September 22, 2023

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The Importance of Bike Insurance for Protecting Your Investment

Importance of bike insurance, Two-wheeler insurance - Consumer Voice

It is common knowledge that two-wheelers are much more susceptible to accidents on the road than other types of vehicles. It is crucial to purchase comprehensive bike insurance online coverage to maintain your bike’s safety from mishaps and other threats. As a result, every owner of a two-wheeler in India is required by law and for his own safety to purchase an insurance policy to cover both himself and his vehicle. Also, it offers protection from a variety of calamities, both natural and man-made. In addition to this, your car is covered for harm caused by unforeseen events like theft, personal injury, third-party liability, and many more. A comprehensive two-wheeler insurance policy is absolutely worth the investment. 

The decision to buy

Choosing the finest insurance plan for your needs is a crucial decision because a mistake could lead to later problems. As a result, you must be cautious when making purchases. It is generally advisable to consider a few important factors before making a choice. Use a financial website run by a neutral third party to research and compare the options on the market, then pick the one that best meets your requirements and financial constraints. 

Type of vehicle 

You must choose an insurance policy that is ideal for your two-kind, wheeler’s make, and model. It is vital to get an insurance plan that will protect your two-wheeler model from all potential risks because the specs on each two-wheeler can vary from one another. It occasionally affects the premium price because some businesses may provide exclusive concessions or bundles for a particular model of the two-wheeler. 

Insurance coverage

The typical two-wheeler insurance policy will protect you from losses or damages brought on by the following tragedies, both natural and man-made: 

  • Fire
  • Explosion
  • Flood
  • Self-ignition
  • Lightning
  • Earthquake
  • Storm
  • Typhoon
  • Hurricane
  • Hailstorm
  • Tempest
  • Inundation
  • Cyclone
  • Landslide
  • Frost
  • Burglary
  • Rockslide
  • Riot/Strike/Malicious act
  • Theft
  • Terrorist activity
  • Accidents by external means
  • Damage caused in transit rail, road, lift, inland waterway, elevator or air

Bajaj allianz bike insurance renewal must be done in a timely manner.

Coverage for Personal Accidents 

One of the most crucial coverings that every bike owner needs to think about is this one. Under this arrangement, the bike insurance online provider will provide coverage up to a specific dollar limit. When operating the vehicle, the individual owner/driver is protected against loss or damage (injury) sustained when moving, getting on or off the vehicle. You can also purchase coverage for fellow travellers for an extra fee. 

Online third-party facility for two-wheeler insurance 

The Indian government has classified this as a necessary cover since it is so important. In the case of an accident leading to the serious injury or passing away of a third party, coverage is provided against potential legal liability. The plan will also include coverage for harm to neighbouring or adjacent properties. 

The following variables will affect the two-wheeler insurance plan’s premium: 

  • The engine’s capacity 
  • Geographical region 
  • Vehicle age 
  • IDV model type (insured declared value) *

For two-wheelers, the Sum Insured is covered at a predetermined amount known as the Insured’s Declared Value (IDV). Based on the vehicle’s manufacturer-listed selling price, the IDV for two-wheeler insurance is determined (the listed price of accessories is also added to it). After deducting depreciation for each year in accordance with the timetable provided by the Indian Motor Tariff, the final IDV is determined. If the cost of an electrical component installed in the vehicle is not included in the manufacturer’s advertised selling price, the real value of this component (after depreciation) may be added to the total covered above the IDV. Make sure you follow the process of bike insurance renewal on time. *

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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