Helpful Guide to opt for perfect comprehensive Bike Insurance

A motorbike has become a fantasy for almost every age group, whether it is college students, bachelors or married individuals. Nowadays, the thought of parents dropping you off at collegewould probably seem old fashioned, and so, in order to gain some social status and sense of belonging among one’s friends, most individuals would prefer to buy new bike. Riding a bike could definitely make it easier and more fashionable for you, but also increases the chances of your getting involved in an accident. The amount of importance we give to the mileage, design or model should be equal to the importance we give to purchasing motorbike insurance.

Why Bike Insurance?

  • Law: According to Indian Motor Vehicles Act in 1988, it has become legally binding to have your two-wheeler insured. Non-compliance to this law can lead to a penalty of Rs 2000 or 3 months imprisonment.
  • Unpredictability: Life is unpredictable and so are Indian drivers and roads; there always remains the possibility of you getting injured in a road accident. In order to provide a support system in times of dire need, bike insurance is a must.
  • Lifestyle: There is an onset of a trend among the youngsters of driving without a helmet, owing to which there’s one death every four minutes in India due to road accidents[1]. If you care about yourself and your loved ones, bike insurance is a compulsion.

Tips to get the right ComprehensiveBike Insurance

  • Insurance Declared Value: In layman’s terms, Insurance Declared Value (IDV) is the current market value of your bike. It is the maximum amount you can get at the time of any unforeseen event leading to loss or damage to your vehicle. It is indirectly proportional to depreciation; higher the depreciation, lesser the IDV and vice versa. While purchasing a comprehensive bike insurance policy,
  • Cubic Capacity: The cubic capacity or CC decides the amount of premium you need to pay on your insurance. Both the terms are directly related, if one of them remains on the higher side, probably the other one would also be raised. Suppose, you bought two bikes, of 100cc and 250cc respectively, you would have to pay more for the 250cc bike as far as premium is concerned.
  • Coverage: Third party liability basically covers the damages incurred to the other party involved in an accident. On the other hand, comprehensive bike insurance policies cover many more aspects, including personal injury, loss, theft and various forms of damage to the bike. Moreover, the comprehensive policy also covers third-party liabilities, making it a holistic policy. Make sure you understand the extent of coverage and the various add-ons that a policy offers before purchasing a comprehensive policy.
  • Comparison: Basically, the final decision should be made after comparing the companies in this field and the policies provided by them to get the most out of your policy. Different companies offer slightly varied forms of comprehensive coverage, and it serves best to understand the intricacies of each so that you choose the one that offers the most amount of coverage at the most comfortable premium as per your budget.

Insuring your bike certainly has its own perks which makes it a viable decision to consider in case you own a motorbike. And more importantly, not every policy is the same and neither are the companies.You can choose policies from insurers like Bharti AXA and others in order to secure your financial future when on the road.

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