BusinessWire India
Noida (Uttar Pradesh) [India], December 11: Comprehensive insurance policies are very helpful for two-wheeler owners as they protect them from financial losses incurred on their own vehicles and also cover third-party liability. Because of its all-round nature, many refer to them popularly as 'package' insurance.
However, in India, many people do not opt for comprehensive two-wheeler insurance as the government has not made it compulsory. However, it is highly recommended that two-wheeler owners get one, and we have covered the reasons for this in this guide.
How are Comprehensive Two-Wheeler Insurance Policies Beneficial
Two-wheeler comprehensive plans are widely popular for their convenience features. Obtaining one can help set aside most of worries while riding.
It covers third-party damage costs and repair expenses that may arise from an accident.
Here are some of the advantages of owning a comprehensive bike insurance plan in India:
1. Extensive Coverage
A comprehensive bike insurance plan covers both third-party liabilities and own damages. This means that in the event of an accident, the policy covers the damages caused to others (third party) as well as the damages to one's bike.
This wide coverage is crucial as it provides peace of mind, knowing one is financially protected from both sides.
2. Protection Against Theft
India records a substantial rate of bike theft, especially in urban areas. If bike is stolen, the financial loss can be significant.
With a comprehensive insurance plan, owner is covered against theft, ensuring that the insurer compensates for their loss, and they can either get a replacement or the equivalent value of the bike.
3. Coverage for Natural and Man-made Disasters
Unforeseen calamities like floods, earthquakes, and storms can wreak havoc at times making it difficult to safeguard our possessions. These events may severely damage bike.
Similarly, man-made disasters like riots, vandalism, or accidents caused due to civil unrest can also pose risks. During such times, a comprehensive insurance policy protects bike against natural disasters and human-inflicted damages.
4. Financial Relief for Accidental Damages
Accidents are unpredictable and can lead to extensive damage to the bike.
Repair costs in such situations can be very high, depending on the severity of the accident. Comprehensive insurance covers repair costs for any accidental damage to the vehicle, thus saving owner from paying large sums of money.
5. Personal Accident Cover
Some comprehensive policies include personal accident coverage for the bike owner, offering compensation for injuries or, in unfortunate cases, death due to an accident.
This cover extends to the rider and in some cases even the pillion rider, ensuring that medical expenses are taken care of.
6. Add-on Covers for Enhanced Protection
Bike insurance offers several add-ons like zero depreciation cover, roadside assistance, and engine protection, which can further enhance owner's coverage. These add-ons ensure that one receives maximum value during a claim, reducing out-of-pocket expenses.
So, the question is, should anyone buy a comprehensive two-wheeler insurance plan in India or not.
In this country, third-party insurance is mandatory by law, but it only covers third-party damages. By opting for a comprehensive plan, bike owners not only meet the legal requirements but also ensure holistic protection for their bike.
Therefore, if anyone who is always on the go on two wheels, they surely need this.
Common Exclusions Under Two-wheeler Insurance
While knowing the coverage details of a comprehensive bike insurance policy is essential, it is equally crucial to understand its exclusions. This knowledge is vital for filing valid claims.
Here, one can find out some standard exclusions of a comprehensive bike insurance policy:
* Depreciation Cost
Depreciation refers to the decrease in the value of bike over time. If someone's two-wheeler is damaged or stolen, the insurance company will not cover the full replacement cost. Instead, they will cover the depreciated value.
* Mechanical/ Electrical Breakdown
If someone's breaks down due to mechanical or electrical failure, it is generally not covered by comprehensive insurance. However, some policies may offer optional add-ons to cover these expenses.
* Driving While Intoxicated
The insurance claim will be refused if someone is found riding their bike under the influence of alcohol or drugs. This is because such acts are considered to be reckless driving by law.
* Driving Without a Valid Licence
Without a valid licence, one directly risk having their insurance claim denied. A licence is legally mandatory for driving in India and ensures that driver is qualified to ride a bike safely.
* Damages from Illegal Activities
If someone's bike is damaged or stolen while they were involved in illegal activities, their insurance claim will be denied. This includes activities such as racing, stunt riding, or transporting illegal goods.
An insurance company providing a comprehensive bike insurance plan requires digital marketing services to thrive in today's competitive landscape. Such an insurance plan guarantees maximum possible protection if one is willing to pay a slightly higher premium.
Hence, it should be considered particularly by riders who use their two-wheelers regularly or who own expensive models.
Additionally, if someone lives in a dangerous region notorious for its theft rates, obtaining comprehensive insurance may seem like a great idea. Otherwise, if one rarely rides or if their bike is very old, a third-party insurance plan may suffice.
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