Is comprehensive bike insurance worth it

Whether it is a rural countryside or a jammed metropolitan city, two-wheelers remain popular. They are affordable and help you navigate easily in the narrow roads of rural areas, as well as through the congested roads of a busy metropolis like Mumbai, Bangalore, or Delhi or Hyderabad. 

Bikes have a lot of advantages but they are also risky and prone to accidents. So what would be your option for a financial backup? Is it insurance? Did you decide if it should be a Third Party Bike Insurance or Comprehensive Bike Insurance?

The Third-party Bike Insurance Policy provides basic coverage and protects you against third-party liabilities such as injuries to someone or damages to their property while riding your bike.

On the other hand, the Comprehensive Bike Insurance Policy offers wider coverage along with third-party liabilities, it protects your bike against damages due to an accident, man-made liabilities, any damage to your vehicle due to accidents, vandalism, fire, malicious acts, sabotage, terrorism, riots and natural calamities.

While purchasing a third party insurance policy is mandatory in India. Let’s discuss if purchasing Comprehensive Bike Insurance Policy is worth it?

Loss Due to Theft

Two-wheelers can be easy targets for thieves since these vehicles are relatively easy to move without having a key. A Comprehensive policy covers you against bike theft. In case of such an unfortunate event, the policyholder is compensated with the bike’s Insured Declared Value.

Loss Due to Natural Calamity

Natural disasters can happen at any time and you should minimize the financial damage caused to you in such difficult times. Under a comprehensive plan your bike is covered if it gets damaged and the repair cost shall be managed by the insurer too.

Loss Due to Man-made Calamity

If your bike gets damaged in man-made calamities such as riots, you can raise a claim with your insurer for appropriate compensation.

Not only does a comprehensive plan cover incidents like theft or natural disaster it also provides Add-ons.

Zero Depreciation

With this Add-on, the insurer will skip the depreciation calculation while settling claims. As a result, you will receive a higher claims pay-out.

Pillion Rider Cover

Bike accidents are usually fatal for both the rider and the one who is accompanying the rider (the pillion). This kind of Add-on is ideal if someone regularly travels as a pillion rider with you.

Return to Invoice

In case of a total loss, return to invoice cover allows you to get the full invoice price of your vehicle. Otherwise, the insurer considers the Insured Declared Value while settling total loss claims. Insured Declared Value is always less than the Invoice Value.

No Claim Bonus Protection

With this Add-on by your side, even if you raise a claim during the policy year you are eligible for the renewal discount known as No Claim Bonus (NCB). 

Roadside Assistance Cover

This add-on cover protects you in case of flat tyre, fuel delivery, towing vehicle, battery drain, on-site minor repairs, etc. 

No matter whether you are responsible for incidents that harms you or damages your bike it is certain that these kinds of occurrences will cause you a huge financial loss. But if you have comprehensive bike insurance, it will protect you from both the financial loss as well as potential liabilities.

Having understood the importance of comprehensive bike insurance, what are you waiting for? Purchase the best comprehensive bike insurance here.