How switching to a comprehensive bike insurance policy to ensure that your personal damage and third-party losses are covered
Third-party bike insurance is mandatory for every bike owner in India to stay in compliance with the Motor Vehicles Act of 1988. It is a basic cover that protects you from all the third-party liabilities that might occur in road accidents.
However, third-party bike insurance only provides limited coverage, so you might need to buy a comprehensive insurance policy. A comprehensive two-wheeler insurance policy covers you from every aspect, such as theft, bike damage due to natural calamities, accidents, etc., while offering you the benefit of a third-party liability policy. So, when purchasing a vehicle insurance policy, it is advisable to buy a comprehensive plan.
However, if you already purchased a third-party bike insurance policy, here's how you can switch from third-party bike insurance to a comprehensive bike insurance policy.
With all the insurance providers going online, switching to a comprehensive bike insurance plan is very easy. Here's how you can do it -
• Log on to the insurance provider's official website or download an application (if available).
• Select the bike insurance and enter the vehicle registration number.
• Enter the model number, the manufacturer name, and all other details related to the bike you own.
• Select a comprehensive plan of 3/2/1 years and set the IDV (Insured Declared Value) according to your preference.
• You can also purchase add-ons if required (though it is advisable to purchase them while buying or renewing a policy).
• Click on the BUY NOW option and complete the payment via net banking or UPI.
• Lastly, the policy document will be sent to your email address after the required inspection, if required.
The switching process can also be done offline, for which you can contact your dealer or insurance provider. They will either send the agent or call you to the office for the necessary documentation.
As compared to a third-party insurance policy, comprehensive insurance offers broad coverage. But there are a few things that you consider while switching to a comprehensive policy. Some of them are as follows -
A comprehensive bike insurance plan includes third-party liabilities and Own-Damage Cover. With the increase in coverage, the premium amount increases substantially. However, the insurance cost depends on several factors like - IDV, add-ons, make and model, and many more.
IDV is your two-wheeler's market value, which determines the comprehensive bike insurance. It is also the maximum sum assured that an insurance company is liable to pay if the damage is beyond repair. Some insurance providers also offer a flexible IDV where you can set the IDV as per your need. Selecting a lower IDV will result in receiving a lower amount.
If you do not raise a claim for every scratch on your bike for the entire policy period, you might be eligible for the benefit of NCB. You must note that the NCB discount is only applicable when renewing the policy and not when buying a policy.
A third-party bike insurance cover is very important. However, it does not provide all the coverage that you might require. Hence, you can switch to a comprehensive bike insurance policy to ensure that your personal damage and third-party losses are covered.