Comprehensive Bike Insurance is a policy that provides coverage for your bike in the event of theft, vandalism, or any other type of damage. This policy can also offer protection if you are involved in an accident. This blog post will discuss what is covered under Comprehensive Bike Insurance and how it can benefit you.
Let’s take a look at these things.
Accidents
Accidents are the biggest thing that Comprehensive Bike Insurance covers. This includes damage to your bike from a collision with another vehicle or hitting something like an animal or a pothole. If you’re in an accident, you’ll have to pay a deductible before the insurance company starts paying. In India, the deductible amount varies depending on your policy, but it’s usually around Rs. 2000-5000.
Fire & Explosion
A comprehensive Bike Insurance Policy will cover your bike against any damages caused by fire or explosion. This includes self-ignition, lightning, and riots. So, you can rest assured that your bike is well protected in case of any untoward incident. The insurance will save you from the hassles and financial burden of repairing or replacing your damaged bike. It is, thus, a must-have for all bike owners.
Theft
Another common peril covered under the comprehensive insurance policy is theft. Your insurer will reimburse the market value of your stolen two-wheeler, provided you have sufficient evidence to prove it was indeed stolen. Remember, the market value differs from your vehicle’s ex-showroom or invoice price. The market value is the current resale value of your bike, which takes into account depreciation.
To file a theft claim, you must lodge an FIR with the police and submit a copy to your insurer. You will also need to submit certain documents, like proof of ownership (RC book), insurance policy documents, etc. Once all these formalities are completed, your insurer will reimburse the market value of your stolen two-wheeler.
Calamities
A comprehensive Bike Insurance policy protects your bike against natural calamities like earthquakes, floods, typhoons, hurricanes, storms, tempests, inundations, cyclones, hailstorms, etc. Terrorism and riots are also covered under this policy.
Third-Party Liability
This is the most crucial part of a Comprehensive Bike Insurance policy. It covers you for any legal liability arising out of accidental damages caused to a third party, including physical injury or death and property damage, up to the sum insured. In case of an accident, the insurer will pay for all legal expenses incurred in defending the claim.
Personal Accident
Personal accidents are the most crucial thing covered under a comprehensive bike insurance policy. In case of an accident, this cover will take care of hospitalization expenses, disability, or death.
The Bottom Line
Comprehensive bike insurance covers you when you need it most, from major damages to small accidents. Comprehensive bike insurance has got you covered whether you’re looking for protection on the open road or peace of mind in the city. Above, we’ve outlined a few things typically covered in a comprehensive bike insurance policy.
