A bike insurance policy is a viable option to avail financial protection against the liabilities that might arise while on the road. Typically, this insurance plan is available in two primary variants - comprehensive and third-party insurance plan.
Following is an overview of each of these two-wheeler insurance plans.
Comprehensive insurance plan
This motor insurance plan provides coverage against damages to own vehicle, besides third-party coverage. Such a plan covers almost all instances that can wreak havoc on the vehicle or the rider.
You can claim and settle for any damage caused by accidents, fire, natural disasters, collision, cylinder burst and other pre-defined clauses.
Third-party insurance plan
As per the Motor Vehicles Act, it is compulsory for every two-wheeler plying on Indian roads to possess a third-party insurance policy. In case the insured vehicle collides with a third-party vehicle, property or pedestrian, the insurance company will cover the financial liabilities that arise in due course.
This insurance plan also covers the legal expenses that might arise due to an accident.
To strengthen a motor insurance policy, individuals can also opt for insurance riders or add-ons. Following are the most popular ones that most policyholders choose.
Zero depreciation
A regular bike insurance policy does not cover damages to all bike parts. In such cases, you can purchase this add-on.
Roadside assistance
In case your bike breaks down or malfunctions in the middle of the road, such plans can come in handy.
Loss/theft or bike keys
Bike keys can get stolen, or you can lose them unintentionally. The cost of replacing or repairing the keys will be taken care of by your insurer if you have this rider in place.
Hence, irrespective of the bike insurance plan chosen, you can customise or enhance it further by purchasing add-ons or insurance riders. It maximises the benefits and provides optimum coverage.
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