Why Should You Purchase A Comprehensive Bike Insurance Policy?

Having a bike insurance policy is mandatory according to the Indian Motor Vehicle to ride your bike legally on the road. Your bike insurance policy will protect you from the financial liabilities that are incurred to repair any damages sustained by your bike or even to compensate third-party loss caused due to an unforeseen misfortunate incident. There are many situations that could cause damage to your bike. A comprehensive bike insurance policy provides monetary assistance to compensate third party loss as well as to repair the damages sustained due to events other than collision. Therefore, it is wise to purchase an insurance policy that offers you maximum coverage. 

Benefits of Comprehensive Bike Insurance Policy

A comprehensive bike insurance is the most suitable standard insurance policy. It not only provides basic protection to compensate third party loss but also to the policyholder. The following are the benefits of purchasing a comprehensive bike insurance policy- 

• Higher Level of Security

The comprehensive policy offers relatively higher coverage when compared to third party bike insurance policy. This is mainly because, third party insurance offers coverage only to compensate the loss of the third party in case of any accident. On the contrary, comprehensive bike insurance offers coverage to the policyholder to repair any sort of damage that is caused to the bike. 

• Compensation In Case of Death Or Disability

In case of any death or permanent disability, the policyholder or the nominee mentioned in the policy will be subject to receive complete compensation. Some insurance companies pay 50% compensation in case of loss of a limb. Thus, make sure to read your policy documents before making the claim. 

•  Covers Legal And Financial Obstacles

Third-party insurance is legally mandatory in India. Purchasing a comprehensive insurance policy will cover the costs of compensating the loss of third-party. Thus, covering any legal and financial obstacles like tribunal hearings that arise out of any accident. 

• Provides Financial Assistance In Case of Natural Calamities

Natural calamities are very disastrous and they cause severe harm to the victims and their property. Your bike would have cost a lot and is your beloved possession. Purchasing a comprehensive bike insurance policy will provide you monetary assistance to compensate for any loss or damage caused to your bike. 

• Other Damages

Purchasing a comprehensive car insurance policy will help you to arrange finance in case of any accidents that have caused damage to your vehicle. The insurance company will also be subject to providing you with the settlement amount in case your bike has been stolen. However, the settlement amount will be equal to the IDV (Insured Declared Value) of your bike at the time of claim settlement. 

• Wider Coverage

Purchasing a third party insurance usually has a lower premium cost. However, it will leave you undercovered. You will be required to purchase multiple additional covers to keep yourself safe from any possible misfortunate situations. On the other hand, if you purchase a comprehensive bike insurance policy, you will receive basic standard coverage thus eliminating the requirement of purchasing multiple additional covers. 

Take Away

Owing to the multiple limitations of the third-party insurance policy, it is wiser to proceed to purchase a comprehensive bike insurance policy. A comprehensive policy will provide an all round protection to your bike and ensure maximum coverage by providing financial assistance for repair works which are usually burdening. Thus, you can ride your bike with peace of mind without the worry of arranging finance in case of any mishap. 

Also read 

Why Is Comprehensive Two-Wheeler Insurance the Best?

Top Insurance Companies to Buy Bike Insurance In 2021

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.