4 situations in which your comprehensive bike insurance policy can save you

Motorbike insurance is compulsory by law in India. It is an essential financial product that secures your savings in the event of an unforeseen event. This is why every bike owner must have thorough knowledge of motorbike insurance.

 

In India, there are two main types of bike insurance policies that one can choose from. One is third-party insurance and the other is comprehensive insurance. A third-party cover protects you against financial and legal liabilities for damages caused to a third-party and comprehensive insurance provides protection to you and your vehicle along with third-party coverage.

 

Many people opt only for third-party coverage thinking that an extensive comprehensive insurance plan cover is a waste of money. But they fail to understand the benefits that come along their way with a comprehensive cover. To get a better idea about how comprehensive insurance can help you, read on to discover 4 situations in which this extensive coverage can be a life-saver.  

1.    Natural disasters

If your two-wheeler gets damaged due to a natural calamity, your comprehensive two-wheeler insurance will compensate you for your losses. These natural calamities could include floods, storms, landslides, earthquakes, etc. Do note that you will get financial assistance only for the calamities that are mentioned in your policy.

 

2.   Man-made calamities

If you secure your two-wheeler with comprehensive motorbike insurance, you can stay stress-free even if your bike becomes the target of man-made incidents like riots, theft or vandalism. Your insurance provider will even compensate you for total loss of vehicle as per your bike’s IDV (insured declared value).

 

3.   Accidents

If you face a road accident that damages your bike, you can make claims to your two-wheeler insurance provider for repairing your vehicle. No matter how small or big the damage is, the insurer will offer coverage for the expenses incurred in fixing your insured bike under a valid claim that is raised. The road can be a very unpredictable place and accidents may happen anytime. So, it makes sense to be prepared with comprehensive insurance policy.

 

4.   Third-party coverage

Your comprehensive bike insurance policy also covers the injuries to a third-party due to an accident caused by you. If a road mishap happens, the ensuing financial and legal liabilities can weight heavy on your pocket. Your comprehensive bike insurance plan takes on the responsibilities of these costs so that you do not have to exhaust your savings in the event of an unfortunate incident such as an accident.

It is now clear that a comprehensive motorbike insurance policy ensures complete financial safety for a bike owner. In addition to the security that it provides, a bike insurance policy also keeps you legally compliant. Buy coverage so that you won’t have to pay a penalty for riding your two-wheeler without insurance. So now, you can focus on the road as all your legal and financial worries will be taken care of by your comprehensive motorbike insurance policy.