensures in case of loss of life or disability due to accident, compensation is given to the nominee mentioned in the policy.
- Your vehicle is always protected as the cost of all repairs is taken care of by the insurer.
- In case of a collision, it is a given that the other party might suffer from damages as well. In such cases, you look to the third-party liability clause, and the insurer takes care of the compensation.
- When the rider suffers from injuries and has to be treated, this insurance comes in handy and takes care of the medical expenses as well.
- In extreme cases, the third-party damages may be more than property or vehicle damages. There might be severe injuries leading to hospitalization or loss of life. However, comprehensive bike insurance takes care of any personal damages as well.
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Add-Ons Available With Comprehensive Bike Insurance
There are some protective details that can be purchased separately at your discretion. Let us have a look at the available add-ons for comprehensive bike insurance
- Zero depreciation cover – A bike depreciates over time due to its very nature. If any part needs to be replaced due to an accident the insurer pays for the current market value of the part, which means the depreciation is subtracted by the insurer from the amount to be paid. You end up in losses in such cases. The zero depreciation cover ensures this difference is also paid by the insurer.
- Return to invoice cover – If your bike is rendered useless due to damage or gets stolen, then you are eligible for the invoice amount of the bike. The insurer pays the charges for the new bike registration and road tax.
- Engine and gearbox protection – If the engine gets covered due to an accident, you can file a claim and get it repaired. However, it is not covered under the policy if it’s consequential damage. In this case, this add-on is beneficial.
- Breakdown assistance cover – If you are a fan of taking long drives outside the confines of the city, this add-on is a good idea. You can call for assistance and use your add-on to get roadside assistance. The best part is, it doesn’t even count as a claim!
- Consumable cover – Small amounts lead to big totals. The smaller parts of an engine like screws, nuts, bolts, engine oil, and so on come to a big total. These can also be covered under insurance using this add-on.
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What Is Not Covered In Comprehensive Bike Insurance?
It is important to understand what is covered and what is not covered under comprehensive bike insurance. Let us take a look at what is not covered.
- Any situation arising due to breaking laws, like drunk driving or driving without a license, is not considered for a claim.
- Natural aging of your bike and wear and tear due to aging are not covered under comprehensive insurance.
- Losses or damages that occur during robberies are not considered unless the bike itself is stolen.
- You are eligible to place a claim and use your policy if the bike is being used inside the country.
Comprehensive bike insurance offers good coverage for you as well as your bike. However, if you are looking for a reasonable option, you can look at third-party insurance that offers lesser benefits but has a lower premium.
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