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A bike is an expensive purchase that should have ample financial protection. However having a bike insurance has its own set of pros. Read on to know more.
A responsible rider lives nothing to chance while on a bike. Besides, there are personal safety equipment like helmets, riding boots, guards, etc., to ensure the rider's personal safety. Unfortunately, however, mishaps can occur to most skilled riders despite taking all the precautions.
Therefore, it's vital to protect your bike through adequate two-wheeler insurance coverage financially.
Despite that, many riders don't buy an insurance policy or only buy the statutory 3rd party policy.
So, is it worth buying a bike insurance policy? Let's find out.
Apart from fulfilling the statutory obligation, third-party bike insurance can help you cover the damages caused by your bike to another person or property involved in the accident.
However, you can have many advantages if you go for a comprehensive two-wheeler insurance policy.
• Full insurance coverage
A comprehensive bike insurance policy covers both third-party liabilities as well as damages caused to the insured bike if involved in an accident.
• Coverage against natural disasters
Your bike may sustain damage during natural disasters like floods, earthquakes, etc. A comprehensive plan covers your bike against various natural calamities, as listed in the insurance brochure.
• Coverage against man-made disasters
Theft, burglary, strike, war, etc., are various forms of man-made incidents that can cause damage to your bike. However, comprehensive two-wheeler insurance can cover your bike against numerous man-made disasters per the insurance terms and conditions.
• Personal accident cover
The personal accident cover provides insurance coverage in the unfortunate event of an accident causing death, disability, or hospitalisation.
In India, it is compulsory for owner/drivers to have a personal accident cover, irrespective of whether they go for third-party or comprehensive vehicle insurance.
• Additional coverage
You can further increase the coverage of your comprehensive bike insurance by paying additional premiums to include some useful add-ons.
• Zero depreciation cover
Zero depreciation does not consider any depreciation of your bike and helps you to claim the total cost of damage or replacement of any bike parts because of accident or any unforeseen circumstances.
• Keep a fund ready at the time of renewal
Since you need to renew the bike insurance regularly, you may consider keeping a separate fund during this time, or it can lead to a financial burden. However, the expense is justifiable considering the insurance coverage and benefits they provide if one gets involved in an accident.
• Timely renewal of policy
Your bike insurance policy may lapse if you're not careful to renew it on time every year. So, you need to remember the renewal date. However, you can now purchase multi-year policies, which can be from 2- 5 years. These policies stop you from worrying about annual policy renewal dates.
• Have a bike insurance even for your E-bikes
The usage of e-bikes is rising in India. However, it is still difficult to find a dedicated e-bike insurance policy. While the government mulls over introducing dedicated guidelines in this regard, you can purchase a regular two-wheeler insurance plan to cover your e-bike in the meanwhile.
Evidently, having a bike insurance far outweigh the problems you may face in continuing the policy. Therefore, consider bike insurance more like an extension of your personal insurance than just a statutory obligation to fulfil. Kotak long term two-wheeler insurance is a comprehensive bike insurance policy that brings ample benefits for you and your bike. So ride safe and protect yourself and your bike with the right motorbike insurance.
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