Benefits of Two-Wheeler Insurance Policy

Bike Insurance Benefits: The Shield Against Financial Burden

The most obvious and perhaps crucial benefit of owning a bike insurance policy is its financial protection. 

Here, we have explained various benefits of having a bike insurance policy:

1. Damages to Your Own Bike: A comprehensive bike insurance policy covers the cost of repairing or replacing the damaged parts of the insured bike due to an accident, fire, natural disaster, or other covered events. It saves you from paying expensive bills to fix those damages. 
2. Coverage for Third-Party Liabilities: This is mandatory coverage in India; hence, it is one of the most essential components of your policy. You get financial & legal coverage in case your bike causes injury or damages to a third party, person, or property. 
3. Theft Protection: Unfortunately, bike theft is one of the significant problems in India, and if you have a comprehensive bike insurance policy, it will provide you with compensation & help you recover for the loss incurred. 
4. Legal Complaint: Beyond financial security, a bike insurance policy ensures you are legally compliant. According to the Indian Motor Vehicle Act, all two-wheeler owners must have at least third-party bike insurance. Riding without an insurance policy means having to pay a bike insurance challan of ₹2,000/- and might face legal consequences. Therefore, always hold an active policy to avoid such consequences and hassles. 
5. Get a Peace of Mind: While riding in busy traffic, there is a constant worry of getting in an unwanted situation. Hence, a two-wheeler insurance policy offers invaluable peace of mind, knowing that one has financial coverage against those unforeseen circumstances. 
6. Additional Layer of Protection: A comprehensive bike insurance policy offers bike insurance add-ons or optional coverage that enhances your protection & convenience. Here is a list of add-ons that you can buy with your regular policy by paying an extra amount: 
   • Personal Accident Cover: A mandatory PA cover gives financial compensation to the owner-driver of the insured bike in case of death or disability resulting from a road accident involving the insured motorcycle. 
   • Zero Depreciation Cover: This zero dep cover or bumper-to-bumper cover ensures you receive the full cost of replacement parts without deducting depreciation at the time of claim settlement. 
   • 24x7-Roadside Assistance Cover: The RSA add-on cover provides roadside help to the policyholder in case of technical or mechanical breakdown of the insured bike. It includes services like flat tyres, emergency fuel arrangements, towing, or other emergencies that may arise on the road. 
   • Engine Protection Cover: As the name suggests, engine protection add-on cover protects the engine of the insured bike against oil leakage, waterlogging, etc.
   • Consumables Cover: The consumables add-on covers the cost of consumable items like nuts, bolts, screws, engine oil, etc., that are not covered in the basic bike insurance policy. 
7. Seamless Claims Process: Buying bike insurance online from a reputable provider will make your claim process smooth and hassle-free. In the event of an incident, you can typically file a claim online, and their customer assistance team will guide you through the necessary documentation and procedures. 
8. Avail of No Claim Bonus: No Claim Bonus (NCB) is a discount on your own-damage insurance premium for not raising a single claim during the policy tenure. The NCB percentage increases with each consecutive claim-free year, leading to significant savings.