In India, as per the Indian Motor Vehicle Act, all bike owners must buy bike insurance policy. Riding without valid insurance is a punishable offence, and it can lead to a hefty fine. Therefore, here’s a few essential things you must know to get the best of coverage.
Also Read- HDFC Bank Fixed Deposit rates revised from today, April 20: Check latest FD rates here
New Delhi: Riding a bike is a passion for many around the world and the thrill associated with it is unparalleled. But while riding a two-wheeler, the most important thing one should maintain is the safety, both yourself and the bike. Wearing industry-standard safety gear, following the traffic rules, and being alert is the necessary precautionary measures you must follow. Similarly, another pivotal way to secure your bike against financial losses is to buy a robust insurance cover. In India, as per the Indian Motor Vehicle Act, all bike owners must buy bike insurance policy. Riding without valid insurance is a punishable offence, and it can lead to a hefty fine.
And as a first-time motorcycle insurance buyer, you may be confused about how to go about procuring the best cover. Therefore, here’s a few essential things you must know to get the best of coverage.
Also Read- Netflix To Soon Introduce Ads and Cheaper Subscription Plans, Know Details
- Your two-wheeler insurance policy is customizable: Didn’t know this right? Well, now you do! Your two-wheeler insurance policy is customizable as per your needs with the help of add-ons. A two-wheeler insurance policy depends upon various factors like the engine capacity of the vehicle, manufacturing year, model and geographical location among other things. You can get a list of all the add-on covers and compare different insurance companies online.
- Raise a cashless claim for your bike insurance policy: Your insurance policy allows you to raise a cashless claim for your two-wheeler. All you have to do is, send the vehicle to a garage that has a tie-up with the company. This allows you to not pay a single penny except for the costs that are not covered by the insurer.
- Accumulate No claim Bonus (NCB): For every no-claim year, the insurer rewards you with the NCB. If you do not file a claim for five consecutive years, you may be able to enjoy a 50% discount on the insurance premium. It is recommended you ride safely to ensure you are not involved in an accident.
- A basic insurance policy does not cover the engine: An important and expensive component of the two-wheeler, the engine, is not covered in a basic insurance plan. However, you can surely customize the policy by buying the ‘Bike Engine Protect’ add-on cover to get it insured.
- With an insurance cover, one gets legal protection: A striking feature of the insurance policy is that it gives you legal protection. In the event of a mishap and consequential legal issues with the third party, the insurance policies come to the rescue of the owners of the two-wheelers. In such a case, a third-party insurance policy provides you with a legal safety shield.
